Facebook is a company that doesn’t exactly have the public’s trust right now. Mark Zuckerberg recently went to trial over the fact that Congress believed Facebook to be auctioning off our private data to companies. Facebook is a web-based app that is integrated into all of our lives. We log into it daily to talk to our friends and family. There have been other elements of Facebook that have been developed to keep us hooked on the platform. However, finance expert Saleh Stevens believes that nothing is as dangerous as Facebook creating its own currency.

Understanding Facebook’s Desire to Expand

Cryptocurrency is a type of currency that can be used online. It is not hindered by region and can be used by most major retailers online. However, Facebook has decided that it wants to enter the cryptocurrency game. It has been reported that Facebook is beginning to develop its own Libra cryptocurrency. This new currency would be used by over a billion people around the world. While the intentions may be good, there may be other problems that will arise if we end up accepting this new form of currency.

The Issues With Facebook’s Cryptocurrency

The main problem that comes to mind whenever we think about this issue is control. Big tech companies have been working diligently to free us away from government control. However, the problem lies in the fine print. Saleh Stevens believes that these large tech companies can then subjugate the individuals who use their cryptocurrency to do as they please. Though government intervention is a hard pill to swallow, nothing is as bad as a bunch of tech companies doing what they want without regulation.

Cryptocurrency Isn’t Regulated

Bitcoin is currently not regulated by any government system. While this is something that many cryptocurrency enthusiasts enjoy, it can become a major problem if it goes mainstream. A cryptocurrency that is not being regulated can cause major fluctuations in the online market. This can hurt individuals that end up putting all of their investments into a brand new cryptocurrency. However, this isn’t even the worst part of it all.

Tech Companies and The Search for Power

As mentioned previously, tech companies can reshape the environment around them as they see fit if this cryptocurrency goes live. Big tech companies can get away with crimes since they aren’t being regulated. They will not face accountability for their actions either. Libra, the cryptocurrency being developed by Facebook, is being handled by a currency organization known as Calibra. This is a subsidiary group that Facebook is creating to help regulate its own currency. However, this can present major problems on its own. How can we trust Facebook to regulate something when it only has its own interests in mind?

A Hard Sell

While we may fear a financial apocalypse, many people are still skeptical of cryptocurrency. Bitcoin is only used by 7.1 million people around the world. This is a considerably small number when compared to the general population. We can only trust the skepticism of the general population to reject Libra and not use the cryptocurrency being provided by Facebook. However, currencies do take time to develop. We hope that people can see the dangers of an unregulated currency and how it can only benefit big tech companies.

Businesses looking to stay ahead of the curve must find creative ways to do things. With technology, this doesn’t necessarily mean buying and adapting every new software or gadget that hits the market. To avoid wastage of resources, the investment should be clear cut to serve a specific purpose. Businesses that have invested in technology have seen their operations expand and their savings grow. According to the Small Business Chronicle, modern technologies such as virtual office, video conferencing and social networks are contributing to the growth of the business by eliminating the traditional boundaries that impede growth.

The other key benefits of the technology include creating the efficient workplace, improving communication and harnessing human capital by instituting an enhanced system of screening and hiring of workers. This process makes it easy for firms to target and track potential candidates and hires they want. On the other hand, improved communication using multiple channels often means better connections with clients and partners. Even as businesses invest in new technology in order to remain competitive in the marketplace, the whole process must be carefully crafted and implemented to avoid expensive disappointment. According to Commercient, here are 6 questions you need to ask before adopting new technology.

1. Establish if there is a learning opportunity
One desirable quality about a good technology is the learning opportunity it affords the users. The training should be conducted within a reasonable time frame to give the staff ample time to learn and appreciate the technology. It is important to note that quick learning minimizes lost time and ensures mass adoption.

2. Does it allow boundless or constrained collaboration?
Getting a technology that is easy to use is one thing, seeking one that allows boundless collaboration is another. Collaboration enabled software’s are critical in creating new ways to work, communicate and share information. For example, a good sales solution should allow the sales force to peer through the inventory, check customer records and complete procured orders in real time. The staff should also be in a position to serve the customers whenever and wherever they are.

3. Is the new technology scalable?
The question of scalability is very important, more so if you are thinking of expanding your business in future. Scalability is not just a question of price and processing speeds, you need to determine if the technology can expedite huge volumes of orders, co-opt more users and remain cost efficient at the same time. If the issue of scalability is pertinent to the day to day running of the business, ensure the new technology is tested for conformity before making the investment.

4. If it is a software, how well does it integrate with other systems present?
Application systems, whether CRM systems, e-commerce platforms or ad hoc third-party software’s all need to be integrated with one another to ensure steady workflow. Always ensure the software you are acquiring is well integrated without overlook the software capabilities and functions.

5. How safe is the technology?
Security is one of the most important considerations for adopting any new technology. You must always ask yourself whether the technology poses any risk to the security of your data and ensure your personal information and that of your employees and clients are safeguarded at all times. Other authorized personnel should also be in a position to carry out their work in an environment that is not compromised to ensure the integrity of data.

6. Peer on the competition
The world of business is often fraught by cut-throat competition. Before investing in a new technology, it helps to find out what the competition is using. Doing so will help you stay ahead of the curve in as far as the technological changes are concerned and get insights into what is best for business.

Besides the aforementioned, businesses also need to identify the parts of the business that require technology; establish how quickly the technology will change and find out how long the new investment will pay back. These ideas are well-aligned with today’s dynamics, where the demand for change, profitability, and enhanced productivity supersede everything else in the business. One of the tech heads driving change in corporate America today is Saleh Stevens.

Saleh Stevens is the CEO of Continental Clinical Solutions, a multi-therapeutic firm that uses cutting-edge technology to perform clinical studies and research. The solutions offered by the company target physicians in all therapeutic spheres looking to increase their revenue and benefit from cost-efficient clinical research. Saleh Stevens received his education at Wesleyan University and is currently based in Washington, DC. During his free time, he writes a lot about technology and global finance.