New Technologys Influence on the Future

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Table of Contents

Introduction
Main Innovations
Innovation Problems
Blockchain Technology
Autonomous Systems
Electric Cars
Conclusion
References

Introduction

Doing business is a precarious business. First, it is necessary to decide on the type of business, all the technical characteristics, and other equally important details. Recently the market has changed a lot, thanks to a large number of innovations and technologies that are introduced not gradually but almost immediately. Each of them allows companies to bypass their competitors and attract many new customers with unique features of both the product itself and methods of production. This paper will focus on the analysis of this problem and what innovations in the current world are important and able to change the market industry in the future.

Main Innovations

One of the most trending and controversial innovations is using artificial intelligence in creative tasks. In the last few years, the augmented reality and machine learning industries have reached great heights, affecting artists, writers, and designers, who have already started to lose their jobs. Virtual reality is one of the most important innovations which can replace many aspects of life. The most important are social interaction and the learning process. Using a virtual world, a person can get much knowledge without reference to the teacher and communicate with other people through chats and video calls and by having close contact with their avatars (Granja & Moreira, 2019). It is also worth noting another element that can change the usual perception of the world, namely alternative fuel sources. Thanks to the use of electric batteries, the oil industry was almost destroyed, and a large number of people working in the industry lost their jobs.

All these technologies exist, but in limited quantities, as the main problem with their implementation is the high cost. Only some people are ready to spend a large sum of money to buy all the necessary equipment. In addition, an important role is also played by the development degree of these projects, as most of them are at an early stage of development and implementation (Orbach, 2020). All these technologies require more time for refinement and development of functionality, which may affect their future availability and lower the threshold of entering the world of new technologies.

Innovation Problems

New technologies have the potential to significantly influence the future and shape the way we live and work. Some examples of emerging technologies that are likely to have a significant impact include:

Artificial Intelligence (AI) is the computer systems simulation of human intelligence processes. These processes include learning, reasoning, and self-correction. AI has the ability to analyze and understand complex data, make predictions, and adapt to new situations. AI technology is being applied in many industries, from healthcare to finance to transportation, to improve efficiency and decision-making (Costello, 2018). Examples of AI applications include virtual personal assistants, self-driving cars, and medical diagnosis systems. Despite the many potential benefits of these technologies, they also raise many challenges and concerns. Some of the leading innovation problems include:

Privacy and security risks: Many new technologies, especially those that rely on data collection and sharing, raise serious privacy and security concerns. Ensuring that personal data is protected and that systems are secure is crucial to gaining widespread trust and adopting these technologies (Orbach, 2020). In addition to these risks, there are also aspects of economic and social impact. New technologies have the potential to create winners and losers, as some jobs and industries are disrupted while others are made. Addressing these technologies economic and social impact is essential for ensuring that the benefits are widely shared.

Blockchain Technology

Blockchain technology is a digital ledger that records transactions on a decentralized network. Each block in the chain contains a record of multiple transactions, and every participant in the network has access to the entire ledger. The decentralized nature of the network means that there is no single point of failure, and transactions are recorded immutably. This makes blockchain technology highly secure and resistant to tampering. It has been used to create digital currencies such as Bitcoin but is applied in other industries such as supply chain management, voting systems, and real estate. Virtual and augmented reality are also gaining momentum in recent years. Virtual Reality (VR) provides a computer-generated simulation of a three-dimensional environment that can be interacted with using specialized equipment, such as head-mounted displays (Costello, 2018). On the other hand, Augmented Reality (AR) involves superimposing computer-generated information on the users view of the real world. VR and AR can be applied in various industries, from gaming to education, real estate, healthcare, and many more. The target market for this technology can be the sales area, where the option of buying goods for cryptocurrency is already being implemented today.

With the advancement of technology comes the question of sustainability and ethical implications. With increasing energy consumption, electronic waste, and data center energy consumption, we must consider the environmental impact of the technology we are developing (Costello, 2018). Furthermore, integrating technology into our lives has led to the ethical question of how we use this technology, such as issues like surveillance, privacy, and the balance between accessibility and security.

Autonomous Systems

Another important technology that is shaping the future is the technology of autonomous systems. Autonomous systems are capable of sensing, adapting, and operating independently from human intervention. Autonomous systems are used in many areas, such as automotive, military, and emergency technology (Matthews et al., 2021). The most common examples of autonomous systems are self-driving cars and drones, but the technology can also be applied to other systems, such as robots and spacecraft. The advantages of autonomous systems include improved safety, increased efficiency, and the ability to operate in environments that are not safe for humans. However, this technology also raises important questions about liability and regulation, especially in the case of accidents involving autonomous systems. As mentioned above, the target market for this innovation is various services that may need to carry out dangerous operations remotely.

