Throughout the centuries, humans have made incredible advancement in terms of building, interactions, and communication with each other and the world. Of recent, we have shifted from industrialization to information age. A wealth of knowledge now abounds and is readily available at the tip of our fingers. The rate at which technology is advancing is amazing, and it is gradually blurring the lines between digital, physical, and biological domains.
As technology is continually evolving, we can expect it to have a diverse impact in various aspects of our lives and society at large. That leads us to the discussion, “how technology is shaping our future.” To address this topic, our emphasis will be on two of the most disruptive technologies that are paving the way for the future.
Artificial Intelligence
Artificial Intelligence, AI, has been around for some time now. Currently, it is has found its way into various applications, such as fraud protections, video games, and spam detection in e-Mails.
AI has the self-execute ability and practical usability. It is rapidly evolving via many applications that streamline business and also improve the lives of people. Typical examples include virtual assistants like Google’s Home, Samsung’s Bixby, Microsft’s Cortana, or Apple’s Siri; web support chatbots; or Netflix’s movie suggestions for you. These systems provide answers to questions, field your request, making life easier for you.
AI is also being used in bigger developments, such as autonomous vehicles (AVs), which are expected to offer a couple of benefits, including fewer road accidents, less traffic congestion, and more efficient fuel consumption.
Healthcare is not left out from the numerous possibilities of AI. In fact, AI can be integrated into some existing healthcare systems. A good example of the application of AI in healthcare that is really impactful is connecting an AI to the brain of an amputee so that they can communicate better and control the attached prosthesis.
Blockchain
Over the last few years, blockchain technology has taken the world by storm. The blockchain is a digital network, built and maintained by interconnected computers running different but specific software. With regards to cryptocurrencies, blockchain consists of a digital and distributed ledger capable of tracking financial transactions. This technology is set to disrupt most industries around the world.
The purpose of blockchain is to establish a trustless economy via its cryptographic and decentralized components, eliminating third parties of conventional financial institutions from every transaction. The three key features of blockchain are Decentralization, Transparency, and Security. They aim to reduce transaction fees and make financial transactions more secured, as well as to facilitate faster transactions free from the control of a single point of authority.
Today, blockchain technology has become more than just a financial services solution. Not only is it improving the deficits of the financial services industry, but it also has the potential to resolve the inefficiencies of several other industries. Besides helping us to digitize money, blockchain also offers us the opportunity to store both physical and intangible assets like commodities, copyrights, or land ownership rights for safer and easier transferability.
Various industries will be impacted by the blockchain technology. For example, in the healthcare industry, blockchain applications could help create a universal information system with easier, more compatible, and more secure access to research, records, and available therapies with patients’ data while reducing administration time.
The Smart Contract is a new application of blockchain technology that can self-execute functions when certain conditions are met. The implication of this is that there may be no need for a lawyer or other intermediary who would traditionally facilitate ‘trust’ between parties, and this could reduce costs in transactions.
Blockchain is also helping us move from an ownership economy to a shared economy. That implies that we no longer need to have our own items but can share resources, including internet, data storage, cars, solar energy and more.
The impact of technology on our future is seemingly endless. Despite what seems to be a big effect today, it is only a small fraction of what is to come. One thing is certain, technology is going to change our world and make the future brighter.