Most businesses have understood that they need to go through a digital transformation if they want to stay competitive. However, many companies don’t know how to get their digital activities up and running successfully. 

In this post, Vitex Capital will now take you through the five most common mistakes we see with digital transformations to give you an idea of what to avoid. 

1. The biggest digital transformation mistake: Thinking digital is the destination

The first and most important thing for digital leaders to realize is that digital transformation is a process, not a destination. Digital practices will allow the organization to streamline processes and deliver results if done right. However, they won’t change the core processes of the organization or fix loopholes beyond their scope. 

2. Thinking digitalization and digital transformation are the same

Digital transformation is a long-term process, including digitization and digitalization. As a result, digital leaders have to distinguish between these definitions clearly. To create the long-term goals of digital transformation, companies need to understand how the digital transformation process works. 

3. Thinking that digital transformation is a one-time process

A major digital transformation mistake assumes that it is a one-time initiative, which will last forever. The goal of digital transformation should be to create an organization that is adaptable and eager to adopt relevant digital solutions as they become available. Leaders should foster an environment that encourages experimentation and curiosity, allowing them to stay one step ahead of the next disruptor. 

4. Expecting unrealistic results from day 1

As we have been mentioning, digital transformation is a process. It will take time, effort, and multiple risks before it gets to the results stage. It would be an ignorant digital transformation mistake to expect results from the day the process has started. Digital transformation is done keeping the larger picture in consideration instead of short-term wins and gains. 

5. Choosing the wrong digital partners

Digital leaders should be careful to choose digital partners and not digital vendors, as their choice will determine the success of their digital transformation process. Digital partners should not be chosen by just taking cost or past relationships into account. Instead, a full analysis of various factors should be undertaken to choose the right digital partners.

The blockchain is now an exciting new alternative to traditional currency, centralized banking, and transaction methods that are changing the way we handle financial transactions and alternative uses that will change the world. In short, blockchain is a distributed ledger that maintains a continuously-growing list of every transaction across every network distributed over tens of thousands of computers. This makes it almost impossible to hack, changing the way banking is done.

In this blog, let Vitex Capital talk about some of the best Blockchain applications and blockchain advantages which were earlier known as Crypto Currencies and Bitcoin.

1. SMART CONTRACTS

The term “smart contract” was originally developed in 1993, although it has only recently gained popularity as a result of the Ethereum Project’s introduction in 2013. “The Project is a decentralized platform that executes smart contracts: apps that run exactly as programmed without the risk of delay, censorship, fraud, or third-party interference,” according to the website.

According to Chris DeRose of American Banker, smart contracts are “self-automated computer programs that can carry out the conditions of any contract.” “It is a financial security kept in escrow by a network and routed to beneficiaries based on future events and computer code,” according to the definition. As a result, businesses will be able to use ‘smart contracts’ to bypass regulations and “lower the costs for a subset of our most common financial transactions.”

Smart contracts are now appropriate to be used in a wide range of areas. From commercial activities to specialized sectors such as health, election monitoring, logistics chain involvement, etc., it includes a lot of benefits, including automation, accuracy, high security, and cost savings.

2. MONEY TRANSFER

In the real world, money transfer has gained utmost popularity with its unique feature of cross-border payments, exchange for cryptocurrencies, real-time ledger system, and all of this by lowering the third-party fees. We can see a lot of such blockchain use cases.

TPBank is the first Vietnamese bank to use blockchain for international money transfers successfully. Customers of TPBank will no longer have to wait several hours to make a money transfer from Japan to a TPBank account because these transactions will now take only a few minutes, thanks to RippleNet, which applies blockchain technology to international money transfers. RippleNet is a support platform that uses Distributed Ledger Technology (DLT) based on the contemporary Blockchain and API platform to assist transactions to be completed faster. By joining RippleNet, all parties are kept up to date on the status and information of each transaction.

3. PAYING EMPLOYEES

Since the blockchain’s origins in cryptocurrencies, it’s only reasonable to apply it to employee compensation. “If your company regularly sends salary to international workers, then introducing Bitcoin into the payroll process might be a huge cost saver,” says Geoff Weiss on Entrepreneur.

