The Innovation of Technology that Influence Business and Accounting in the next 25 Years

Naufal Rizkullah N
(120110140090)
Technology is developing nowadays. With technology, we can reach many things that are reputed
impossible. Technology can also change our life to the better way. But, technology can be a
boomerang for ourselves if we cannot use the technology wisely. In this article, I would like to
discuss the innovation of technology that influence business and accounting in the next 25 years.
The technology of mobile money transfer has been existed for quite a long time. This
instrument provides easy access to transfer money via mobile. But, this application hasnt been
used by many people for daily transactions. This might be happened because people still use
cash. Whereas, the usage of mobile money transfer will decrease the risk of losing money due to
human error, theft, and more safety money savings.
There is a country whose people do transactions use mobile money transfer. That country
is Kenya, One of the continent Africa nations. People in this country are spoiled by using MPesa. M-Pesa has been designed and rolled out by safaricom, the dominant telecom operator in
Kenya, with almost 80% market share. Apart from making money transaction flexible, fast and
cost effective, M-PESA has also created jobs to numerous Kenyans, which is a significant
addition to the economy. This happened because a quarter of Kenyas GDP runs through M-Pesa.
There is some life-experience from Kenya people who get the benefit from M-Pesa. Ms.
Njoki for example, she said that before she used M-Pesa she usually sends money to her mother
for school fees for my siblings. One day, she sent a neighbor to give money to my mother, but
instead he gave it to her father who ended up spending the entire money on his drinking and her
siblings were without school fees for several weeks. Now with M-Pesa, she doesnt have to be
worried about her money being spent by her father because her money will be sent directly to her
mothers account.
The trends for M-Pesa are increasing from years to years. But, there is still barrier. The
barrier is just like another developing countrys problem, leak of socialization and information.
Just like all we know, the gini ratio for developing countries is still high. Many poor people dont

get good education due to their economic problem. The government should allocate high
percentage from GDP to education especially for poor peoples education.
Mobile money transfer will obviously affect business system. In the near future, each
restaurant will write their bank account in their menu. People will no longer require wallet. They
just have to open their mobile and pay the bill than maybe capture it to become proof of
payment. When you go to traditional market, you will see that everyone will busy with their
mobile doing transaction. The sellers in traditional market dont have to find change.
E-commerce will be very many in the next 25 years. But, I think that although Ecommerce exists people still want to buy directly to the shop because people want to see goods
directly to check for its quality. So, the ordinary shop will keep survive as long as they do some
innovation to make customer interested to come to ordinary shop.
Although mobile money transfer is very safety and easy to use, there is no one who can
grant that this system is fully safe especially from hackers attack. In the next 25 years, hackers
will have advanced program that designed to collapse any other programs. But I believe the fire
wall technology will be able to hold virus or other programs that is made by hackers. The
punishment for hacking will be very heavy.
There is another innovative technology. It is biometric technology. Have you ever thought
that there is device that connects yourself to your bank account so that you dont have to bring
card or cash? You just have to show your face than the money will be sent to the person or
company that you want. This technology can do all of it.
Biometrics is the science of humans physiological or behavioral characteristics and its
being used to develop technology that recognizes and matches unique patterns in human
fingerprints, faces and eyes and even sweat glands and buttock pressure. Its applications in the
financial realm are a potentially huge time and effort saver, but thats just a beginning for the
technologys usefulness
The basic thing is that you are the person who has to be authenticated for transactions.
In addition to carrying other tokens and some knowledge, like your PIN for ATMs you are
you, so why not be used to authenticate yourself? says IBM researcher Nalina Ratha.

As we can see from Nalinas opinion, we dont have to be represented by PIN. We just
have to bring our body to do several transactions like withdraw or transfer money. In the next 25
years, there might be no ATMs at all because all of our transaction will be done through digital
media. We might not need cash anymore. All we have to do is connect with internet and bring
our body to do transactions.
As technologies advance, the use of biometrics in everyday life is shifting from
traditional law enforcement and government security to a host of more consumer-friendly
applications. Touch payment technologies that employ fingerprints as an identifier are already in
the works, Mr. Ratha says, and despite being hundreds of years old, fingerprinting and its uses
are still developing rapidly. In fact, IBM introduced fingerprint scan pads for personal log-ins on
its then-laptops (which are now produced by Lenovo Group Ltd.) back in 2004.
The next generation of fingerprinting is being developed to go beyond simple recognition
to incorporate pressure sensors that can determine if a device is being touched by a live object or
not, which helps with fraud detection. Fraud can be done if people design [fake prints] using
some molding and they can create a gummy finger and fool the biometric technology, said
Svetlana Yanushkevich, co-founder of the Biometrics Technology Lab at the University of
Calgary.
A New York-based technology company says its patented sweat-gland recognition
technology will help add even more security to existing biometric devices that may be
susceptible to fraud. With most of the biometric technologies, there are ways around most of
those technologies you could lift somebodys fingerprint and create a Latex copy, you can
create a contact lens to copy somebodys iris and so on and so forth. We think well be the only
technology thats spoof-proof, says Scott McNulty, president and chief executive of BIOPTid
Inc., which owns the human barcode technology.

