Digital technologies that will boost up business scenario in near future

Is there any true business that does not require use of technology at all ? even at the basic level , any product or service you use in the business to buy or sell, would have at least made a basic use of technology to make a call to buyer and seller or  between the seller and vendor or for that matter or even if its neighborhood grocery store, for printing  you receipt. Modern day business cans now do much more with technology. Businesses now have the ability can use technology to gain competitive advantage in the market and increase on their (ROI) return on investment to maximize profits. If a business is not running for profit then it is not a business, its charity

5G and Blockchain are 2 of such many technology revolution which are about to change and impact billion of consumers making our online transactions and presence much more secure, reliable and most importantly blazingly faster

What is 5G?

With connected devices using IOT and , we are on the cusp of technological  revolution in very near future with a faster technology , Quoting GSMA“5G holds the promise of applications with high social and economic value, leading to a ‘hyperconnected society’ in which mobile will play an ever more important role in people’s lives”.  5G is a generational shift in term of evolution of mobile communication technologies. The MWC 2019 happening in Barcelona has connectivity as major them focusing on 5G with participant to bringing step closer to implementation. The 4G deployment in last 18 months by all telecom operators leading to a massive data tsunami is whereby spawning the likes of online streaming services and popularity of T-series as the highest video viewership service is  just an example. Your favorite movie in 1080p downloaded to your device in less than 2 minutes

5G is expected to be as reliable as a wireline network. To deliver on its promise of extreme mobile broadband and massive and ultra-reliable machine communications requires a level of reliability we have not seen in wireless communications. When self-driving cars or health care medical devices are transmitting real-time data on the network with millions of sensors working at the same time to enable decision making, reliability and transmission peed becomes a life-or-death matter. Such applications clearly require the 1 millisecond delay time provided in the 5G specification.

5G technology will expand business opportunities and business models through monitoring, tracking and automation capabilities on a large scale. From connected farms and agriculture to smart cities and building and mainly In agriculture society like Ours, the various sensors will be able to be implemented throughout farms allowing for crops to communicate moisture and fertilization needs. While utility companies will be able to monitor and report on energy usage thereby greatly improving the reliability and sustainability of energy production and distribution. 

BlockChain

If you have bought a house or ever or been involved in any activity related to buying or selling in land, you  have firsthand experience the hassle and the loads of paper work involved. If you have ever been involved in a patent application or if on ordering parts of a small scale or midscale business the paperwork involved is astronomical and to prove and maintain authenticity of the document is just mind boggling.

Blockchain is a technology was conceived as an efficient, cost-effective, reliable, and secure system for conducting and recording financial transactions. It is the underlying digital layer which has powered bitcoin and other crypt currency exchange.  It is a ledger protected and secured by advanced cryptography.  It is a shared record of information that is maintained and updated by a network of computers rather than a central authority. The following diagram explains how BlockChain works

Source: Financial Times

Blockchain is rapidly making inroads within the country with more and more financial and technological companies opting to use this secure and fast platform for their financial transactions. Kotak Mahindra and ICIC bank have already started using to make their remittance system complete transaction in minutes instead of days. Bank-Chain, India’s first Blockchain exploration consortium for banks was announced in Mumbai February, 2017 formed in collaboration with Primechain Technologies is having all major banks such as SBI, Axis Bank, Deutsche Bank, HDFC Bank and other as its members

If you are a looking to make a career in the emerging digital technologies which would eventually have application cross every industry, Blockchain will be your safest bet.

For more information https://en.wikipedia.org/wiki/Blockchain