The rapid penetration of the internet and
its range of applications have resulted in a massive increase in the volume of
data. It is estimated that 90% of all digital data existing today was created
in just the last two years.
As internet connectivity reaches remote
corners of the world, people can learn new technologies from their mobile phones
while going about their daily jobs form the comfort of their home. It has led
to more creativity and technical advancement. Companies are also trying to
integrate new technologies to keep abreast of the competition. Technologies
like Artificial Intelligence, Internet of Things (IoT), Data Analytics are
being adopted in various industries to cut costs and improve accuracy. In
recent times, Blockchain is the latest addition to this group.
A McKinsey study found that 66% of existing
occupations would be automated in the future. A PwC survey of CEOs found that
77% that technology would change their sector.
While Artificial Intelligence aims to improve
automation in industries, the Internet of Things (IoT) seeks to create
communication links between different machines. Data Analytics seeks to make
sense of large amounts of data, while Blockchain seeks to create an immutable, transparent,
and accessible record of all data.
The US is the world leader in emerging
technologies, but due to rapid penetration, familiarity with new technologies
is increasing among the Asian population, and the gap between them and the US
is shrinking. It is especially true for China.
The Bank of Thailand is running a pilot project
Inthanon to create a digital currency for the central bank to facilitate
interbank transactions. The digital currency will increase the speed of
transactions as no physical transfer of fiat currency will take place. It also
saves the cost of printing thousands of notes. It will not be listed on any
exchange, thus, protecting it from volatility. Still, the rate of blockchain
development in Asia lags behind that in the US.
Europe comes behind the US and China in the
digitalization of data. A reason for it might be its large size post-EU where
getting everyone on the same page and moving in the same direction becomes
In the future, the technologies mentioned
above may be used in isolation or in tandem to implement path-breaking
innovations that will change the way businesses are run. Global GDP is
estimated to reach $15 trillion due to the increasing penetration of new
technologies in the industry.