The Internet of Things (IoT) refers to the interconnectedness of physical devices and objects through the internet. These devices are equipped with sensors, software, and network connectivity, allowing them to collect and share data. This data can be used to improve efficiency, automate processes, and make better decisions. Examples of IoT devices include smart home devices, industrial control systems, and wearables. The Internet of Things is used today in medicine, programming, artificial intelligence, and communication (Nord et al., 2019). By connecting devices to the internet, IoT collects and analyzes data on a massive scale, enabling new insights and improvements in various domains. Biotechnology is also important, particularly in the field of synthetic biology. This technology aims to design and build new biological parts, devices, and systems that do not exist in the natural world. Synthetic biology can be applied to developing new drugs, vaccines, biofuels, and even food production. Technology has the potential to revolutionize many industries and improve human lives, but it also raises essential ethical considerations about the creation of life forms and their impact on the environment.

Speaking about each of these aspects in more detail, there are several unique features to note. The development of artificial intelligence can bring changes in the labor market of professions. People who have spent years learning their craft in the first place are left without proper recognition and the opportunity to develop their creativity further (Orbach, 2020). In the creative fields, for example, the market will shift toward quickly generated content, reducing the number of in-demand live professionals. This makes the situation much more manageable. However, the project is still underdeveloped at this stage because neural networks cannot act on the same level as human perception (Costello, 2018). The main benefit to clients is that the task they need will be completed as quickly as possible, lowering the price of the work, and removing the problem of finding a professional. The main requirement for the technology is a quality and fast solution to the necessary tasks.

Electric Cars

As for the situation with the development of the virtual world, there are many uncertainties and assumptions. It opens the door to a world where nothing is accurate, and there is the possibility of making mistakes. Virtual reality is changing the education and entertainment market. It made it possible to move a large portion of the population to distance learning and work during the pandemic. This technology will change the entertainment market, which will hit the amusement parks. On the other hand, customers will be able to close part of their need for travel and joy with one purchase because, thanks to virtual reality, a person can get into any world without leaving home (Costello, 2018). Very often, examples of virtual reality can be seen in the classes of doctors and nurses, who are not yet ready for actual patients but need a full-fledged practice. The main requirements are to lower the price of the technology to make it more accessible, expand the options and customize it for different activities. The target market for electric cars is people who are interested in new technologies and care about nature.

The only technology that will not completely replace human labor, but will change lives for the better, is electric cars. The market for electric cars is getting higher every year, significantly affected by the demands of EU countries for cars to reduce emissions to the outside world (Granja & Moreira, 2019). This technology will hurt the market of cars with internal combustion engines and the market of gasoline. Customers will get a car that meets the requirement of many states and will save on gasoline and car repairs. The general requirement for this technology is adopting the state law on protecting the environment, advertising electric cars, and reducing their prices.

Conclusion

Advances in technology will change the world as we know it in many ways. People continue to look for ways to simplify life, even though there are consequences. Throughout history, humanity has adapted to change, and it is an inherent part of history that continues to repeat itself repeatedly, leading to new unpredictable outcomes. Therefore, we can conclude that despite progress, these technologies are still far from perfect and have the potential to change the marketplace. However, people in certain professions already need to be prepared now that a new era is coming in which technology is becoming a higher priority.

References

Costello, A. M. (2018). Credit market disruptions and liquidity spillover effects in the supply chain. SSRN Electronic Journal. Web.

Granja, J., & Moreira, S. (2019). Product innovation and credit market disruptions. SSRN Electronic Journal. Web.

Matthews, G., Hancock, P. A., Lin, J., Panganiban, A. R., Reinerman-Jones, L. E., Szalma, J. L., & Wohleber, R. W. (2021). Evolution and revolution: Personality research for the coming world of robots, artificial intelligence, and autonomous systems. Personality and individual differences, 169, 109969. Web.

Nord, J. H., Koohang, A., & Paliszkiewicz, J. (2019). The Internet of Things: Review and theoretical framework. Expert Systems with Applications, 133, 97-108. Web.

Orbach, B. (2020). Antitrust in the shadow of market disruptions. SSRN Electronic Journal. Web.

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