Back in the 1980s, the Public Broadcast Company offered a TV series that demonstrated how early inventions influenced future innovations which prompted even further technological development through the ages to the present day and beyond. “Connections” ‘, hosted by British scientist Dr. James Burke, explained in layman’s terms how great minds have influenced each other and thereby improved all our lives. Mindful of Burke’s hypothesis, here are the emerging technologies for the coming decade that will support existing initiatives to improve the ways business is conducted as well as how we continue to live.

INTERNET OF THINGS (IoT): The first time this author heard this expression was 15 years ago in an advice column from a financial publishing guru. The article heralded IoT as the investment possibility of the future and advised that one should get on board before the lemmings. But what is it? The Internet of Things can be loosely defined as the relationship and reliance upon computers and similar devices, such as digital machines, objects, animals or people featuring unique identifiers. These identifiers can be used to transfer data over a network without the need for human intervention. When we tell you that Smart devices are common examples, you’ll immediately understand where we have come from, although it may not be clear where IoT will be taking us next. Today IoT is influencing the future of people, places, things, and businesses, including, would you believe, -Marketing?

5G (6G/7G/8G): For most of us, 5G simply means a visit to their cell phones carrier’s website or brick and mortar for a Smart Phone upgrade. In reality, 5G networks facilitate moving, manipulating, and analyzing data via WiFi. For businesses, it will level the playing field to enable emerging markets to participate in the same arenas as more mature enterprises. For investors, it is easy to understand that the race goes to the swift. This means those who back developers who offer solutions to specific industries, as well as those companies, will also profit. The potential boost offered to the global economy by responsible and considered 5G development is said to be staggering.

ARTIFICIAL INTELLIGENCE (AI)/ VIRTUAL REALITY (VR)/AUGMENTED REALITY (AR): While different by definition and scope, it is expected over the next decade that these three disciplines will interact and interrelate to create business solutions. Of these, AI is the best known and is already part of our daily lives via interactive websites and bots. This trend will continue. Currently, AI is frequently behind the technology that increases data security. Over time it is expected to enhance the speed with which decision-makers can facilitate change as well as to further enhance its original purpose (back in the 1980s) to train employees virtually. For many years Fortune 100 companies have invested in AI solutions as a means to increase staff efficiency and to increase output/productivity while decreasing operating costs. Going forward, AR and VR which offer a combination of mixed reality and sensory technology, are being incorporated as team players to produce optimal business outcomes.

ROBOTICS/DRONES: From the first time we saw images of automobiles advancing on an automated assembly line, to the windowless mega warehouses that dot many an interstate, even to the disc-shaped vacuums no Millennial household wants to be without, robotics have held our interest and sparked our imaginations. Development and integration with drone technology now enable automation without geographic restrictions. The possibilities are endless: future services alone could include postal and package deliveries from local depots or even around the globe.

BIOMETRICS/3D PRINTING: Several years ago, this author remembers inadvertently witnessing a 3D printer demonstration with the awe and wonder of a child. Its possibilities seemed endless. Currently, this technology offers a low-cost solution for manufacturers of complex parts including medical devices. From mobile devices to home security systems, Biometrics is quickly becoming the chief means to verify identity. Biometric face, fingerprint, and retina scans combined with 3D Printing will facilitate forensics, as well as offer more secure encryption options.

BLOCKCHAIN: Overhyped from the get-go, blockchain is still a mystery to most consumers and many investors. Simply put “block” = the digital information that is stored in the “chain” = public database. An example most of us can relate to is the marked change in delivery speed for our online purchases over the past few years. Blockchain technology says, “You’re welcome!” Blockchain also utilizes Bitcoin to facilitate and provide transactional security and is well-regarded in the banking and financial sector. Hype notwithstanding, blockchain’s future looks bright- and lucrative.

SERVERLESS COMPUTING: This advance enables firms to create a NoOps IT environment- one that is automated and abstracted from its basic infrastructure. The goal is to reduce operational expenses in favor of more significant core business value-adds. As with all new technology aimed to move data, encryption and security will prove to be as important as the technology itself.

Today’s technology is the realization of yesterday’s dreams. So while some of the innovations reported above may seem to owe more to Buck Rogers than reality, each does exist and all are in successive generation status. It will be interesting to observe how not only how each continues to evolve but also synergizes with future technologies as these emerge. We’ll all just have to stay tuned!

