How Disruptive Technology Is Reshaping Our World

In this article we'll look at three examples of technologies that are reshaping our world: the Internet of Things, Blockchain technology, and Virtual reality. Each has a unique ability to create significant change. However, the three technologies are not necessarily mutually exclusive. They may each have some similarities, but they all represent different forms of disruptive technology. To understand how these technologies may impact our world, we must first understand what each of these technologies can offer us.

1. Internet of Things

As the Internet of Things becomes more commonplace, marketers are taking note. By connecting the devices in their everyday lives, IoT is enabling them to access valuable lifestyle data. As a result, it is possible to identify the buying patterns of their customers. This gives digital marketers a unique opportunity to reach consumers earlier and better understand their needs. Here are some ways to make the most of this disruptive technology. Read on to learn more.

Smart homes use sensors to collect real-time data from the environment. Smart thermostats use these sensors to sense temperature and humidity. Smart phones, for example, have many different sensors. The Internet of Things can even improve your overall experience and reduce your stress levels. These connected devices have the potential to transform many industries. It's difficult to imagine how the future of technology won't change the way we live. So what can we expect from it?

Cities are becoming the focus of IoT innovation, with "smart city" initiatives introducing this new technology into cities across the world. After all, cities are the engine of the global economy, and the 600 largest cities are expected to contribute 65 percent of the world's GDP growth by 2025. With this kind of power, cities are the perfect place to experiment with IoT. So, how can they make the most of IoT technology?

IoT can also improve the safety and efficiency of connected logistics. For example, IoT devices can monitor the health of remote machines and automatically trigger preventative maintenance. The technology allows manufacturers to create new business models based on product-as-a-service. They can now offer their products in a subscription model, in which the customer pays for the usage. That makes IoT a disruptive technology in many sectors.

Internet of Things (IoT) businesses will come in phases. In the early days, suppliers will provide the basic building blocks for IoT infrastructure, and then companies will start to build broad applications and adjacent businesses. However, as the technology matures, the business models will change. During this time, the key is ensuring that businesses are able to stay ahead of the competition. Using IoT solutions can help companies achieve the success they have been seeking.

The Internet of Things is disrupting the status quo in several industries. The technology is transforming the way we live, work, and play. Consumers, experts in a variety of professions, and businesses can all benefit from the technology. For instance, consumers can order products and services from the comfort of their own homes. A similar trend can be seen in manufacturing and supply chains. Ultimately, IoT is bringing new levels of productivity, efficiency, and convenience to many sectors.

As the IoT is evolving, organizations will need better methods and tools to take advantage of its potential. These advanced capabilities include artificial intelligence and machine learning. Embedding intelligence into IoT will be essential to effectively integrating the technology into business processes and engaging users. But how do they do that? Let's explore. So, what are some of the most common challenges faced by IoT applications? These are listed below:

2. Blockchain technology

For those unfamiliar with the blockchain, it is the distributed ledger technology underlying the bitcoin. This new technology uses software algorithms to record transactions, ensuring transparency, security, and anonymity. These traits make it ideal for financial services, as they reduce the risk of human error and add reliability. Currently, most online transactions require several intermediaries, including accountants and bookkeepers. In addition, transaction fees and human error can greatly increase the amount of time required to make a transfer. Blockchain technology solves these problems by ensuring that only a few parties are involved in a transaction.

For example, the blockchain can streamline the tracking of aircraft spare parts. Many of the parts that are used by airlines today require extensive manual processes, resulting in delays and high costs. The blockchain can be used to track the history of a given aircraft's maintenance and design, and feed these data to algorithms for predictive maintenance and downtime reduction. The blockchain technology can also be used to trace a specific part and boost its resale value. One study found that up to 30% of the revenue of large hotel chains goes to third-party booking services, while smaller chains and independent hotels lose anywhere between 18 and 22 percent of their total revenues to third-party booking services. The technology can help streamline these processes and allow hoteliers to retain more of their sales.

Another way that blockchain can streamline the process of distributing aid to refugees and other populations is in the world of public assistance. The World Food Programme (WFP) uses blockchain in their humanitarian aid efforts. Refugees often can't access traditional banking services, but they can use biometric authentication technologies to identify those who need assistance. Once identified, the money is automatically transferred out of the individual's blockchain-enabled account. It could also improve the financial situation of countless other vulnerable people.

Besides healthcare, blockchain technology can also be used to facilitate the sharing of medical networks. The healthcare industry has already begun to harness the power of the technology. Healthcare companies have already begun collaborating with blockchain developers to create solutions for collaborating with one another. One example is HealthVerity, which combines blockchain technology with a healthcare network. In addition, this new technology handles access rights and permissions. A healthcare alliance called Synaptic Health Alliance has gathered healthcare companies to build a blockchain-based system for managing provider directories, which reduces the amount of work involved in maintaining separate databases.

In addition to facilitating the exchange of goods and services, blockchain could help improve the efficiency of the airline loyalty program. For instance, Singapore Airlines' Kris+ lifestyle app incorporates a blockchain-based digital wallet. Users can use their points on various products. Another major advantage of blockchain technology for the airline industry is that it can solve issues related to aircraft maintenance. According to a recent study, using blockchain in the MRO process can reduce costs by $3.5 billion a year.

3. Virtual reality

The potential for VR to disrupt the entertainment industry is immense. After a deceptive two-decade phase, VR finally entered a disruptive phase with the $2 billion purchase by Facebook of the Oculus Rift in 2012. Since then, many more companies and startups have jumped into the space, including Samsung, HTC, Google, and Sony. Currently, gaming and video are the low-hanging fruit for virtual reality devices. Users will increasingly gravitate to virtual reality for entertainment and user-generated content.

While VR has its origins in the entertainment and gaming industries, it will inevitably become a global technology with applications in other fields. This technology will allow students to virtually explore historical sites and even learn more about them. As the technology improves, new platforms and solutions will emerge, extending its reach beyond entertainment. Virtual reality will also become more physical, sensory, and interactive than it is today. In addition to improved touch controls, the next generation of devices will likely include features like temperature changes and even smells.

The industry will be able to leverage the power of VR to deploy new ways of working and training. During the Fourth Industrial Revolution, the manufacturing industry is focused on improving production processes through automation, interconnectivity, artificial intelligence, and machine learning. The potential of VR applications in manufacturing is immense, from product R&D to workplace design to inventory management and real-time employee training. It will change the landscape of manufacturing and make it a more efficient industry.

The healthcare industry is already one of the biggest adopters of VR solutions. Its use in surgery simulation and pain management, as well as physical therapy, phobia treatment, and more, makes it a highly sought-after tool. And in the future, it is possible to use VR to train a patient's mental state, and even simulate the pain and discomfort of surgery. With these advancements, VR is set to disrupt the world of entertainment.

As the cost of VR/AR devices continues to fall, it is unlikely to be too expensive for everyone to use them. The average consumer will need to spend at least hundreds of dollars for the unit and all the necessary accessories to use it. However, this issue will be overcome once the technology becomes widely affordable. When the price of VR/AR units is low enough, the initial adopters will create demand for content, and VR/AR devices will be accessible to the masses.

Though VR has been around since the 1960s, it only really began becoming a consumer product in the 1980s. Jaron Lanier's company, VPL, developed the first consumer VR headset, the EyePhone. The EyePhone's computer was the size of a dorm room refrigerator and its headset a huge, bulky device. Those first VR headsets produced five frames per second, six times slower than the average television of the time.