The Technology of Money

EFT Future

All of the methods mentioned so far have one thing in common - they have no actual currency at all, and each person engages in many more of them per day (on average) than ones that involve paper or coin. Each falls under the acronym EFT, or Electronic Funds Transfer. Whether you use the plastic of a card or the plastic of your mouse, there is no point where you have to dirty your hand with a single note or coin.

This is only the tip of the iceberg for EFT. As technology increases, new ways for money to move around without relying on any form of tangible currency are being developed. The massive popularity of an EFT lifestyle continues to skyrocket, and more and more people are automating an extra transaction each day. For the truly devout, it is now possible (though not yet fully plausible) to live an entire existence without touching printed or stamped currency - you can get paid, pay your bills and do your shopping, online or in person.

Of course, such a world comes with drawbacks. As we realistically move more towards a paperless society, the security of our data becomes more paramount than ever before. A lot of seemingly unrelated issues are coming to the forefront, and each one contributes to the safety of a cashless economy.

First of all, there is the issue of net neutrality. National pride or not, the neutrality of the internet is no longer an avoidable issue. Though the US and UK have certainly proven themselves to be adequate caretakers, other countries are beginning to rely on the infrastructure for a lot more than just reading sites like bit-tech. Leaders of all nations have already stated that a peaceful and prosperous world economy will require world stability and a concerted effort to end poverty. However, is it possible to offer the assurance of self-reliant finances in a world where the main medium is controlled by so few?

The issues of peace and stability feed directly into the next concern - as societies move cashless, their links to the web must be protected like national treasures from destructive forces like terrorism. More than ever before, threats to connectivity and electrical supply will need to be taken as the highest priority. In many developing nations, electricity and internet connectivity are a rare luxury - however, a cashless economy will not function without connection and a safe, renewable form of electricity to power it. If there is one thing history has taught us, it's that most societies erupt into chaos when the money supply is somehow injured, whether it be due to natural or man-made causes.

A brave new world

We're standing at a true turning point in history - cash, the physical medium of exchange, is becoming obsolete. In its place are credits a la Deus Ex and it's not hard to envision a future (particularly with nano-scale circuitry) where your account data is implanted right into the palm of your hand. Our entire current concept of money will be gone, replaced with 1s and 0s that are with us at all times.

It would be nice, as you'd no longer run to the grocery just to find you left your wallet at home. Imagine paying your bill while waving goodbye - nothing to sign, no hassles for a cheque approval. Then imagine no more trips to the bank, no more miserable issues of a lost or stolen card, no more ATMs. Take it a step farther and you can see a drop in muggings, as credit cards and cash would no longer be able to be removed from the person. But don't worry about not being able to give Junior a few bucks for the movies - a couple clicks at a terminal and you can put the credits right into his account using an ultra-secure transfer.

Though the future is fraught with potential pitfalls, the possibilities are exciting. Whether a totally cashless world pans out in the next five or ten years is already under debate, but its impending reality is no longer even questioned.

I think I'll have to buy a beer in the honour of the end of an era of history on the day my cash is no longer "Legal tender for all debts, private and public."