Bitwage, which claims to be the world’s first Bitcoin-based payroll service, will “circumvent the costly fees associated with transferring money internationally, as well as the time it takes for such funds to move from bank to bank, payments made via Bitcoin can save both money and time for employers and employees alike.” Bitwage’s founder and COO, Jonathan Chester says that by using a public ledger of all transactions in chronological order “you can actually see exactly where the money is throughout the process.”

Then there is paying remote employees and contractors. Again, this form of payment is a very large part of my personal business and something many big companies (and banks) are betting on this year.

WHY CAN BLOCKCHAIN TECHNOLOGY HELP?

There are many advantages to using blockchain. Here are the most significant ones

Security

With so many security provisions in place, blockchain is among the most secure technologies available to us. As a result, tampering with it is nearly impossible.

Flexibility

From healthcare to transport, you can use blockchain in any industry. All you need is a working knowledge of blockchain and the industry you want to implement it in.

Automation

Most of the operations in a blockchain are done by software implementations. Such automation makes blockchain networks highly efficient.

Transparency

Every change made in the blockchain is visible to all the users that have access to the same. This keeps things transparent and enhances the versatility of this technology.

Global Adaptation

Organizations all across the globe are implementing or trying to implement blockchain in one way or another. It is a globally recognized and adopted technology, and it’s gaining popularity.

Reliability

Every interested party in a blockchain transaction is certified and verified. This removes the need for double records and makes the transaction process much more reliable.

The Smart Factory model, which includes typical Industrial Revolution 4.0 applications (IoT, AI, big data, cloud computing, etc. ), is an excellent way to improve production and business management. It is obvious that the Smart Factory is a significant movement advance and a breakthrough in comparison to the previous three revolutions. People will be able to control and operate all production activities and digitize all activities with the help of this solution.

In this post, Vitex Capital will explain the smart factory model and the incredible benefits it provides to humans.

1. What is smart Factory

According to Deloitte Insights, the Smart Factory solution, also known as factory 4.0, is a significant step forward when a traditional automated production system is connected and processed with continuous production and business data, allowing the system to learn and adapt to changing market needs. As a result, operations will be more efficient, flexible, and able to forecast and self-regulate while also reducing downtime.

The real power of a Smart Factory lies in its ability to evolve and change throughout the organizational change process, whether it is influenced by market demand, expanding into new markets, developing new products and services, forecasting and meeting the needs of the operation, maintenance, incorporating new technologies and processes, or changes in the production process in near real-time. The connection is the most significant feature of a smart factory. Basic manufacturing processes and materials must be connected in order to create the data needed to make timely decisions in smart factories.

2. Five breakthrough features of 4.0 Factory Model

• The proactive

Factory 4.0 solution is a proactive system that can respond to the market’s demanding and continuously changing demands. People may manage machinery, production equipment, monitor and digitize activities to establish an efficient system, reduce machine downtime, and increase the capacity to forecast and self-calibrate thanks to intelligent production systems. In addition, engineers may rely on the system’s analyses and forecasts to develop a switch strategy, quickly respond when issues arise, and ensure the safety of production activities.

• Flexible 

Throughout its use, Smart Factory can adapt, upgrade, and grow quickly. Smart production systems enable businesses to actively improve their production processes in response to market demands, even expanding into new markets. As previously said, Smart Factory also has the capacity to forecast in order to assist organizations in making timely and suitable changes to new technologies and processes.

• Connected 

Intelligently connecting all machines, assets, and human resources is a critical component of factory 4.0’s excellence. This improves operational efficiency and productivity by optimizing the data processing process. In addition, humans can make better use of their time and communicate with machines by utilizing wireless device connectivity.

• Optimized

A Smart Factory not only provides superior, synchronous, and reliable features to the manufacturer, but it also improves efficiency by increasing productivity and asset operations efficiency. Therefore, increasing flexibility and optimal operations, automating many operations, creating a safer working environment, improving quality, and quickly preventing risks, and saving and optimizing costs.

