Implications of RFID technology Essay Example | Topics and Well Written Essays - 1500 words

Implications of RFID technology - Essay Example The purpose of this paper is to discuss different applications of RFID technology and its implications on our society. RFID technology can change the way people realize business. Stores can create smart money cards that customer can use to realize their purchases. An industry that utilized RFID to create solution that customers wanted is the water park recreational industry. The enterprise Interlock created RFID tags that can be used by customer to open up lockers and to serve as smart money cards to replace the need to carry cash in the recreational water parks (Lock’em Up, 2010). The smart tags can also be used in these theme parks to identify the age and body specification of children such as height which may prohibit a child from using certain park rides. In the cellular industry companies have the capacity to insert RFID tags inside the mobile phones so that the devices can be used for payment system applications. The integration of the telephony and banking industry can further promote consumerism in the marketplace. Companies in the logistics business can use RFID tags to tag valuable assets in order to know its location at all times. The tags can be used for security purposes. The prices of the tags have come down a lot which has permitted many companies to take advantage of its applications. In the apparel industry company can keep better track of its inventory which can enabled firm to optimize sales during peak seasons. The total spending in RFID supply chain application in 2007 was approximately $1 billion (Ftc, 2005). Due to value of information many libraries across the United States and Europe are tagging their books with RFID technology. The use of RFID provides manager with a greater level of inventory control precision. This information can be used to improve their purchasing cycles. Some people believe that RFID