Technology has changed virtually every aspect of the world we live in today. Some people are open to the downsides of technological advancements if it means their lives are made easier. But some people are resistant to the fact that companies track their data and whereabouts using technology. When it comes to the COVID-19 pandemic, technology like contact tracing can be an essential part of keeping the virus under control. Companies just have to proceed with caution, though, so people don’t feel like every move they make is being tracked. In this way, the technology industry can redeem itself by finding a way to defeat the virus, while still maintaining a person’s privacy.
Mobile Applications And Contact Tracing
As an investor, you may have heard of a contact tracing mobile application and thought it may be a great investment. How it works is when people have the mobile app and a person has tested positive for COVID-19, anyone they have knowingly come in contact with recently will be notified via the app so they can get tested or self-quarantine. On a large scale, contact tracing could be the one factor that allows economies worldwide to open up safely and prevent a second wave of infections several months from now. Several countries have implemented contact tracing applications and they have proven to be important assets for keeping the virus at bay. It will just require participation from consumers, which is what technology companies may struggle with.
Technology Companies Can Prove Skeptics Wrong
Any investor should see the potential in contact tracing apps, but since there are so many skeptical people, the technology may not reach its full potential. However, since the world is ready to defeat the virus, technology companies have a perfect opportunity to prove some of their skeptics wrong. This means being completely transparent with how the applications work, how personal data is used and what information is tracked. How companies handle this could mean skeptical people may become more trusting, or they could end up losing the trust of more consumers if it’s not handled appropriately.
Consumers Will Demand Transparency
If technology companies and healthcare officials want contact tracing applications to take off, then they will have to be transparent with consumers in regards to how their data is being used. These consumers will then follow through and ensure companies are held accountable for their claims. This means tech companies, governments and mobile app developers have to be in constant collaboration to ensure every entity is on the same page. If not, the results could be disastrous for technology companies.
At Stock Investing Info, we expect market volatility to be the norm for the foreseeable future, and at least until the coronavirus becomes under control. Technology companies will play a major role in this. As an investor, investing in the right type of technology can make or break your portfolio. Contact tracing applications are somewhat unknown as far as the projected success, mainly because of the uncertainty of consumer behavior. During these uncertain times, contact us and we would be happy to talk to you about your investments and portfolio and give you some confidence moving forward.