Top 6 Technologies that will be the real game-changer in 2022

Technology is undergoing cataclysmic changes for the past few years and touching every aspect of our lives.

Tech is now proliferating every aspect of human lives.

Right from Uber, the cab-hailing app, to Doordash- Food delivery aggregator, tech has come a long way and integrated into our daily lives. All of this was unthinkable a decade back.

At the corporate level as well companies are discarding legacy technologies and embracing Digital Transformation to become agile and competitive.

Once the pandemic struck, Tech became even more dispensable. Overnight, Tech companies started blossoming and received record funding.

For instance, Hopin, an Event Platform, that commenced operation in 2019, became a unicorn in 2020.

As things stand, it is now valued at $7.75 billion. Crazy, right?

This was the synopsis of 2020 and 2021. Going by the trends, 2022 is also going to be a landmark year for Technology and the momentum will continue.

Here we look at the Top 6 Technologies that will be indispensable in the new year.

#1 Blockchain:

The first thing that comes to your mind when you hear about Blockchain??!! Cryptocurrency, right??

I get it. Most people who are not Techies do have this notion.

Let me be very clear on this: Blockchain is way more than cryptocurrencies like Ethereum and Bitcoin.

Crypto is the tip of the iceberg when it comes to harnessing the potential of Blockchain.

Well, so what exactly is a Blockchain?

As per Gartner, “ A blockchain is an expanding list of cryptographically signed, irrevocable transactional records shared by all participants in a network. Each record contains a timestamp and reference links to previous transactions”

With this information, anyone with access rights can trace back a transactional event, at any point in its history, belonging to any participant. A blockchain is one architectural design of the broader concept of distributed ledgers.

Confused? Let me simplify it

Metaphorically, think of Blockchain as a Microsoft One Drive Sheet. For collaborative work or review, the owner creates a sheet with data and shares the same with a group of people-Say, Colleagues.

In this case, the document is created and distributed across multiple stakeholders.

Through a decentralized distribution, each individual is granted access to the document and each individual can edit the document concurrently.

Although Blockchain is not that simple as creating a document, you got the point, right?

What makes Blockchain so appealing is the fact that it establishes trust between two parties, reduces risks, and reduces cost.

Blockchain can benefit many industries: The food industry can leverage Blockchain to trace food items in the supply chain to maintain quality.

Examples:

Banks can leverage Blockchain to eliminate fraudulent transactions and make safer transactions.

Falsifying educational qualifications has become a common occurrence.

Universities can update the educational qualification of their students on Blockchain. HR Managers can leverage Blockchain to validate the resume of prospective candidates weed out fake ones.

#2 Quantum Computing:

Quantum computing refers to the next level of computing that leverages quantum physics elements -like superposition, entanglement, and quantum interference- to perform highly complex calculations and simulations that are beyond the capabilities of a classic computing machine.

Metaphorically, think of Quantum computing as SuperComputing on Steroids. Yes, it is way more powerful and superior than existing supercomputers.

Quantum computing can help many real-world problems.

Pharma companies can use Quantum computing to facilitate drug development.

Quantum computing can accurately predict the interaction of molecules and enzymes and figure out the side effects.

Example:

Pharma companies can leverage Quantum computing and reduce the time it takes to develop a drug.

What’s the purpose of a battery? Provide power, isn`t it? A simple-looking battery from the outside has an insanely complex mechanism on the inside. On a molecular level, each electron interacts with other electrons in a complex way.

With the help of Quantum Computing, EV battery producers can simulate the batteries` internal workings and figure out ways to develop batteries with augmented power storage capacity, and address the biggest issue which plagues a typical EV: Range Anxiety

#3 IoT:

Also known as the Internet of Things, IOT can reshape the world and make devices much smarter.

IoT refers to the devices and equipment that are interconnected with each other and communicate and exchange data with each other over the internet.

The devices range from basic smartphones to home appliances to autonomous cars to complex industrial machines and equipment.

Even a simple thing like a lightbulb that can be switched on using a smartphone can be classified as an IoT

With the proliferation of 5G networks, IoT will become enmeshed in our daily lives. It is not consumers, but IoT can also provide a lot of value to Industrial Sector as well.

Manufacturers can add sensors to their machines to detect any anomaly, reduce wastage of raw material and electricity, prevent damages and increase efficiency. This will help them to track production on a real-time basis.

