Technology is a very powerful tool and it does affect everyone’s life. If we look back in history, there was no way to communicate without using technology. The question then becomes: What kind of technological advancements should we pursue while developing our economy?
In some countries where traffic congestion is common, self-driving cars might end up being mandatory. Companies like Google have already invested heavily in autonomous vehicles. They’re working on an array of new technologies to make these cars safer and more efficient. For example, they’re currently experimenting with how well they work during extreme weather conditions.
It’s been getting a lot of attention lately, but the use of AI isn’t limited to just entertainment or social media. Many companies are looking for ways to incorporate this technology into industries such as customer service, supply chain management, and even healthcare. One application that has attracted a great deal of interest from major industries is driverless cars. As customers prefer services over experience, more companies recognize this need and are starting to design their business models around this concept.
Virtual reality can be used for educational purposes, gaming, communication, and much more. This technology creates a “virtual world” within your computer system; allowing you to interact with people and places anywhere at any time. Its future applications include medical training, shopping experiences, tourism, and manufacturing.
This form of computing, which works by harnessing quantum phenomena, has huge implications for cryptography and search engines. It allows for super-fast searching through massive amounts of data, reducing analysis time by orders of magnitude. While researchers continue trying to make sense of quantum theory, companies like IBM and Google have realized its enormous benefits and are actively investing in this field.
Robots weren’t always designed for humans. At first, robots were simply tools to help us perform menial tasks. Instead of using a tool to cut wood, we would ask for a robot. Can you imagine a factory full of robots doing simple tasks, thereby increasing overall productivity? The next step was automation, which gradually changed the way businesses operated. Next came artificial intelligence–also known as machine learning, whereby computers could not only understand what a task was but also learn how to execute that task without human guidance.
Internet of Things (IoT)
IoT refers to “embedding sensors inside objects to collect data and then relay that data back to a central source for analysis”. An example of an embedded sensor is “the accelerometer within a smartphone that measures changes in orientation and movement”. Embedded sensors and connected devices provide actionable insights about customer experience, employee performance, asset tracking, supply chain management, etc. In short, anything that can measure matters. IoT helps turns these measurables into knowledge that leads to improvements across entire industries.
As reported by Forbes Magazine, cryptocurrency is rapidly becoming the preferred method of payment over traditional fiat currency due to higher transaction rates and cost efficiencies. Additionally, because of the lack of government control and regulation, many economists believe that cryptocurrency will eventually replace all current methods of exchanging value from banknotes and coins.
Technology has revolutionized our lives drastically over the last century. And because technology is expensive, it’s often overlooked when considering the development of a nation. This has led some economists to believe that adopting all sorts of new technology would reduce poverty around the globe.