3. 4.0 smart factory models will be the future of industry – and business

So, why are smart factories the future of the industry? Our Rikkeisoft IoT experts illustrate three key initiatives for big business to transform their sites into smart factories.

First, The Smart Factory enables companies to achieve their carbon neutrality goals. Customers, and society as a whole, now expect big businesses to set goals that align with climate science. It’s something that cannot be ignored and could even be detrimental to the business if companies don’t consider their carbon footprint. For example, many of our customers have already made carbon-neutral commitments, and it’s important for them to work with a partner with similar values and goals. It’s also clear that the opportunities are there. The global economic benefit of a low-carbon future is estimated to be USD26 trillion by 2030.

Second, connectivity is a key enabler for a low-carbon future and a low-carbon economy. We’ve already seen the benefits of digitalization this year—fewer commutes to the office and more flexible work. In fact, digital technology can cut business flights by 50 percent. It has a huge impact. On a bigger scale, capabilities like IoT and machine learning means we can optimize existing physical infrastructure, and therefore reduce the need for more or bigger infrastructure in the future.

Finally, sites like a 5G smart factory can be part of a wider effort to close the digital divide and take an active role in creating future jobs. Today, there’s a significant shortage of STEM professionals (Science, Technology, Engineering, and Mathematics) and a lack of people with the right skills to fill the jobs that’ll be needed as part of the digital transformation of industries.

4. Conclusion

In conclusion, the smart factory benefits manufacturers by creating a safer, efficient, and more reliable operation. Companies will need to adopt digital technologies in order to meet consumers’ rising expectations of faster delivery times, free shipping, options to customize products, more transparency, and lower costs. Furthermore, the demands on the manufacturing industry will continue due to the trend for more on-demand production and the ever-present drive to reduce costs. The smart factory is a direct way for manufacturers to excel in a competitive and dynamic marketplace as they’ll use digital innovation to improve supply chain efficiencies.

It has been over a year since the outbreak of the pandemic in 2019 that shakes the whole world to its core. In this battlefield against the viral infection named Covid-19, all countries were exactly on the same page as the virus knew no such things as borders and demographics. More than ever, Vietnam has been doing its utmost to hold itself together. On the bright side of things, the pandemic incident has presented this country with new opportunities to take its digital technology to the next level, specifically turning that into useful applications to aid the government as well as its population in keeping well during this sanitary crisis.

Vietnam Health Declaration (VHD)

In an attempt to keep the transmission rate in check in the domestic scenario, the Vietnam’s Ministry of Health put in place a compulsory health declaration system initially intended for anyone entering into the country’s territory through all means of transportation. Later on, at the heights of the pandemic, this is also applied for nation-wide movements of the public. This move is to help the Vietnamese government to keep track of passengers’ itinerary upon the arrival date for appropriate purposes, namely tracking, tracing and offering medical support if need be. One typical example for the use of VHD can be clearly seen in air travel. On booking a flight ticket or doing online check-in before the departure time, one of the first few things passengers are reminded is to fill out the form in the link https://tokhaiyte.vn. By the time they arrive at the airport in Vietnam or for inbound flights – the next destination, they should be able to provide the completed version in case of inspection. Another way to do this is downloading the VHD application on your mobile and you’re all set to stay safe.

NCOVI

NCOVI comes into the picture as another tracking and tracing application for those that have recently returned from Covid-19 affected areas. Developed by Vietnam Posts and Telecommunications Group (VNPT), NCOVI provides users with a platform to update, monitor one’s own health conditions in parallel with that of their close relatives. Furthermore, users are brought up-to-date with the Covid-19 related happenings in Vietnam as well as in the world. More importantly, there are head-ups about newly recorded cases in domestic or nearby areas so that one could be more alert about their whereabouts and health safety. Finally, the feedback section can hardly go amiss on such an essential application like NCOVI as people feel more encouraged to reach out, report or get involved in this ongoing battle against the invisible coronavirus.