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But first a little back story. To understand the value of blockchain technology one needs basic a knowledge about cryptocurrencies. We cannot see you, but already we know your eyes are glazing over. No worries, we’ll make it quick and painless. Remember the play money that you used as a kid? It worked the same as U.S. currency, but was not issued by the government. Cryptocurrencies are like that. They are issued by anyone and accepted by anyone who has an agreement with the issuer. These are backed by ‘real’ money, tangible items with a stated value such as jewelry or artwork, or services to be provided. If this seems strange, it shouldn’t be. After all you are paid a salary in exchange for your services, right?

Since crypto monies are virtual, and are not affiliated with any nation or governing body, there is a need to keep things honest, so their transactions are recorded in a virtual ledger. That ledger is a blockchain. Blockchain was created by web developers who saw a need to rein-in the Wild West Show that cryptocurrencies had created across the globe. Blockchain has provided a clearinghouse if you will, to ensure that, among other things, cryptocurrency is used responsibly. This means every virtual transaction is recorded so each leaves a trail that the IRS and other government can access and allocate. See? That didn’t hurt one bit! Or should we say, bitcoin?

As with all great technologies, it doesn’t take long for developers to find additional value for their code. Here are some of the many ways that blockchain is already impacting our lives along with speculation as to where it will pop up next.

• Payment processing: As an individual who is currently waiting for the email or text stating that my funds transfer from one financial institution to another has been completed (several days now), blockchain technology will provide a welcome change. It expedites the transfer of funds from one source to another. So while I wait for my primary bank to acknowledge another financial institution (while collecting interest and fees on my money in the meantime), blockchain would have validated and processed my request within seconds 24/7/365.
• Data Sharing: Analysts rejoice! Since blockchain’s purpose is information collection, primarily for regulatory agencies, there are already cryptocurrency agents experimenting with sharing and selling unused data. Since this data relates to a wide range of industries, this intel could be used to gain insight into consumer habits to improve service levels. etc.
• Regulation Compliance: Move over Cloud, here comes Blockchain. While the Cloud provides excellent backup, there is always the possibility that new security threats could breach this system. With its immunity to hackers and with no known infrastructure problems, blockchain provides an ideal data backup system.
• Regulation Compliance: Earlier in this article, cryptocurrency transactions were referred to as a Wild West Show. That is because before blockchain, these flew under the radar of federal regulators. Now all sales and transaction data is captured so that it is transparent to local, state, and Federal lawmakers as well as to the IRS.
• Vote Online: After every election there has been much ink spilled over possible voter fraud. Given its transparency, blockchain will enable citizens to vote online, but allow regulators to see immediately if any captured network data is altered in any way.
• Medical Records: Hospitals and medical facilities have trended towards software over paper records-keeping solutions for almost two decades. Blockchain storage would allow the patient to control who has access to their data and is more HIPAA-compliant than other sources.
• Virtual IDs: Microsoft is working on a way that individuals can take control of our digital identities. For those of us still getting used to opening our cell phones with our index fingers, this is a brave new, and very exciting possibility! Imagine being able to establish credit immediately, to travel anywhere without a passport and just access your identity online from your phone! With great opportunity also comes potential great risk, so we understand this concept is far from complete. Stay tuned!

Buying a home, a business, buying or leasing a car…: If you have ever bought or sold a home you know that there is a great deal of paperwork involved. With blockchain, however, whenever a deed, or title is to be transferred, this part of the process can be viewed and transaction online, thereby speeding up the process and saving a forest of trees!

To gauge the potential of this new platform, just imagine any agreement, sales or financial transaction, or legal action where paper exchanges hands. Now take it out of the equation and insert blockchain as the new variable. Exciting prospect, right? A technology that functions as a storehouse and a facilitator offers huge potential to individuals as well as for commerce. As a new technology, blockchain’s many positives include its value as a digital, decentralized platform that logs transactions without using a bank. More simply, its initial intention was to transfer money while recording data in ways that are both transparent and unchanging. Blockchain’s downside is that it is a new technology. All of its potential kinks have not yet surfaced and when they do, it is unknown how or when these can be remediated.

Therefore major businesses, especially multinationals, have been unwilling to take the leap of faith and leave their current transaction transmitting infrastructure for blockchain. No one wants to be the first to go ‘all-in’, but once some enterprise does, the herd will quickly follow. What remains to be seen will be crucial to the future expansion and success of blockchain as a data platform: its full functionality and scalability. This is a technological realm with limitless potential and this author looks forward to posting updates as it progresses. In terms of technology, we live in exciting times!

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