Impact Of Information Technology

In the past few decades there has been a revolution in computing and communications, and
all indications are that technological progress and use of information technology will continue
at a rapid pace. Accompanying and supporting the dramatic increases in the power and use
of new information technologies has been the declining cost of communications as a result of
both technological improvements and increased competition. According to Moore’s law the
processing power of microchips is doubling every 18 months. These advances present many
significant opportunities but also pose major challenges. Today, innovations in information
technology are having wide-ranging effects across numerous domains of society, and policy
makers are acting on issues involving economic productivity, intellectual property rights, privacy
protection, and affordability of and access to information. Choices made now will have longlasting
consequences, and attention must be paid to their social and economic impacts.
One of the most significant outcomes of the progress of information technology is probably
electronic commerce over the Internet, a new way of conducting business. Though only a few
years old, it may radically alter economic activities and the social environment. Already, it
affects such large sectors as communications, finance and retail trade and might expand to
areas such as education and health services. It implies the seamless application of information
and communication technology along the entire value chain of a business that is conducted
electronically.

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