The world is experiencing a massive outbreak of technological innovations in various fields and these technological developments have the potential to change the future. A few years ago there was no Twitter, iPad, Smartwatches, Uber, etc. Today, technology is not only changing the way we interact and do business, it is also paving the way for more innovation and simpler lives.
From artificial intelligence to blockchain, the Internet of Things and more, the technologies outlined in this article are set to shape the near future.
The rise of the 5G network will bring a whole new mobile experience, like faster internet connection speed (100 times faster) with higher bandwidth and lower latency than traditional 4G connections. It is one of the most disruptive technologies as it will open up new opportunities for telecommunications service providers. 5G will close the gap in mobile communications and thus open up opportunities for companies in traditionally difficult-to-reach areas.
Industries like healthcare, agriculture, transportation, etc. will benefit greatly from 5G to improve their industries.
The new IoT
The Internet of Things, or IoT, refers to the billions of physical devices around the world that are now connected to the Internet, all of which collect and share data.
The future of the IoT has the potential to be limitless. Advances in the Internet of Things are accelerating through increased network agility, built-in Artificial Intelligence (AI), and the ability to deploy, automate and secure diverse use cases at hyper-scale.
Ten years from now, we could have AI and IoT in our homes, businesses, and public spaces tracking, anticipating, and adapting our habits more effectively than ever before.
Blockchain technology has been in the spotlight, especially when it comes to technologies that will shape the future and beyond. This is because it is the underlining technology that spawned the most controversial and assorted market called the cryptocurrency market. Blockchain technology is very complicated to explain, but to put it simply, it is a kind of DLT (Distributed Ledger Technology) database. In its simplest form, blockchain is a system for recording information in a way that makes it difficult or impossible to modify, hack, or defraud the system.
Now you may be wondering why this technology is so important and why it is receiving so much attention. The answer lies in the use case. Blockchain literally has no limits on what it can be applied to. From storing medical information about a patient that can be accessed worldwide to using it as a check-in system for workers on a construction site, the use case is literally huge. It is currently used in the retail, fintech, healthcare, finance, and e-commerce industries, to name a few.
Although the primary use case for blockchain today is hassle-free transaction without the need for third-party providers in the form of cryptocurrencies, many believe that cryptocurrency is just the “tip of the iceberg” of what blockchain can do. Many institutions are now investing in building their blockchain system for sale or personal use. Most recently, one of the four major accounting firms, Ernst & Young Global Ltd, expanded its DLT through investments $ 100 Millions in the engineering and development of blockchain technology.
Why is it important
Technology is dynamic and will continue to change life as we know it and how we do almost everything. More importantly, its profound impact on businesses and its ability to bring the world closer to even the most remote of businesses. 5G technology, for example, is already used in some countries, as is blockchain technology.
Therefore, it is important for companies to prepare more proactively for the future and leverage these technologies to better compete and thrive in a rapidly changing world.