SmartCity Apps and their potentials to hamper the course of Covid-19

In an effort to put a brake on the Covid-19’s transmission amongst their inhibitants, some major cities such as Hanoi, Danang and Quang Ninh, have succeeded in bringing into effect their own versions of Mobile Epidemiology App. It is worth noting that in the first place the Danang’s version caters for travel and tourism. It normally includes an eclectic range of information concerning local amenities, emergency contact points and the rest. In view of the recurrence of Covid-19, new features, in support of the containment of the virus, are integrated into the respective smart city app. For the time being, anyone in need of a tracking tool to know where they should be safe if they happen to visit these areas can easily access Hanoi SmartCity, Danang SmartCity and Danang SmartCity through the App Store and Android in their smartphones. Overall, in the above-mentioned apps, the information specifically tailored for these cities ranges from centralized quarantine facilities, a specific time frame applied for each of these venues, the maximum number of admissions, current in-house numbers and availability. It is apparent that with the help of such amazing apps, the population can be more proactive in protecting themselves and their loved ones.

What’s more to expect in this big pool of possibilities?

As the list goes on, there are other promising technologies which could be applied to contain the spread of the virus such as the use of AI in detecting the Covid-19 symptoms. It can be seen in the Rikkei Smart Camera System by Rikkeisoft – potentially a next step forward in the detection of people with Covid symptoms with great accuracy even when they have face coverings on. This is possible thanks to facial recognition technology, from which further analyses on social behaviours and physical movements of any suspected case can be drawn to proceed with the track and trace method. Its uses can be extended into tracking unauthorized leaves and entries into protected venues, how frequently someone visits a certain location along with identifying unusual activities such as climbing walls, falling down, gathering, carrying weapons etc. Therefore, it is safe to say that the Rikkei Smart Camera System promises to gain traction in no time and can be widely applied in all settings.

All in all, in returns for all the hard work that the government as well as its citizens have been pouring into keeping Covid-19 under control, till this date, the current situation in Vietnam has been promisingly looking up. In the days to come, it lies with each and every individual to keep up the good work of continuous updates in one of the above apps and stick to the health safety guidelines in their daily routine.

Over the past few years, IoT has become one of the most important technologies of the 21st century, and it has a lot of potentials. Now that we can connect everyday objects—kitchen appliances, cars, thermostats, baby monitors—to the internet via embedded devices, seamless communication is possible between people, processes, and things. The potential of IoT will unlock the future opportunities of every industrial area and, furthermore, changing the world. This blog will illustrate the potential of IoT and how IoT creates a smart world.  

With the advancement of IoT technology, nations worldwide are implementing and constructing smart cities, which can be seen in developed cities such as Korea’s Busan, Singapore, and China’s Shenzhen. The government has used IoT to construct smart cities, according to the study IoT-Enabled Smart Cities: Evolution and Outlook of MDPI 2021, specifically as follows:

• The Busan smart city, the second-most populous city in South Korea, the Busan smart city initiated its second phase project to establish an open smart city platform based on global IoT/M2M standards. The second phase of the smart city project was started in 2016 with government funds to achieve interoperability between Service, Platform, Network, Device, and Security ecosystems. The smart city introduced seven experimental applications in 2017: Smart street lights, Smart crosswalks, Smart parking, Building energy management, Lost child prevention, etc.

• The Smart Nation and Digital Governance Group (SNDGG), which directly reports to the Prime Minister’s Office, oversees the planning and execution of smart city projects [23]. The government operates various smart city R&D projects through many subordinate organizations. Of particular note are the AI-focused ones, including the AI Singapore Project, which is being conducted in collaboration with the National University of Singapore (NUS). The Singaporean government has established six smart city visions such as Smart Urban Mobility, Smart Nation Sensor Platform, National Digital Identity, etc.

• The smart city in Shenzhen, China, aims to strengthen the existing manufacturing industry while connecting it to the advantages offered by the digital industry. The smart city plan established by the city in 2018 includes public services (healthcare, education, community, and weather), city management services (safety, transportation, operation, and water quality), and economic development services (industry, digital economy, and industrial complexes) with Water quality management, Smart industrial complexes, and public safety.

