How Cutting-Edge Tech Will Revolutionize Future Business
Discover how emerging technology and software development play a key role changing the way these five key industries do business
Henry Ford’s assembly line, Martin Cooper’s mobile phone, Steve Job’s Macintosh personal computer, what do all these inventions have in common? They revolutionized the way we do business today. As technology continues to evolve, so will the industries that utilize it. With software development at the heart of the newest advances, let’s take a look at emerging technologies that will change these industries far into the future.
Blockchain | Finance & Banking
What is it? With digital cryptocurrencies growing in popularity, there needed to be a way to manage the accurate transfer of digital currency to our normal currency. The blockchain is an incorruptible digital ledger that can record and manage not only financial transactions but also anything that has value. Blockchain is decentralized from any government helping it remain public, transparent, and corruption free.
What impact will it make? In 2015 alone, The World Bank estimates that 430 billion dollars (US) were transferred electronically. Blockchain sets to cut out the middleman for these digital transfers. Software developers who worked on blockchain created “wallet” applications to house digital currencies like Bitcoin. From there, people or companies can purchase anything.
It also has an impact on in the stock trading sector. No longer will peer-to-peer trades require clearance from auditors and custodians. Blockchain technology can now make trade confirmations instantaneously, eliminating the need for a third party intervention.
Big Data Analytics | Oil & Gas
What is it? The volume of data the world gathers grows at an exponential rate. To harness the power of this data, software developers created mathematical analytics programs to filter large amounts of data into usable information. This helps companies to make decisions more quickly and more accurately than ever before.
What impact will it make? The ability to process massive amounts of data in seconds rather than months or years allows oil and gas companies to analyze geoscience data faster. This helps them optimize production, and streamline their overall operations.
AI (Artificial Intelligence) | Medical Devices
What is it? Artificial Intelligence is the simulation of human intelligence processes by machines, especially computer systems. These processes include learning (the acquisition of information and rules for using the information), reasoning (using the rules to reach approximate or definite conclusions), and self-correction.
What impact will it make? AI software has the ability to mine medical records, design treatment plans, and manufacture drugs faster and more accurately than any normal healthcare professional.
Medical startups are using detailed computing algorithms to find therapies from a database of molecular structures. It also can analyze existing medicines to find which ones can be redesigned to fight major diseases.
Pervasive Automation | Agriculture
What is it? Pervasive automation is a buzz term in the agriculture technology industry, and it can refer to any technology that reduces operator workload. Basically, they are breakthroughs in technology that make work for the farmer easier and require little to no physical labor.
What impact will it make? Pervasive automation has led to the manufacturing of autonomous vehicles that can be controlled through software programs automatically or manually through terminals.
Automation also plays a vital role in crop management. Detailed satellite imagery accompanied by advanced crop sensors allow software programs to make critical decisions regarding their crops. They can also be programmed to make suggestions for future planting techniques.
Autonomous Vehicles | Transportation & Logistics
What is it? Automated vehicles have come about through a number of advances in robotics, machine vision, sensor technology, and machine learning. They are driven without driver input and can navigate roads through advanced navigational programs.
What impact will it make? The implementation of autonomous vehicles in the transportation industry would bring about a wide range of possibilities. Software development in this field could make long-range urban transportation possible with on-time guarantees for pick up and drop off.
Without the need for drivers, logistics companies would save large amounts of money on hiring bringing down delivery costs. Also, ride sharing applications utilizing autonomous vehicles and geolocation would make door-to-door service more streamlined and efficient.
Though these technologies might seem like science fiction, they are very feasible and ready to make an impact on business today. Even though these new advances are making waves in these particular industries, these technologies are revolutionizing almost every industry there is. Should employees in these sectors be fearful that their jobs will be outdated? Not necessarily, but as technology continues to get smarter so should the modern professional. Workers will need to adapt to the new business environment created by the implementation of cutting-edge tech within their industry. These emerging technologies will change the way these industries function, and they will continue to evolve into the future.
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