topic- Information & Communication technology.
Date- 27/06/2022
What is ICT in everyday life?
ICT stands for Information and Communication Technology. The term gives a broader meaning
to Information Technology (IT). IT refers to all communication technologies that are the tools to
access, re...
What is ICT in everyday life?
ICT stands for Information and Communication Technology. The term gives a broader meaning
to Information Technology (IT). IT refers to all communication technologies that are the tools to
access, retrieve, store, transmit and modify information digitally.
ICTs are also used to refer to the convergence of media technology such as audio-visual and
telephone networks with computer networks, by means of a unified system of cabling (including
signal distribution and management) or link system. However, there is no universally accepted
definition of ICTs considering that the concepts, methods, and tools involved in ICTs are steadily
evolving on an almost daily basis.
Examples of ICT in everyday life is given below:
1. E-mail – Refers to ICT in online communication
2. E-commerce – /Refers to ICT in business
3. Online Banking – Refers to ICT in banking
4. E-government – Refers to ICT in governance
5. E-learning – Refers to ICT in learning
Cryptocurrency
A cryptocurrency is a digital asset designed to work as a medium of exchange wherein
individual coin ownership records are stored in a ledger existing in a form of a computerized
database.
It uses strong cryptography to secure transaction records, to control the creation of additional
coins, and to verify the transfer of coin ownership. It typically does not exist in physical form
(like paper money) and is typically not issued by a central authority.
Cryptocurrencies typically use decentralized control as opposed to centralized digital currency
and central banking systems.
Why is it in demand?
1. Funds transfer between two parties will be easy without the need of third party like
credit/debit cards or banks.
2. It is a cheaper alternative compared to other online transactions.
3. Payments are safe and secured and offer an unprecedented level of anonymity.
4. The private key is only known to the owner of the wallet.
, 5. Funds transfers are completed with minimal processing fees.
Significance of Cryptocurrencies
1. Time Effective: Cryptocurrencies can help save money and substantial time for the
remitter and the receiver, as it is conducted entirely on the Internet, runs on a
mechanism that involves very less transaction fees and is almost instantaneous.
2. Cost Effective: Intermediaries such as banks, credit card and payment gateways
draw almost 3% from the total global economic output of over $100 trillion, as fees
for their services.
Concerns over Cryptocurrencies
1. Sovereign guarantee: Cryptocurrencies pose risks to consumers. They do not have
any sovereign guarantee and hence are not legal tender.
2. Market volatility: Their speculative nature also makes them highly volatile. For
instance, the value of Bitcoin fell from USD 20,000 in December 2017 to USD
3,800 in November 2018.
3. Risk in security: A user loses access to their cryptocurrency if they lose their
private key (unlike traditional digital banking accounts, this password cannot be
reset).
4. Malware threats: In some cases, these private keys are stored by technical service
providers (cryptocurrency exchanges or wallets), which are prone to malware or
hacking.
5. Money laundering: Cryptocurrencies are more vulnerable to criminal activity and
money laundering. They provide greater anonymity than other payment methods
since the public keys engaging in a transaction cannot be directly linked to an
individual.
6. Regulatory bypass: A central bank cannot regulate the supply of cryptocurrencies
in the economy. This could pose a risk to the financial stability of the country if
their use becomes widespread.
7. Power consumption: Since validating transactions is energy-intensive, it may have
adverse consequences for the country’s energy security (the total electricity use of
bitcoin mining, in 2018, was equivalent to that of mid -sized economies such as
Switzerland).
Cryptocurrencies in India:
1. In 2018, The RBI issued a circular preventing all banks from dealing in
cryptocurrencies. This circular was declared unconstitutional by the Supreme Court
in May 2020. Recently, the government has announced to introduce a bill;
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