Than after biometrics, I would like to inform you about microchip that is implanted in our
body. You know that microchip implants have become standard practice for our pets, but have
been a tougher sell when it comes to the idea of putting them in people.

Science fiction author Elizabeth Moon last week rekindled the debate on whether it's a
good idea to "barcode" infants at birth in an interview on a BBC radio program. I would insist
on every individual having a unique ID permanently attached a barcode if you will an
implanted chip to provide an easy, fast inexpensive way to identify individuals, she said on The
Forum, a weekly show that features "a global thinking" discussing a "radical, inspiring or
controversial idea" for 60 seconds.
Moon believes the tools most commonly used for surveillance and identification like
video cameras and DNA testing are slow, costly and often ineffective. In her opinion, human
barcoding would save a lot of time and money. The proposal isnt too far-fetched - it is already
technically possible to "barcode" a human - but does it violate our rights to privacy?
Opponents argue that giving up anonymity would cultivate an Orwellian society where
all citizens can be tracked. To have a record of everywhere you go and everything you do would
be a frightening thing, Stanley, senior policy analyst at the American Civil Liberties Union, told
the Daily News.
He warned of a check-point society where everyone carries an internal passport and has
to show their papers at every turn, he said. Once we let the government and businesses go down
the road of nosing around in our lives...were going to quickly lose all our privacy, said Stanley.
There are already, and increasingly, ways to electronically track people. Since 2006, new
U.S. passports include radio frequency identification tags (RFID) that store all the information in
the passport, plus a digital picture of the owner.

In 2002, an implantable ID chip called VeriChip was approved by the U.S. Food and
Drug Administration. The chip could be implanted in a person's arm, and when scanned, could
pull up a 16 digit ID number containing information about the user. It was discontinued in 2010
amid concerns about privacy and safety.

Still scientists and engineers have not given up on the idea. A handful of enterprising
companies have stepped into the void left by VeriChip, and are developing ways to integrate
technology and man. Biotech company MicroCHIPS has developed an implantable chip to
deliver medicine to people on schedule and without injection. And technology company
BIOPTid has patented a noninvasive method of identification called the human barcode.
Advocates say electronic verification could help parents or caregivers keep track of
children and the elderly. Chips could be used to easily access medical information, and would
make going through security points more convenient, reports say. But there are also concerns
about security breaches by hackers. If computers and social networks are already vulnerable to
hacking and identify theft, imagine if someone could get access to your personal ID chip?
Stanley cautioned against throwing the baby out with the bathwater each time someone
invents a new gadget. We can have security, we can have convenience, and we can have
privacy, he said. We can have our cake and eat it too. So, the usage of microchip is still being
discussed all over the world. But, the real question is are you willing to have your body tattooed
by barcodes?
After we discussed about human barcode, I want to write about the present technology
about high-tech bracelet that connect your phone. Imagine that if you're taking a bath than an
important email comes in. You either have to ignore the message until you're done or have to
jump out and dry off. That will be very annoying.
The inventors of Cicret (pronounced secret) want to change that. With the simple flick
of your wrist, the Cicret bracelet can project your smartphones display onto your forearm. Your
arm essentially becomes a fully interactive display -- a swappable, touch-sensitive, full-color that
allows you to read and send emails.
This technology is very useful to make us easier to use phone even when you take a bath.
You will also have not to worry if your phone falls. Because you just keep the phone in your bag
or in your pocket than use your phone by bracelet.
References

Janet Kamana, Nairobi.(n.d). M-PESA: How Kenya took the lead in mobile money[an article
that explain the condition in Kenya after M-PESA exist]. Retrieved from
http://martinpasquier.com/2013/11/22/a-brief-history-of-kenya-mobile-money-system-m-pesa/
Johnson, Julia. July 25, 2012. Face to face with the human barcode[an artcle that provide
information about biometrics]. Retrieved from
http://business.financialpost.com/2012/07/25/face-to-face-with-the-human-barcode/?__lsa=3ae937a3
Neal, Meghan . Friday, June 1, 2012. Human barcode could make society more organized, but
invades privacy, civil liberties.[this article provide information about human barcode that is
going to be planted in human body]. Retrieved from https://www.google.com/url?
sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0CB0QFjAA&url=http
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Lachance shandrow, kim. December 8, 2014. This Simple Bracelet Can Turn Your Arm Into an
Interactive Smartphone Display.[This article explain about the existence of high-tech bracelet].
Retrieved from http://www.entrepreneur.com/article/240580