As IoT becomes more widespread in the marketplace, the future of IoT has the potential to be limitless (quote) As a result, many fields benefit from IoT, such as manufacturing, automotive, retails, education, healthcare, transportation, logistics, etc. To be more specific, The automotive industry stands to realize significant advantages from the use of IoT applications. Sensors can identify approaching equipment failure in cars currently on the road and inform the driver with facts and advice, in addition to the benefits of using IoT on manufacturing lines. Automotive manufacturers and suppliers may learn more about how to keep automobiles operating, and car owners informed thanks to aggregated data acquired by IoT-based applications. Furthermore, in the Healthcare field, there are some IoT applications such as Glucose monitoring and Heart-rate monitoring, which allow users to better manage their health and respond to their requirements. In the future, the potential of IoT is predicted to fix the outdated data access, focus on 5G and the super data-center trend and solve the risk of security.

In conclusion, the IoT-enabled new world is quickly changing. Now is the time to get ready. IoT promises to decrease waste, expense, and annoyance while boosting efficiency, thanks to these fantastic prospects. But maybe the most interesting aspect is that IoT allows us to live in a cleaner environment while also allowing us to work more effectively and with greater quality. However, additional study and creative thinking are required to overcome the security and power consumption issues brought by unrivaled IoT connections and, at the same time, dubious IoT security.

Technology today is evolving at such a rapid pace, enabling faster change and progress, causing an acceleration of the rate of change, until eventually, it will become exponential. However, it is not only technology trends and top technologies that are evolving, a lot more has changed this year due to the outbreak of COVID-19 making IT professionals realize that their role will not stay the same in the contactless world tomorrow. And an IT professional in 2020-21 will constantly be learning, unlearning, and relearning (out of necessity if not desire).

What does this mean for you? It means staying current with new technology trends. And it means keeping your eyes on the future to know which skills you’ll need to know to secure a safe job tomorrow and even learn how to get there. All bows to the worldwide pandemic, most of the global IT population is sitting back, working from home. And if you wish to make the most of your time at home, here are the top 9 new technology trends you should watch for and make an attempt at in 2021, and possibly secure one of the jobs that will be created by these new technology trends.

Here is the list of the top 9 new and trending technologies:

• Artificial Intelligence (AI) and Machine Learning
• Robotic Process Automation (RPA)
• Edge Computing
• Quantum Computing
• Virtual Reality and Augmented Reality
• Blockchain
• Internet of Things (IoT)
• 5G
• Cyber Security

1. Artificial Intelligence (AI) and Machine Learning

Artificial Intelligence, or AI, has already received a lot of buzz in the past decade, but it continues to be one of the new technology trends because its notable effects on how we live, work and play are only in the early stages. AI is already known for its superiority in image and speech recognition, navigation apps, smartphone personal assistants, ride-sharing apps and so much more.

Other than that AI will be used further to analyze interactions to determine underlying connections and insights, to help predict demand for services like hospitals enabling authorities to make better decisions about resource utilization, and to detect the changing patterns of customer behaviour by analyzing data in near real-time, driving revenues and enhancing personalized experiences.

The AI market will grow to a $190 billion industry by 2025 with global spending on cognitive and AI systems reaching over $57 billion in 2021.  With AI spreading its wings across sectors, new jobs will be created in development, programming, testing, support and maintenance, to name a few. On the other hand AI also offers some of the highest salaries today ranging from over $1,25,000 per year (machine learning engineer) to $145,000 per year (AI architect) – making it the top new technology trend you must watch out for!

Machine Learning the subset of AI, is also being deployed in all kinds of industries, creating a huge demand for skilled professionals. Forrester predicts AI, machine learning, and automation will create 9 percent of new U.S. jobs by 2025, jobs including robot monitoring professionals, data scientists, automation specialists, and content curators, making it another new technology trend you must keep in mind too!

astering AI and machine learning will help you secure jobs like:

• AI Research Scientist
• AI Engineer
• Machine Learning Engineer
• AI Architect

2. Robotic Process Automation (RPA)

Like AI and Machine Learning, Robotic Process Automation, or RPA, is another technology that is automating jobs. RPA is the use of software to automate business processes such as interpreting applications, processing transactions, dealing with data, and even replying to emails. RPA automates repetitive tasks that people used to do.

