- COVID-19 has brought about a paradigm shift, and technology has given the shift a face.
- Changes in the way an economy functions are here to stay, and hence it is essential to explore the technologies that would keep the ball rolling.
Technology has saved economies from a massive threat of collapse posed by the pandemic. Office work, education, sale of goods, and even doctor consultations through the online mode were the means to ensure that the show must go on. To survive amidst the increasing complexities and competition, the choice, development process, execution strategy, and evaluation methods associated with technology can be the game-changers for businesses. Technological advancement has become the tool for businesses to have a comparative advantage.
On that note, it’s a safe bet to say that major technology changes are creating opportunities galore for various IT service providers to boost up their businesses, rake in notable revenues.
This article discusses the top technology trends for 2021.
Artificial intelligence to ensure Covid prevention and control
Companies employ machine learning and artificial intelligence (AI) to find patterns, gauge disruptions, predict, decide, generate valuable insights- enhance organizational performance in general. Sensors may be used at workplaces to ensure physical distancing and other covid protocol violations.
Significant use of AI trending in 2021 and even in the future would be masked face recognition for surveillance purposes. While wearing masks is an Infection Prevention and Control (IPC) by WHO, covered faces allow more reasons for security concerns. Thus, AI would be helpful. Similarly, infrared thermography is used for non-contact fever detection in places with massive footfall- malls, schools, offices, hospitals, etc. Drones are being used for aerial spraying of disinfectants and crowd management in public places to ensure physical distancing. When covid waves were at their peak, drones were being used for lab sample pick-ups and supplying medical needs.
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Machine learning systems and other computational analyses have enabled the speedy development of the COVID 19 vaccine. Researchers are employing ML to understand the structure of the virus and gauge the components which can trigger an immune response. Choice of elements for potential vaccines thus becomes faster. ML may also be used to capture the genetic mutation of the virus to determine the vaccine's future efficacy in case of mutations. However, there is a caveat: human and animal trials cannot be skipped. Thus, AI is only an added chance of optimization.
IT Security taking precedence amid various safety concerns about data
Heavy usage of cloud services for storing and processing data has triggered various safety concerns about data. While encryption softwares did safeguard information, advanced computer softwares have become the boon for hackers, and they can get illegal access to IT systems of business and individuals too. Thus the need for confidential computing.
Confidential computing is creating hardware-based Trusted Execution Environments (TEEs) for data processing on cloud systems. TEE ensures safety by processing a code such that hackers cannot access it. TEE is aimed at providing code ensuring data integrity and data confidentiality. In addition, authorization checks, cross verification, or attestability by another trusted system and recoverability systems ensure recovery if a safety concern is suspected.
With the increasing number of cyber crimes, cybersecurity is of utmost significance. With online purchases taking precedence due to physical distancing requirements, millions of customers have stored their financial and personal information for hassle-free payment completions. Similar is the case of healthcare-related information, information for insurance, educational enrollments, etc. Therefore, cyber-attacks must be tackled for the post covid online era to sustain without the loss of confidence among the general public.
With the onset of the pandemic, online shopping gained momentum. Across age groups, online shopping has become the norm now. However, people want to find the best fit, and thus, they need to try. Apps use augmented reality or 3D models, using which buyers try products like glasses and clothes. Users can also experience the feel of cars or hotel rooms before booking. Retailers are providing such immersive e-commerce experiences to boost their sales.
Retailers are also employing internet of behaviour technology. Behavioural data collected may be used to determine how people behave in a particular online space. Collecting and using such data to learn about behaviours and attempt to drive them is called the Internet of Behaviour. For example, they gather information about the behaviour of their prospective customers and try to attract them using suggestions and offers.
5G for better business performance
5G in the fifth generational wireless technology. It is said to be 100 times faster than 4G. It was preceded by 1G, 2G, 3G, and 4G networks. The 5G network design can connect anything virtually. Some attractive features in this fast-moving world-
- Exceptionally high GB per second data speed
- Negligible latency
- High reliability
- Huge network capacity with more bandwidth
- Wider availability
- Uniform user experience
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With these features, 5G can bring about a revolution in public safety mechanisms, business productivity—research and development, global connections, working outside the office, and education, to name a few.
On the work-from-home front, 5G speed will mean better video calls, faster data transmission. A combination of 5G and edge computing can reshape business computing and information technology in general. Edge computing performs processing and analysis where actual data is processed instead of moving it to a central data center for data processing. Edge computing could become a good solution for the network-related challenges associated with transmitting the voluminous data used in the current times.
Blockchain technology for remodeling ways of investing
According to a Deloitte report, blockchain can reshape trade finance. According to the report, this can be done by increasing efficiency, cost reduction, and creating new opportunities for revenue generation.
Usage of digital assets like cryptocurrency is helpful to do away with financial intermediaries like banks. They facilitate a peer-to-peer process which is often referred to as DeFi or decentralized finance. With the post covid era taking shape, independence and lack of interaction are what many people want. Blockchain does offer this solution. Cryptos like Bitcoin, Ethereum are trending these days. In addition, some stablecoins are pegged against a reference. Monero is offering world-class data privacy in transactions using unique algorithms in the blockchain. When data leak concerns are peaking, blockchains could be people's shelter for safe investments and wealth creation.