Facebook recently announced its intentions to build a full-scale digital currency with the capacity to bridge the gaps in current banking practices and better connect the world as we know it. They'll call it Libra. And while the proposed efficacy of the Libra coin is a topic that's been hotly debated since Facebook first made the announcement, one thing's for certain: the introduction of a cryptocurrency for the masses has huge implications for your internet.
As the market begins to adapt to accommodate a concept it's never seen before, here are predictions for changes you'll see in your internet.
Security will become even more premium
Nowadays, securing your servers and databases is a no-brainer, and even the most basic internet security packages typically offer decent coverage. However, increased financial activity online means basic security packages may no longer be adequate for your business-- or if they're adapted to comply with the standard of industry regulations, could become much more expensive. While this almost certainly won't be an overnight change (Libra still has a few more years before it becomes the robust fintech platform it's aiming for) we suggest keeping a pulse on the digital security industry. At the very least, it will pay to have a basic understanding of what secures your current platforms, and why each component of the software is important.
Increased compatibility will be standard
What will happen when millions begin to regularly use digital financial services to buy goods worldwide? Almost every company website in most verticals will have to adopt some form of the same in order to keep up with the industry. Mobile banking took the world by storm when it was introduced several years ago, but it primarily catered to a younger, up-and-coming generation. Well, recent statistics indicate that that generation is here, active, and making more decisions with their money. For a few years now, mobile web surfing has been more popular than surfing from a traditional desktop, and it doesn't show any signs of changing soon. When you add a seamless digital banking experience to that mix... site compatibility across all platforms will be a must.
Higher speeds will make even more sense
Here at Spectrumlink, we always preach the importance of high internet speed-- but in a new era of transactions spearheaded by digital platforms, we won't have to preach anymore. In a world of now, consumer preferences will hold even more power, and the companies that will win out (particularly in the small business sector) are the ones that can offer immediate gratification, or the closest thing to it. Gone will be the days where transactions can take several minutes. Our suggestion? Begin looking for internet solutions that can cater to a market obsessed with speed now!