Although Forrester Research estimates RPA automation will threaten the livelihood of 230 million or more knowledge workers or approximately 9 percent of the global workforce, RPA is also creating new jobs while altering existing jobs. McKinsey finds that less than 5 percent of occupations can be totally automated, but about 60 percent can be partially automated.

For you as an IT professional looking to the future and trying to understand new technology trends, RPA offers plenty of career opportunities, including developer, project manager, business analyst, solution architect, and consultant. And these jobs pay well. An RPA developer can earn over ₹534K per year – making it the next technology trend you must keep a watch on!

Mastering RPA will help you secure high paying jobs like:

• RPA Developer
• RPA Analyst
• RPA Architect

3. Edge Computing

Formerly a new technology trend to watch, cloud computing has become mainstream, with major players AWS (Amazon Web Services), Microsoft Azure and Google Cloud Platform dominating the market. The adoption of cloud computing is still growing, as more and more businesses migrate to a cloud solution. But it’s no longer the emerging technology trend. Edge is.

As the quantity of data organizations are dealing with continues to increase, they have realized the shortcomings of cloud computing in some situations. Edge computing is designed to help solve some of those problems as a way to bypass the latency caused by cloud computing and getting data to a datacenter for processing. It can exist “on the edge,” if you will, closer to where computing needs to happen. For this reason, edge computing can be used to process time-sensitive data in remote locations with limited or no connectivity to a centralized location. In those situations, edge computing can act like mini datacenters.

Edge computing will increase as use of the Internet of Things (IoT) devices increases. By 2022, the global edge computing market is expected to reach $6.72 billion. And this new technology trend is only meant to grow and nothing less, creating various jobs, primarily for software engineers.

Keeping in line with cloud computing (including new-age edge and quantum computing) will help you grab amazing jobs like:

• Cloud Reliability Engineer
• Cloud Infrastructure Engineer
• Cloud Architect and Security Architect
• DevOps Cloud Engineer

4. Quantum Computing

Next remarkable technology trend is quantum computing, which is a form of computing that takes advantage of quantum phenomena like superposition and quantum entanglement. This amazing technology trend is also involved in preventing the spread of the coronavirus, and to develop potential vaccines, thanks to its ability to easily query, monitor, analyze and act on data, regardless of the source. Another field where quantum computing is finding applications in banking and finance, to manage credit risk, for high-frequency trading and fraud detection.

Quantum computers are now a multitude times faster than regular computers and huge brands like Splunk, Honeywell, Microsoft, AWS, Google and many others are now involved in making innovations in the field of Quantum Computing. The revenues for the global quantum computing market are projected to surpass $2.5 billion by 2029. And to make a mark in this new trending technology, you need to have experience with quantum mechanics, linear algebra, probability, information theory, and machine learning.

5. Virtual Reality and Augmented Reality

The next exceptional technology trend – Virtual Reality (VR) and Augmented Reality (AR), and Extended Reality (ER). VR immerses the user in an environment while AR enhances their environment. Although this technology trend has primarily been used for gaming thus far, it has also been used for training, as with VirtualShip, a simulation software used to train U.S. Navy, Army and Coast Guard ship captains.

In 2021, we can expect these forms of technologies being further integrated into our lives. Usually working in tandem with some of the other new technologies we’ve mentioned in this list, AR and VR have enormous potential in training, entertainment, education, marketing, and even rehabilitation after an injury. Either could be used to train doctors to do surgery, offer museum-goers a deeper experience, enhance theme parks, or even enhance marketing, as with this Pepsi Max bus shelter.

Fun fact: 14 million AR and VR devices were sold in 2019. The global AR and VR market is expected to grow to $209.2 billion by 2022, only creating more opportunities in the trending technology, and welcoming more professionals ready for this game-changing field.

While some employers might look for optics as a skill-set, note that getting started in VR doesn’t require a lot of specialized knowledge – basic programming skills and a forward-thinking mindset can land a job; another reason why this new technology trend should make up to your list of lookouts!

