The world is continually changing, and one of the fundamental drivers is digital transformation. The global economy is undergoing a digital transformation and it is happening at breakneck speed.
The world is continually changing, and one of the fundamental drivers is digital transformation. The global economy is undergoing a digital transformation and it is happening at breakneck speed.
What is the digital economy? “It is the economic activity that results from billions of everyday online connections among people, businesses, devices, data, and processes. The backbone of the digital economy is hypoconnectivity which means growing interconnectedness of people, organisations, and machines that results from the Internet, mobile technology, and the internet of things (IoT). The digital economy is taking shape and undermining conventional notions about how businesses are structured; how firms interact; and how consumers obtain services, information, and goods power.”
With its merits comes along a flood of liabilities and numerous legal concerns, especially in the Middle East. As is the case with any new concept, due diligence needs to be assessed exploring the developmental strengths, limitations, and spillover.
In digital economy, topics such as monetary fraud, contract breaching, electronic signature, identity verification, monopoly laws, privacy laws, corporate espionage, and insider trading all become eminent issues that need new legislations, alongside that, new institutions, experts, and scholars that can devise, lobby, and draft laws that facilitate that order.
