Describe a situation where new, emerging technology has given rise to possible government regulation.

Describe a situation where new, emerging technology has given rise to possible government regulation.

The dynamism in technological advancements is evolving rapidly, and government intervention is critical for it to remain relevant. There has been frequent technological innovation in almost every field globally. Businesses which fails to incorporate technology in their operations are at risk of winding up. Similarly, a company which includes technological innovations in their services will have a competitive advantage compared to their rivals. However, despite its benefit, a need for government regulation is crucial to control its operations. The regulatory bodies are striving to maintain a balance between fostering innovations, protecting customers, and addressing disruption consequences. The change of technology such as significant data intelligence, the Internet of Things (IoT), and artificial intelligence (AI) are creating new forms of customer interactions and thus disrupting the traditional business models (Zoellner, 2017). In the wake of these technological advancements, regulatory bodies face a crucial challenge of protecting their citizens by ensuring fair markets, whereas allowing these emerging technologies to flourish. The paper explores government regulations that result from the cases of emerging technology.

The new technology poses a lot of economic disruptions and imbalances. As new business models emerge, a lot of business activities operates via online through the help of internet connections. Despite this being a good step in technological advancement, the government agencies are at risk of losing a lot of revenue, which results from taxes. It has increasingly become problematic for the government agencies to trace business transactions between different party’s whose operations take place on the online platforms globally (Zoellner, 2017). Therefore, the government fears to be losing a lot of revenue, which results from this tax noncompliance. Despite the government’s effort in fostering and encouraging technological innovations, online businesses have become a platform for most of the people evading taxes. The regulators have a significant challenge with creating, modifying, and enforcing effective regulations and control measures of the business activities. The government is seeking to innovate and utilize technological tools such as text analytics, machine learning, and design thinking in an attempt to increase compliance and adoption.

In conclusion, technology is evolving at a very rapid rate, which fails to match the regulators’ response. Despite the many benefits which associate with the emergence of technology, it may pose a significant drawback to the social and economic lives of citizens while favoring the success of a few.

Research and explain in detail the role of the purveyors of technology and the government as the legislators.

The government agencies have a significant role in enacting regulatory measures and policies to ensure that there is a balance between the purveyors of technology and their consumers. The government agencies should regulate the purveyors-consumers relationship to ensure that it is mutual. Also, it should ensure that technological activities are in alignment with the set measures and standards according to the U.S act policies. Technology plays a crucial role in the economic and social progress in developing countries (Zoellner, 2017). However, it can only be beneficial to the social and economic development if it is regulated. With this regard, the regulators have the role of ensuring that the information content the purveyors administrate in their platforms is in alignment with the ethical standards. Similarly, they should close check modern businesses and online tasks to ensure that they comply with government legislation. For instance, they should ensure that they pay taxes and other charges to protect their citizens’ businesses from winding up as well as avoiding losing their revenue.

On the other hand, the purveyors of technology play a pivotal role in making technological advancements and innovations. Technology is the backbone of the success of most business activities and tasks (Zoellner, 2017). For instance, transport and communication have always been a challenge to man since time immemorial. With the emergence of modern technology, it is easy to convey critical information from one point to another through the use of emails, short messages, and calls. Similarly, travelling is more comfortable and faster. Individuals can travel from one geographic location to another using very little time as opposed to earlier. Besides, scientific research and innovation are bringing a drastic change in the health sector. For instance, the introduction and development of oral rehydration therapy have become the cornerstone of international efforts to control diarrhea diseases.

Both the purveyors of technology and government agencies play a pivotal role in ensuring the successful innovation and implementation of technology. Since there is an extensive interconnection between the government and the purveyors of technology, they should collaborate to ensure that they provide efficient and effective services to their consumers.

References

Government regulations set to drive the growth of the global MBR market. (2015). Membrane Technology, 2015(4), 2. DOI:10.1016/s0958-2118(15)30067-7

Zoellner, A. (2017). Code of Federal Regulations Index 2017, covering 2017 regulations. Government Publications Review, 17(2), 175-176. DOI:10.1016/0277-9390(90)90102-j