6. Blockchain

Although most people think of blockchain technology in relation to cryptocurrencies such as Bitcoin, blockchain offers security that is useful in many other ways. In the simplest of terms, blockchain can be described as data you can only add to, not take away from or change. Hence the term “chain” because you’re making a chain of data. Not being able to change the previous blocks is what makes it so secure. In addition, blockchains are consensus-driven, so no one entity can take control of the data. With blockchain, you don’t need a trusted third-party to oversee or validate transactions.

Several industries are involving and implementing blockchain, and as the use of blockchain technology increases, so too does the demand for skilled professionals. From a birds eye view, a blockchain developer specializes in developing and implementing architecture and solutions using blockchain technology. The average yearly salary of a blockchain developer is ₹469K.

If you are intrigued by Blockchain and its applications and want to make your career in this trending technology, then this is the right time to start. To get into Blockchain, you need to have hands-on experience of programming languages, the fundamentals of OOPS, flat and relational databases, data structures, web app development, and networking.

Mastering blockchain can help you scale up in a variety of fields and industries:

• Risk Analyst
• Tech Architect
• Crypto Community Manager
• Front End Engineer

7. Internet of Things (IoT)

Another promising new technology trend is IoT. Many “things” are now being built with WiFi connectivity, meaning they can be connected to the Internet—and to each other. Hence, the Internet of Things, or IoT. The Internet of Things is the future, and has already enabled devices, home appliances, cars and much more to be connected to and exchange data over the Internet.

As consumers, we’re already using and benefitting from IoT. We can lock our doors remotely if we forget to when we leave for work and preheat our ovens on our way home from work, all while tracking our fitness on our Fitbits. However, businesses also have much to gain now and in the near future. The IoT can enable better safety, efficiency and decision-making for businesses as data is collected and analyzed. It can enable predictive maintenance, speed up medical care, improve customer service, and offer benefits we haven’t even imagined yet.

And we’re only in the beginning stages of this new technology trend: Forecasts suggest that by 2030 around 50 billion of these IoT devices will be in use around the world, creating a massive web of interconnected devices spanning everything from smartphones to kitchen appliances. The global spending on the Internet of Things (IoT) is forecast to reach 1.1 trillion U.S. dollars in 2022. New technologies such as 5G is expected to drive market growth in the coming years.

And if you wish to step foot in this trending technology, you will have to learn about Information security, AI and machine learning fundamentals, networking, hardware interfacing, data analytics, automation, understanding of embedded systems, and must have device and design knowledge.

8. 5G

The next technology trend that follows the IoT is 5G. Where 3G and 4G technologies have enabled us to browse the internet, use data driven services, increased bandwidths for streaming on Spotify or YouTube and so much more, 5G services are expected to revolutionize our lives. by enabling services that rely on advanced technologies like AR and VR, alongside cloud based gaming services like Google Stadia, NVidia GeForce Now and much more. It is expected to be used in factories, HD cameras that help improve safety and traffic management, smart grid control and smart retail too.

Just about every telecom company like Verizon, Tmobile, Apple, Nokia Corp, QualComm, are now working on creating 5G applications. 5G services are expected to launch worldwide in 2021 with more than 50 operators offering services in about 30 countries by the end of 2021, making it a new technology trend you must watch out for, and also save a spot in.

9. Cyber Security

Cyber security might not seem like trending technology, given that it has been around for a while, but it is evolving just as other technologies are. That’s in part because threats are constantly new. The malevolent hackers who are trying to illegally access data are not going to give up any time soon, and they will continue to find ways to get through even the toughest security measures. It’s also in part because new technology is being adapted to enhance security. As long as we have hackers, cybersecurity will remain a trending technology because it will constantly evolve to defend against those hackers.

As proof of the strong need for cybersecurity professionals, the number of cybersecurity jobs is growing three times faster than other tech jobs. Also, the need for proper cybersecurity is so high that by 2021, $6 trillion will be spent globally on cybersecurity.

