The words ‘new technology’ have a multitude of different meanings, depending upon who you ask. For some it means something completely different to others. However, whatever definition you use, one thing is certain: whatever a technology has the potential of doing, we want it to do, especially if it makes us more productive and saves money. New technology is therefore a potentially powerful tool that should not be ignored by businesses and managers. Let’s explore its many benefits and how it can help your business.
New Technology. Any innovative set of methods that provide a substantial improvement (either measured in monetary savings or increased productivity) over the known familiar state-of-the-art technology for a given method in a given historical context. Defined therefore, what can be considered new’technology’is of course subject to constant redefinition, since successive innovations in technology are constantly undertaken. This also means that there is always a risk of something new coming out. The risk is most certainly not a risk confined to only new technology affecting industries alone but extends to the general class of’something new’, ‘something borrowed, and’something old’. New technologies may even impact every industry and affect every business processes.
Trends in New Technology. Just like everything else, new technologies are usually the result of human effort and creativity combined with new technologies that were originally developed from previous innovations. Examples of this are cell phones that replace mobile telephones, microwaves that replaces the oven, and the introduction of the personal computer replacing the various earlier systems such as the typewriter, the keyboard and mouse. Technological trends may also be influenced by society in general – the pace of technological change is sometimes greater than the rate of change in ideas and culture.
What Are The Characteristics of Emerging New Technologies? There are several characteristics of emerging new technologies that have become apparent during recent times. Some of these include: mobility, presence of control, presence of intelligence, and the’Ubiquity’ tag – a term that refers to the’spinning potential’ of new technologies. These characteristics of emerging technologies may also be attributed to the’epistemology’ of the cyberspace – this refers to the character of the information in the digital domain.
What Can We Do? One way we can attack the problem of emerging technology is through what is known as the block-chain project. The block-chain project is an open-source innovation based strategy developed at Consensys to tackle the challenges of next generation financial instrument – the virtual reality or augmented reality. According to the Consensys team, one of the problems facing businesses today is how they will cope with what is called the ‘future of work’. The company has developed an approach called the ‘blockchain stack’, which it claims can provide robust solutions for these companies through what it calls its multi-chain architecture.
Consensys believes that by combining several emerging technologies – including the likes of the smartphone, the cloud, the Internet of Things (IoT), and the Distributed Ledger Technology (DLT) that it can leverage its multiple chains to deliver a unique solution to these businesses. Consensys envisions that this multi-chain strategy will enable its users to build on its ecosystem, develop new products and services, and even collaborate with its ecosystem partners to enable them to achieve greater efficiency and success. The company is thus keen on developing a robust and scalable application platform that businesses will be able to adopt and thus greatly benefit from.