Banks can leverage IoT to detect fraud by switching off the ATM before any issue happens.

As per Data Prot, right now there are around 10 Billion Active IoT Devices and it is estimated that it will surpass 25.4 billion by 2030.

IoT solutions have the potential to generate $4–11 trillion in economic value by 2025.

#4 Cybersecurity:

2021 has been forgettable for companies from a security perspective.

Cyberattacks became frequent in 2021. Right from Colonial Pipeline, ACER to AXA, some of the biggest companies in the world were victims of cyberattacks.

There is no doubt Cybersecurity will be at the center stage in 2022, after all, robust security is essential for gaining customers’ trust.

In the previous generation, Firewall and VPN security was the benchmark. People used to work from offices, datacenters situated on-premises within the office perimeter.

But this started to change for the better. Digital transformation enables companies to switch to the cloud for storing data. Employees also started working from home, hotels, cafes. Companies in pursuit of saving rentals also promoted the idea of remote working.

With Digital Transformation, the office became decentralized and the traditional firewall and VPN were no were close to providing the state-of-the-art cybersecurity that was the need of the hour.

Cyberattackers became even more sophisticated and could infiltrate traditional security setups.

Zero Trust Architecture is the new paradigm in cybersecurity.

Zero Trust is a security framework that prevents security breaches by eliminating the concept of trust. ZT has a common them: never trust, Always verify. ZT assumes that everything is hostile and no user or application can be trusted by default.

Trust is established based on the user`s location, application, time, and profile and only then access is granted.

#5 Hyperautomation:

Back then, technology wasn’t that evolved. Employees used to spend countless hours on boring chores, repetitive and mundane tasks that could sap their energy and not to mention monotonous work which was a factor in reduced job satisfaction.

All of this changed when RPA or Robotic Process Automation tools hit the market.

RPA revolutionized the scope of automation.RPA used to handle low-level tasks so that employees could focus on more productive tasks.

But there were some limitations with Automation: It could perform low-level tasks and wasn’t intelligent enough and scaling was an issue. There was a need to make introduce a smarter version of automation.

That’s where Hyperautomation comes into the picture.

Hyperautomation Marries traditional RPA with Advance Technologies like Machine Learning and Artificial Intelligence to work intelligently.

Hyperautomation has all the wherewithal to increase efficiency like never before.

Example:

Banks can leverage hyper-automation to provide 24/7 customer service, process/reject loan applications. Machine Learning model-based Automation can also detect any frivolous transactions and eliminate risks with the help of Machine Learning Models.

The insurance Sector, where repetitive and redundant work is quite the norm can gain massive benefits from Hyperautomation. Predictive modeling can enable insurers to derive policy premiums and assess the risk factors with higher accuracy.

#6 Artificial Intelligence:

Finally, let me introduce you to a technology with the most potential: AI

Artificial Intelligence is an umbrella concept that encompasses Machine Learning and Deep Learning. The Word Artificial Intelligence was conceived back in 1956 and was a concept but over the past few years, it has become the new buzzword in technology.

AI, in generic terms, can be referred to as machines, and algorithms that replicate human intelligence and have found relevance in prediction, facial recognition, automation, and decision making.

Organizations are scratching the surface when it comes to the potential that it has to offer. It enables the machines to think, process information, learn, and take decisions- All without the intervention of humans.

Machine Learning: One of the subsets of Artificial Intelligence, ML algorithms allow systems to learn and improvise on their own without being explicitly programmed.

Common examples of Machine Learning would be recommendations provided by Netflix, Amazon Prime, Sound Cloud. The algorithm tries to figure out your genre preferences and gives recommendations that most likely match your viewing pattern.

Deep Learning:

Deep learning is a subset of Machine Learning and has algorithms that have neural networks of three or more layers and it attempts to replicate human behavior and tries to reason and learn from a copious amount of data.

Deep learning provides immense value, especially when trying to extract information from unstructured data sets. Deep learning to a great extent reduces human intervention especially when trying to extract images and texts and also automated feature extraction.

Deep learning propels many Artificial Intelligence Applications and services that provide varied services like fraud detection, automation, self-driving cars, and other emerging technologies.

So, folks, that`s the list of 6 exciting technologies. What do you think about them?

Please let me know if you know of any other technology that will gain prominence in 2022.