The success of any type of internet technology lies in certain basic characteristics like,
• Ubiquitous
• Open to everybody
• Ease of use
• Available at affordable cost
When compared to other comparable technologies used by the business world, the internet now has a special role in regulating all business activities. However, the internet technology used in commodity trade
• Should be flexible enough to handle a wide array of applications
• Must address all other issues under consideration
• It must have a global reach
Literally speaking, no other technology is so widely put use at such a massive scale like the internet technologies. The advent of this technological marvel has revolutionized commodity trades around the world. In addition, the commodity trading platforms have now become virtual online platforms. They can be accessed from any part of the world mainly due to the demands placed on them by the netizens (community of Internet users) that have a penchant for internet savvy products and services that are more convenient. Almost all commodity-trading platforms have now extended their trading activities to the internet, thus enabling more people to be part of this popular trade through the technological marvel.
The internet fulfils the basic need for information transfer required by an individual to conduct business over the net. It is an inexpensive, high-speed, convenient solution with a global reach. However, the internet has certain drawbacks also. It is perceived to be insecure because the information transferred over it is 'public'.
Of course, the trade through the internet is 'public', but there are other options to ensure data security with the proliferation of different online technologies. Secure data lines that have a firewall prevent data pilferage and will report any intrusion into the data line to both the sender and the receiver.
