If there’s one thing we saw during the last decade, it is spectacular breakthroughs in technology innovation. There’s no denying that technology has become an integral component of our lives. From the evolution of analytics, big data, and cloud computing to 5G, the internet of things (IoT), and artificial intelligence, and technology as a whole can potentially transform everything. It is further revolutionizing the future in incredible ways. Already, many of us in businesses are witnessing the rapid growth of blockchain. Thus, forward-thinking companies aren’t willing to give up any opportunity to bring breakthrough technology innovation.
Here are the top seven technological developments that will transform the world we live in.
- Artificial Intelligence (AI)
Thanks to data science, increased computing power, and advancements in algorithms, AI has recently progressed by leaps and bounds and become a buzzword of the present day. In essence, AI is a set of techniques and theories that people use to implement computer programs with high-level processes like critical reasoning, memory organization, and perceptual learning.
At present, several fields embrace the use of AI. For instance, the current healthcare field is making the most of AI as it helps doctors in patient’s diagnoses. Other than this, autonomous cars are using AI to acquire some autonomy on the road. Virtual assistants within PCs, smartphones, or connected home speakers like Alexa, Bixby, Google Now, Cortana, and Siri also use AI to learn our habits and offer appropriate information depending on the context.
Without a doubt, the contributions of AI are unlimited. Perhaps, an online MBA information technology degree will enlighten you further about the endless applications of AI. Plus, the web giants like Microsoft, Amazon, Facebook, Apple, and Google are looking to conquer a large portion of the market that’s still untapped.
- Augmented, Virtual, and Mixed Reality
Augmented reality places digital objects in the real-world while virtual reality completely immerses a person in the virtual world. However, mixed reality is an emerging technology-based development that promises numerous applications in the field of marketing. Through mixed reality, businesses can employ several ways to attract prospects and existing customers. It is an advanced form of augmented reality that enables users to gain maximum benefits of this technology innovation.
Nanotechnology has many subfields, one of which is nanomedicine – an emerging technological development set to transform the future. Several practitioners acknowledge its benefits as it has enabled them to manage severe diseases easily. Since the human body absorbs drugs quickly, most of them turn into waste even before the end of treatment. Through nanomedicine, doctors can increase the time it takes for a drug to remain active within the body.
Recent advancements in bioengineering, material science, cellular and molecular biology, proteomics, and genetics have substantially contributed to the development of nanomedicine. Currently, medical scientists are working on medical equipment and devices that use nanotechnology to enhance personalization, safety, and efficiency.
- Big Data
Big data refers to a large set of data produced through GPS signals, online videos and articles, social media posts, emails, and more. Big data can help the humanitarian field by managing the consequences of wars and natural disasters. The medical sector can use big data to invent new treatment methods. However, the benefits of big data are renowned in the field of marketing too. Through big data, marketers can now enjoy better promotional offers to advertisers’ potential target market.
Besides, the combination of big data with machine learning makes predictive analysis possible in sectors like marketing, community administration, agriculture, and health. Also, the emergence of IoT offers a lot more information that one may use to develop big data.
- Internet of Things (IoT)
IoT is another huge trend that includes a range of connected, smart devices, as briefly described above. These devices enable us to gather data related to almost every other field. IoT is precisely enlightening for marketers as the amount of data (including customers’ behavior) collected through IoT devices is nothing short of massive.
- Embedded Business Intelligence
If you’re an executive, you’d love to be pre-informed about the challenges your customers might face or any movement in market changes, right? It is what embedded business intelligence offers – the best, qualified indications even before the change itself. Through the regular application of big data and AI, you’ll be able to get the business data you want to predict.
Blockchain is a technology innovation that stores and transmits information securely, transparently, in a decentralized manner that operates without a central organ. Simply put, it’s a digital data management protocol with a transparent, secure, and considerably large database. The blockchain isn’t much different from a register or an account book that comprises a list of every exchange made between the users.
Since we’re talking about a decentralized register here, it is already present on the users’ servers. This register is tamper-proof and includes real-time updates. Why? Because it solely depends on users validating every transaction through a cryptographic system. After successful validation, these sets of transactions are written in the register using blocks of data. The process eventually results in forming the blockchain – a string of unmodifiable blocks.
In the future, we might see the blockchain replacing the intermediation platforms like Uber and Airbnb. With blockchain technology, the story is quite different. Since no intermediary is required, users can perform peer-to-peer transactions directly with a lessor or a driver, with no intermediary, and therefore, no commission. Thus, Uber and Airbnb are at risk of being replaced by this technology.
Certainly, blockchain looks quite promising because it seems to offer a lot more advantages than provided by the existing systems. For example, a considerable reduction in transaction costs, a new mode of governance (ergonomic and tamper-proof voting system), a possibility of creating trust between two parties without the presence of an intermediary, and being able to automate smart contracts.
In fact, in most blockchain applications, the biggest challenge is to win the users’ trust and build a user experience. If this happens, one may expect blockchain to rule the world a few years from now.
Several technologies have emerged and will continue to come forward in the years to come, most of which will completely transform the future. Among all the technologies, these seven technologies have better chances of influencing our daily lives. Their rapid development has set technology innovation up to change the world steadily, but surely!