By Charisma Ann
Technology has, indubitably, led to massive changes in the economy. The first five information technology waves of Defense, Integrated Circuits, the Personal Computer, the Internet and Social Media have influenced society. But the upcoming advances in technology will lead us to believe that the existing technology is just a tiny speck of dust in comparison to the gargantuan transitions like self-driving cars, Artificial Intelligence(AI), Robotics, Virtual Reality, etc that are in the process of becoming reality.
The Essential Eight technologies that matter now are:
1) Artificial Intelligence(AI)
It refers to software algorithms that are capable of performing tasks that are normally performed by humans.
2) Augmented Reality(AR)
It refers to the addition of information or visuals to the physical world through graphics or audio overlay. It is a simple combination of real and virtual worlds.
3) Blockchain
It is distributed electronic ledger that can record and confirm transactions with reliability and anonymity. It is the technology that underpins digital currency like Bitcoin, Litecoin, etc.
4) Drones
It is a flying robot that can be controlled remotely or fly autonomously using software-controlled flight plans which are embedded in their systems along with onboard sensors and GPS (Global Positioning System). It is more formally referred to as Unmanned Aerial Vehicles (UAVs) or Unmanned Aircraft Systems (UASs).
5) Internet of Things (Iot)
It is a system of interrelated computing devices, digital and mechanical machines, animals, objects or people that are given unique identifiers (UIDs). They are given the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
6) Robots
They are virtual agents that assist, automate or improve human activities using set instructions.
7) Virtual Reality (VR)
It is a computer-generated simulation of a 3D image or a complete environment that viewers can interact with in realistic ways. The difference between Augmented Reality and Virtual Reality is that while AR only incorporates certain virtual objects or data into the real world (A good example would be the game Pokemon Go), VR enables a complete physical immersion into that virtual environment.
8) 3D Printing
It is a manufacturing technique that used layering or printing successive layers of materials to create 3D objects.
How will this technology impact our economy?
1) Strategy: These technologies provide manufacturers with myriad opportunities like to sensorify their existing products, create intelligent new offerings with value-added analytics, software services, etc. The Government plans to use these advancements in healthcare, agriculture, smart cities, etc.
2) Operations: AI, robots, etc can help improve operational efficiency and provide significant competitive advantage. 3D printing has the power to shrink supply chains, cut product development time, etc.
3) People and Talent: This is one of the more fretful effects of technology. It could lead to massive unemployment. The solution to this predicament would be to edify the upcoming and existing generations these advancements.
4) Impacts income distribution: Workers who are displaced by technological advances may not possess required skills and therefore, find it difficult to find employment. This leads to a further widening of the rich-poor gap.
5) Environmental degradation: It could lead to health and environmental issues because of air pollution, exposure to harmful chemicals, etc.
6) Contribution to GDP growth: The doubling of mobile data use, internet accounts, e-commerce, etc lead to an increase in the GDP growth rate.
7) New services and industries: Transition to cloud computing, the availability of public services online, ICT (Information and Communication Technologies) enabled emergence of app industry, etc have been major contributions to the development of new services and industries.
8) Wider reach: Online platforms have led to global access for both entrepreneurs and customers.
Dynamic technologies 