The passing 2017 saw great advancement in many areas of technology: from Fintech to Healthcare.
With 2018 just around the corner, it’s time to think forward and try to foresee the upcoming developments in the tech world.
Blockchain
Blockchain was one of the big hypes in 2017 and is undoubtedly one of the next big things in finance and technology. Furthermore, the surging prices of crypto cryptocurrencies that operate on the blockchain generate a lot of interest from the public and popularise the idea behind the technology.
The concept of digital decentralization and secure peer-to-peer transactions has attracted a lot of enthusiasm from investors to entrepreneurs. The blockchain is expected to be widely adopted in 2018 and by 2020 20 per cent of trade finance globally will incorporate blockchain/distributed ledger technology(according to IDC). Another interesting development in that area is the common project between Deutsche Bank, UBS, Santander and BNY Mellon to launch their own cryptocurrency in 2018.
Finally away from finance, many Start-ups will try to implement the Blockchain in other fields as well. Potential areas would be: healthcare, manufacturing, ID verification even government: Dubai announced its intention to turn itself into the first blockchain-powered government in the world.
Artificial intelligence
Gartner’s studies show that only 40% of enterprises have adopted AI-based solutions in their IT systems. In 2018 the ability to use AI to enhance decision making, reinvent business models and ecosystems, and remake the customer experience will be a major success factor. AI is becoming ever more mainstream: in the coming years, every app will incorporate AI and Machine learning at some level. They will be in our phones and favourite apps, helping us stay connected and do what we do best in the shortest possible time.
Internet of things
As more consumers around the globe purchase smartphones, tablets, and other gadgets which hook them into the web, the expanse of the IoT will only grow ever-greater. Low-power, short-ranged networked devices will be increasingly pushed by companies hoping to cash in on the boom in tech, and millions of more sensors embedded in our world in just a year’s time.
One of the main issues for companies that invest heavily in IoT is the amount of data they generate and how to make meaningful sense out of it.
One possible solution is creating Digital twins. Digital twin is a virtual/digital representation of a physical entity or system. It is more than a blueprint and schematic. Based on real data collected by the sensors and IoT devices, the Digital Twin is an exact replica of its real-life twin in the cloud. It expresses the same behaviour, qualities and problems. Digital twins, in the context of IoT projects, is a promising area over the next three to five years, Gartner says, especially in the manufacturing sector.
Maybe something more?
One thing is for sure 2018 will mark another peak in the development of the three technologies outlined above. However it is the first time that these technologies could potentially take advantage of the others’ capabilities, and together, they may form the foundation of an ecosystem that will change the way humanity lives, works and plays. Imagine healthcare system built around medical records being stored and communicated via the blockchain, connected health devices collecting data and AI making sense out of all of it: helping doctors, optimizing processes, advising on how to live better etc
Would 2018 would be the year for all of that to happen? Only time will tell…
Sources: Gartner,Inc, NetworkWorld
