The post-pandemic world will embrace technology much faster than it was previously forecasted to. But the breakneck pace of tech adoption will be focused on a few innovations that would readily yield tangible benefits as the world grapples with the problem of reviving the economy. This post will delineate the megatrends in technology and the possibility of a more immediate adoption globally.
Intelligent Automation fuses two mainstream tech: AI and RPA
Not long ago, Artificial Intelligence (AI) and Robotic Process Automation (RPA) were identified as independent megatrends but 2020 will bear witness to the synergy arising from the coming together of these two potent technologies. From driverless cars to automating data security, from insurance claim and billing management to fraud risk management, applications of Intelligent Automation is set to rise exponentially along with the investment required to mainstream this technology.
Blockchain is set to revolutionize currency and contracts
In the corporate world, Blockchain is no longer a future tech as more applications of the Peer to Peer (P2P) enabled distributed ledger makes it possible to safely and efficiently transact in digital currency and execute rules-based smart contracts that are self-enforcing. According to Gartner, Blockchain, which is currently limited to small scope projects, will be fully scalable by 2023. The use cases of practical Blockchain are growing:
- In real estate, Blockchain will simplify property search, due diligence, title and property management and save time and expenses involved in the mortgaging process.
- In trade finance, significantly cut down the time taken to settle trades in days instead of weeks. An example: cross-continent commodity transaction involving multiple partners.
- Banks have already started exploring opportunities to implement Blockchain technology to make payments faster and simplify clearance and settlement systems.
Era of Healthcare IOT or Internet of Medical Things (IoMT)
This decade will continue to witness a phenomenal proliferation of the number of equipment and devices used in diagnosis, treatment and monitoring of patients. Connected medical devices such as wearables are steadily contributing to the healthcare big data ecosystem. In fact, Machine Learning (ML), a subset of Artificial Intelligence (AI), has made disease prediction and surveillance not only possible but reliable. Significant investments are envisaged to go into Remote Patient Monitoring Technologies (RPM) that directly and positively impacts patient care.
Intelligent Automation, Blockchain and the Internet of Medical Things could well turn out to be game-changers of this decade not only for the industries where it finds practical applications but also in improving the overall quality of life for every individual by making this world a safer and better place to live.