How Technology Is Leading A Business Driven Revolution.

 

Theodora Lau says that in the future we'll need to know where to draw the line when it comes to these types of implants.

 Financial technology or fintech, expert Theodora Lau, is co-author of the book Beyond Good: How Technology Is Leading A Business Driven Revolution.

She says that implanted payment chips are just "an extension of the internet of things". By that she means another new way of connecting and exchanging data.

Yet, while she says that many people are open to the idea - as it would make paying for things quicker and easier - the benefit must be weighed up with the risks. Especially as and when embedded chips carry more of our personal information.

"How much are we willing to pay, for the sake of convenience?" she says. "Where do we draw the line when it comes to privacy and security? Who will be protecting the critical infrastructure, and the humans that are part of it?"

Nada Kakabadse, professor of policy, governance and ethics at Reading University's Henley Business School, is also cautious about the future of more advanced embedded chips.

"There is a dark side to the technology that has a potential for abuse," she says. "To those with no love of individual freedom, it opens up seductive new vistas for control, manipulation and oppression.

"And who owns the data? Who has access to the data? And, is it ethical to chip people like we do pets?"

The result, she cautions, could be "the disempowerment of many for the benefits of a few".

Steven Northam, senior lecturer in innovation and entrepreneurship at the University of Winchester, says that the concerns are unwarranted. In addition to his academic work he is the founder of UK firm BioTeq, which has been making implanted, contactless chips since 2017.