Tech is always evolving. Technologies that shaped the last decade will soon be obsolete as new entrants join the scene. As we approach a new year, here are three tech trends to look out for in 2023.
Blockchain technology
Blockchain technology is a set of records that are stored into ledgers and linked together into blocks, forming a chain. Core traits in blockchain technology are: immune to counterfeiting,
no central authority and it is governed using complex and unique algorithms.
Blockchain hasn’t disrupted the financial sector only, we are seeing its use in other industries.
Land titling, voting, Supply Chain Management, Music and Arts are some of the industries that
are adopting this technology.
In 2023, we will see more industries coming on board and finding ways to harness this technology to boost production, increase transparency and drive growth.
This tech has led to novel technologies and innovations, even heralding completely new spinoffs such as the metaverse, NFTs and Defi products. Facebook seems to be on the vanguard of this trend and even recently changed its name to Meta, signaling a shift in strategy into the Metaverse.
We are still in the nascent stages of Blockchain tech. There are hurdles that need to be overcome for us to fully harness the power of this technology. Some of these are transaction costs, interoperability and scaling. These are challenges that are being tackled and we expect to see breakthroughs in the near future.
As we get into 2023, we expect to see more companies adopting Blockchain tech, mainstreaming NFTs, and a wider adoption of the Metaverse. We will also see increased research and development of AR/ VR as companies compete to get into the metaverse.
Internet of Things
IOT is an acronym that stands for Internet of Things. It foresees a global digital village where each device is connected to the internet. These include phones, TVs, laptops cars, houses, kitchen appliances and even manufacturing plants. The idea behind IOT is that these devices can connect, share data through sensors, analyze the data and make meaningful decisions.
At a micro level, IOT makes our daily lives comfortable and keeps us safe. Good examples are smart homes that can identify and block intruders remotely or smart lighting that can be controlled without physical contact.
IOT is also critical in enhancing our entertainment experience and platforms such as Alexa and Google Homes are at the forefront of this. Temperature management is another benefit of IOT-all a device does is sense the external temperature and automatically adjust.
At a macro level, IOT is currently used by health professionals in the healthcare industry to conduct remote consultations and also carry out medical procedures remotely. Data compounded from IOT devices in the healthcare industry helps to better analyze patients and improve on diagnosis.
In farms, IOT is used to increase productivity through efficient farming methods and soil analysis. In the manufacturing sector, it is used to boost efficiency, increase production, detect and reduce fraud. In the education sector this technology is critical in improving learning experience, especially through AR (Augmented Reality).
Big Data
Since the beginning of time, data has always been with us. big data is defined as the collection of large amounts of data that is ever increasing and emanating from different sources.
The data is then processed, cleared and analyzed to find ways in which it can useful. Making use of big data is a trend that is steadily finding utility across multiple industries.
Examples of industries that use big data are the manufacturing sector where it is used to increase production and reduce inefficiencies. It is used in the media and entertainment industries to analyze customer preference and provide content that is customer-centric.
Some of the challenges currently experienced in this tech trend are: Knowledge gap in collecting and interpreting data. Secondly, organizing collected data into meaningful silos is also a challenge. Finally, there are serious shortcomings on technological tools that can be used to collect data.
As we move into 2023, we expect that some of these challenges will be addressed thereby finding value from data collected.
These three trends are by no means conclusive. Other notable areas to look out for are AI, 3D printing and cloud computing These will continue to find mainstream adoption and shape the future of the internet in 2023.
No one really knows the exact impact of these developments, but whatever the future holds, we know we will be striving for a cleaner, smarter and digitized future.