ASPECTS CONTRIBUTING TO DECENTRALIZATION OF TECHNOLOGY
In the internet era, disruptive innovation facilitates the ever-increasing decentralization of technology. Disruptive innovation involves scientific discoveries that transform the existing technological paradigms, providing the basis for advancing more competitive technologies. It can be characterized by new technologies, the hybrid of new and existing technologies, and their application to various societal problems.
Robotics, 3D printing, blockchain are some of the technologies spurring decentralization. The ever-increasing technology connectivity and networking capabilities of society have helped inaugurate the increasing trends towards decentralization.
The rise of telecommunications has necessitated the networking capabilities of societies at historic levels. The role of smartphones in shaping human interaction in the internet age is far-reaching and significant. Smartphones have revolutionized human lives in less than a decade, and with more than a million apps across google and app store digital marketplaces, many markets have changed as well as consumer behavior.
For the unbanked, smartphones provide a valuable tool for a wide range of financial services that are life-impacting. Generally, the impact of smartphones on societal change cannot be underestimated.
Digital Transformation In Business
Digital transformation is clearly shaping today’s business market. In simple words, digitizing businesses is optimizing business processes by eliminating paper-based processes in favor of electronic technology.
Digital transformation facilitates the creation of new business revenue channels and advances companies beyond mere business optimization, and information technology is an essential aspect of it in creating value in an organization. Digital transformation of business is also enabling a form of decentralized production at a lower cost.
The Internet Of Things (IoT)
The internet of things further facilitates digital transformation. The Internet of things is a giant network promoting connectivity between people, devices, and other devices. The devices can range from washing machines to refrigerators, TVs, and even soapboxes.
Connecting a wide range of devices is made possible by broadband internet connections, which will be further extended by the emergence of the 5G telecommunication network. Additionally, many devices are now being manufactured with wifi and sensors that enable multiple connectivities. That also means the cost of technology is reducing.
We cannot overestimate the transformation capabilities of social media in today’s age. It has dramatically increased the networking capabilities of people, which has also increased virtual human interactions.
More than 2million smartphone users are on social media, which has also changed the way businesses operate. Social media enables more democratic dissemination of information, and it continues to become more valuable with every addition of new users. It also creates the power and influence of the content creators because power goes to the most popular content. Many consumers spend the most time online on social media, and it is easy to see why.
Cloud computing has facilitated the digital transformation of businesses by further enhancing connectivity at a higher level. It is characterized by the on-demand availability of computing and storage resources. With the rapid development of cloud computing, it is hard to imagine a future without cloud services such as storage. It enables software applications to integrate seamlessly, allowing businesses to adopt digital processes quickly and easily.
These technology-based innovations are creating the foundation for future networking capabilities of societies. Russell Haworth has a strong track record and portfolio to help this.