You must note that however challenging the field is it also offers lucrative six-figure incomes, and roles can range from

• Ethical Hacker
• Malware Analyst
• Security Engineer
• Chief Security Officer

offering a promising career path for someone who wants to get into and stick with this evergreen trending technology.

9 New Technology Trends and 1 Solution to Succeed in Them

Although technologies are emerging and evolving all around us, these top 9 new technology trends offer promising career potential now and for the foreseeable future. And most of these trending technologies are welcoming skilled professionals, meaning the time is right for you to choose one, get trained, and get on board at the early stages of these trending technologies, positioning you for success now and in the future.

The Internet of Things (IoT) and blockchain are two topics which are causing a great deal of hype and excitement, not just in the technology circle but in the wider business world, too.

Many say they are set to revolutionise all aspects of our lives, while others point out that there is a lot of hot air around both ideas, and a lot is yet to be proved.

However, the idea that putting them together could result in something even greater than the sum of its (not insignificant) parts, is something which is starting to gain traction.

In principle, it makes a lot of sense. IoT is a term used to describe the ongoing proliferation of always-online, data-gathering devices into our work and personal lives. Blockchain is an encrypted, distributed computer filing system designed to allow the creation of tamper-proof, real-time records.

Put them together and in theory, you have a verifiable, secure and permanent method of recording data processed by “smart” machines in the IoT.

Why combine blockchain and IoT?

There are several clear advantages to the idea of building smart machines able to communicate and operate via blockchain.

Firstly, there is the issue of oversight. With data transactions taking place between multiple networks owned and administered by multiple organisations, a permanent, immutable record means custodianship can be tracked as data, or physical goods, pass between points in the supply chain. Blockchain records are by their very nature transparent – activity can be tracked and analysed by anyone authorised to connect to the network.

If something goes wrong, breakages occur, data leaks where it shouldn’t, then the blockchain record makes it simple to identify the weak link and, hopefully, take remedial action.

Secondly, the use of encryption and distributed storage means that data can be trusted by all parties involved in the supply chain. Machines will record, securely, details of transactions that take place between themselves, with no human oversight.

Without the private keys giving write-access to the blockchain (which in this case would be held by machines), no human will be able to overwrite the record with inaccurate information.

Thirdly, the “smart contract” facilities provided by some blockchain networks, such as Ethereum, allow the creation of agreements which will be executed when conditions are met. This is likely to be highly useful when it comes to, for example, authorising one system to make a payment, when conditions indicate that delivery of a service has been provided.

Fourthly, blockchain offers the potential of greatly improving the overall security of the IoT environment. Much of the data generated by IoT is highly personal – for example, smart home devices have access to intimate details about our lives and daily routines. This is data that needs to be shared with other machines and services in order to be useful to us. But it also means there are far more openings for hackers to potentially attack us. Business and governments invested in IoT also have to contend with this increased scope for a data breach by criminals, rivals or foreign enemies.

Allowing access to data from IoT devices to be managed through blockchains would mean an additional layer of security that any malignant actor would have to bypass – one that would be secured by some of the most robust encryption standards available.

Centralised v decentralised systems

Above the fact that it will offer new opportunities, it is even possible that blockchain and IoT convergence will become a necessity at some point. If the current IoT paradigm – devices connected via a centralised cloud storage and processing service – continues, then systems are likely to become increasingly bloated, as data volumes, as well as the number of connected devices, continue to increase.

These cloud services are likely to become bottlenecks as the amount of data pumped through them increases. Blockchains can remedy this thanks to their distributed nature. Rather than an expensive, centralised data centre, a blockchain data storage network is duplicated across the hundreds (or potentially thousands, or millions) of computers and devices which make up the network. This huge amount of redundancy means data will always be close at hand when it’s needed, cutting down transfer times and meaning one server failure will be of no consequence to business activity.

Blockchain and IoT are both technologies which have big promises to keep. Both are already being widely and enthusiastically adopted by industry and the public sector, and there is a great deal of speculation about where each of them will lead. Combining them could be the key to ensuring those promises are kept while minimising the security and business risks that go hand-in-hand with technological change.