The fourth industrial revolution is here and we are on the cusp of the technological revolution that will change how we live, work, and communicate. The change brought about by the Fourth Industrial Revolution has been impacting many sectors. Not leaving a stone unturned, the impact has spearheaded in reshaping government, education, healthcare, and commerce.
The technological advancements over the years have ushered in new-age players who act as game-changers continuously challenging and disrupting the traditional methods. These emerging technological trends stand as the “Fantastic Four” in today’s digitally equipped world and they are artificial intelligence, the Internet of Things, Blockchain technology, and Bigdata.
One would not be surprised to know that Artificial Intelligence is deployed all around us today. Yes, the AI boom is happening very quickly all around the world and it is accelerating at an unprecedented pace. This is because of the progress it has made in certain fields which have resulted in the adoption of artificially intelligent offerings. AI is now used in hearing aids to filter out ambient noise and navigation apps to guide you through the city traffic. It helps doctors in diagnosing diseases, detecting tumors, recommends treatment plans and interprets electrocardiograms. AI will continue to scale into different verticals from manufacturing to education, retail to health care in the years to come. Previously, what was considered as the next big challenge for AI is now considered a generic software. All hail AI.
The Internet of Things is here to change the world and is no more hype. IoT which has been the best definition of “connected world” of ours, has made it easier to track, analyze and bring out new inventions like never before. The applications of it almost everywhere starting with a smartwatch that you own to the autonomous car. It may be mentioned that recently, an unmanned Audi A7 drove for more than 550 miles between San Francisco and Las Vegas. The brain for the drive was NVIDIA processors! By 2020, Gartner Research suggests that 20% of the vehicles on our roads would be giving off information to a central database via some kind of wireless connection. Sierra Wireless is already in function for manufacturers like Toyota, Volvo, Tesla, BMW, and Ford.
“An incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” The blockchain is the current vibe that is accelerating a breakthrough in the applications. With its reliance on public key encryption, blockchain has a much stronger defense mechanism than other approaches. The globe has already witnessed an extensive adoption of the disruptive technology for an uplifting competitive advantage. According to a World Economic Forum Survey conducted two years ago, it was predicted that 10% of global GDP would be stored with blockchain technology by 2027. The blockchain technology, also described as the “internet of value", has caught many by surprise by the ending of 2017 and became the emerging distributed ledger technology. The innovation in the decentralized ecosystem which has the potential to automate not just key processes but entire industries is not just limited to cryptocurrency.
The term “Big Data” is currently the buzzword that has been gaining much hype in the recent years. Organizations and brands in almost every industry are using big data to break new ground. Data is the most valued asset today and organizations rely more on the data to keep their business momentum accelerated. Starting with the basic information like the products available in the market, the demand, pricing, success rate, organizations depend majorly on the right data for business decisions. Big data is the backbone of groundbreaking scientific and medical research, bringing the ability to analyze and study at a rate never before available. And it impacts how we live each day.