While the COVID-19 pandemic has been a challenge for nearly everyone, the future of technology continues to advance, often helped by the social and cultural changes that have occurred within the last few years.
New advantages in technology continue to disrupt the economic landscape for the better. While some are already at their peak, other technologies are still evolving, deepening the impact of these advances.
Disruptive technology refers to a new technology that significantly changes the way an existing market or industry operates. As the name suggests, disruptive technologies can often be met with resistance as they challenge the status quo. However, over time, they can transform how the entire industry functions, as we’ve already seen with personal computers, e-commerce websites and ride-sharing apps.
Investing in the disruptive technologies space can expose potential investors to a high degree of risk and elevated volatility, but also has the potential to generate higher-than-average returns.
ThreeD Capital, a venture capital firm focused on investments in companies in junior resources, blockchain, artificial intelligence, and other sectors, remains bullish on disruptive technologies. As of April 2022, the firm has 58 technology investments.
Here are a list of the top three disruptive technologies worth following in 2022:
Blockchain, often associated with Bitcoin and other cryptocurrencies, has multiple applications. Blockchain is a prime example of disruptive technology, as it has the potential to significantly change the way business is conducted.
XREX Inc., neo-fintech company, is now leveling the playing field by partnering with banks, regulators, and verified users to redefine banking together. Machine learning algorithms have amazing capabilities of learning and processing information.
Blockchain is a distributed database that allows for secure, transparent transactions that can’t be tampered with. This technology is particularly well-suited for financial transactions, but has many other applications, including supply chain management.
Blockstation, a leading Canadian FinTech, recently signed a new Master Agreement with The Barbados Stock Exchange, opening up further opportunities for blockchain development.
One of the most prominent features of blockchain is the fact it’s decentralized, meaning it isn’t controlled by one single entity. The advantage to this is that it provides increased security and transparency. Although still in its early stages of development, this technology has the potential to revolutionize multiple industries.
Artificial Intelligence (AI) and Machine Learning
AI is greatly integrated into modern life, but still stands to reach its full potential. It has made strides in the customer service industry, although it’s likely to go much further. AI helps businesses understand the changing landscape of human habits and behaviour, allowing them to better predict the next hot product. AI development allows for more sophisticated algorithms, making it possible for marketers to adapt to emerging trends.
Because of its potential, Forbes.com predicts the technology could be a multi-trillion-dollar industry by 2025.
Machine learning (ML) is a form of AI that makes software applications more accurate at predicting outcomes — without being programmed to do so. ML learning algorithms use historical data as input to predict new output values.
Clayton Magleby Christensen, an American academic and business consultant, developed the theory of disruptive innovation in 1995 with his collaborators. In a 2020 interview, he shared his thoughts on the impact of the theory and technology:
“Disruptive innovation describes a process by which a product or service powered by a technology enabler initially takes root in simple applications at the low end of a market — typically by being less expensive and more accessible — and then relentlessly moves upmarket, eventually displacing established competitors,” said Christensen. “Disruptive innovations are not breakthrough innovations or “ambitious upstarts” that dramatically alter how business is done but, rather, consist of products and services that are simple, accessible, and affordable.”
Virtual and Augmented Reality
A computer-generated environment is the basis of virtual reality (VR). When a user puts on a headset or glasses and has computer-generated images projected into their field of vision, they’re using augmented reality (AR). The two together make up the field of extended reality.
The potential for VR and AR has the potential to benefit fields such as healthcare and education. VR has the capability to conduct medical diagnoses and examinations, while overcrowded classrooms can learn from home using AR solutions. This ensures every student gets the education they need.