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Emerging technologies drive exciting digital transformation

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Since the 1990s, the horizons of the Internet have expanded dramatically. Along with that, the use of digitalization is also increasing rapidly. Digitization is the process of converting analog data into digital format using an analog-to-digital converter (ADC) such as an image scanner or digital audio recorder.

Digitalization, on the other hand, uses a variety of digital technologies to transform business models, build new revenue streams, and seek new ways to create business value. Digitization goes beyond digitalization into a digital business ecosystem. This includes leveraging information technology (IT) to evaluate, reengineer, and rethink the way you do business in the digital age. Digitization also helps companies collect data, analyze trends, and make better business decisions.

However, digital transformation (DX) is much more extensive than the digitization and digitization of existing processes. DX is the adoption of digital technology by companies with common goals such as increased efficiency, value and innovation. Explore how you can transform your products, processes, and enterprises with the latest digital technologies. In a clear sense, DX is a business transformation enhanced by digitalization.

Digital transformation also brings cultural change to business organizations, transforming rapidly evolving customer behavior patterns and customer experiences in market conditions. It also reviews the company’s traditional sales, marketing, and customer service operations. DX begins with how entrepreneurs think and engage with their customers. According to Research and Markets, the digital transformation market is expected to grow from about $ 520 billion in 2021 to about $ 1.25 trillion by 2026, with a compound annual growth rate (CAGR) of 19.1%.

Read more: Top 6 trends shaping digital transformation in 2022

Three major innovations affecting DX

In any case, the COVID-19 pandemic has accelerated the pace at which companies around the world are embracing digital transformation. The pandemic has proved that the virtual world is safer and has infinite growth potential for doing all business in the sun. Today, companies of all shapes and sizes can adopt DX to ensure the future of their business, increase agility and flexibility, and put them on a sustainable growth trajectory.

While the global business world is moving to the virtual world, the three key technologies that will influence the progress and improvement of digital transformation in business are blockchain, metaverse, and non-fungible tokens (NFTs).

Blockchain technology

Traditionally, businesses have relied on centralized databases for digital bookkeeping. However, Distributed Ledger Technology (DLT), more commonly known as blockchain technology, is a public digital ledger system that is openly shared among different users. This open ledger system creates tamper-proof records (blocks) for a user’s transactions, each block is time-stamped and combined with a previous block.

This chain of blocks, or blockchain, can only be updated with consensus between users in the system. In addition, each record in the blockchain has a unique cryptographic hash that helps keep track of that particular block and other blocks in the chain. As a result, the recorded data cannot be modified or erased, making the blockchain a complete bookkeeping and auditing system.

The blockchain system contains transparent, genuine, verifiable records of all transactions between users in the system. Therefore, this technology is well suited for spreading security policies and identity access management within the enterprise.

Since the introduction of Bitcoin, the financial services industry has been on the blockchain trend. Statista estimated the market size of blockchain solutions for banks and financial institutions to be $ 280 million in 2018. However, over the next few years, the implementation of blockchain technology in the financial sector will grow rapidly and is expected to exceed $ 20 billion by 2026.

Other industries, such as healthcare, are quickly following suit. For example, IBM Watson Health and the U.S. Food and Drug Administration are leveraging the potential of blockchain technology for patients with sensitive electronic medical records (EMRs), clinical trials, and data collected from Internet of Things (IoT) devices. Protects data exchange. ..

Also read: Potential use cases for blockchain technology for cybersecurity

Non-substitutable token

Among the latest disruptive technologies, blockchain technology has great potential for enterprises to leverage for growth. Non-fungible tokens are the latest advancement in blockchain technology based on smart contracts. In addition, NFTs come with robust business applications to automate some manual jobs and bring scalability to different businesses.

Simply put, NFTs are crypto assets based on the Ethereum blockchain. Each NFT is a digital image of an asset, such as a digital passport, with unique metadata and identification codes that distinguish it from each other. As such, they are called non-fungible tokens and cannot be exchanged or traded for similar assets. It is also extensible. This means that users can merge one NFT with another to create a third NFT, which is a unique asset with its own metadata and identification code.

Enterprises of all types, shapes, and sizes can leverage NFTs for greater document security, paperless document management, and identity protection. You can also achieve smoother and more effective business digital transformation. Fortune magazine, for example, reports that NFTs have recently stimulated the music industry. By providing reliability and exclusivity, NFTs are also revolutionizing the field of digital fashion.

Metaverse

The concept of the Metaverse is not new, at least for the world of technology. Still, Facebook CEO Mark Zuckerberg has captured a popular imagination since the parent company was rebranded as Meta on October 28, 2021. The rebranding operation reflects Zuckerberg’s commitment and financial interest in the Metaverse concept.

On November 2, 2021, SoftBank Group’s Vision Fund 2 invested $ 93 million in the Metaverse gaming platform Sandbox. On the same day, Microsoft announced the launch of Mesh for Microsoft Teams, an online conferencing platform that can send digital avatars.

All of these recent developments in the world of technology show that something big is being brewed on the other side of the world. In reality, you will witness the dawn of a new virtual world called the Metaverse. Simply put, it is an extension of existing digital applications and platforms, providing an immersive yet hands-on user experience.

The Metaverse heralds the existence of life in the opportunity of a parallel digital universe that uses immersive digital tools to experience life in a virtual world. In a decentralized digital universe like the Metaverse, people have more control over their assets and are free to follow their rules and create their own world.

Read also: Metaverse: Catch the next internet-like wave

Infinite business opportunities through digital transformation

Of course, digital transformation opens the door to a new world of business full of endless opportunities. This helps companies effectively promote their products and services to more people. By leveraging disruptive technologies such as the Metaverse, blockchain, and NFTs, companies can move out of the realm of 2D e-commerce and explore virtual yet 3D reality-like realms for unlimited business growth. Can be realized.

DX enables interactive business-to-business (B2B) communication in virtual space, allowing business owners to transparently perform negotiations, paperwork, product inspections, and closing deals. In addition, you can use highly interactive and realistic marketing tactics to influence your customers.

Read Next: Five Digital Transformation Hurdles and How to Overcome them

Sources

1/ https://Google.com/

2/ https://www.itbusinessedge.com/development/emerging-technologies-are-exciting-digital-transformation-push/

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