Eight emerging technologies and 6 convergence topics you need to know about
Today, the “metaverse” may be a hot topic, attracting the eye of technology companies, business leaders and consumers.
While it’s uncertain how precisely the concept will evolve, it’s supported the technological developments we’ve seen over the past decade.
PwC’s Essential Eight technologies, like AI, blockchain and VR, are converging in new ways to enable the metaverse.
The six trends are the automation of trust, augmented reality, immersive interfaces, work autonomy, digital reflection and hyper-connected networks.
There’s a lot of talk about the metaverse—and a lot of caution. Both are valid. That’s why it is vital for executives to understand what’s hype, what’s reality, and the way to navigate the opportunities and risks this evolving concept brings. together with the basics in the business implications, you’ll be wanting to familiarize yourself with the enabling technologies.
Us add this area began nearly a decade ago when PwC analysed more than 250 emerging technologies to identify those that would have the greatest business impact across industries. We called those with the most potential the Essential Eight. These include: AI (AI), Augmented Reality (AR), Blockchain, Drones, Internet of Things (IoT), Robotics, 3D Printing and computer game (VR).
Today, the Essential Eight continues to evolve and gain traction – with the pandemic accelerating the adoption of latest technologies. Some, like AI, are getting an integral part of every type of society. Others, like 3D printing, became more concentrated in certain areas such as manufacturing. All along, we’ve been watching another profound shift: how these individual technologies are combining in transformative ways. While there are other promising technologies like quantum computing and nanotechnology, the foremost practical and profound impact will continue to come from the Essential Eight over the next five years. The difference, however, is how they’re going to work together to achieve that impact.
Automation of trust What it means
To automate trust, the Essential Eight technologies—particularly blockchain, IoT, and AI—can work together to make sure data authenticity, verify identities, and enable secure transactions between multiple parties. Converged technologies can provide ways to automate trust across physical, digital and human resources.
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How does it work
In a typical example, IoT sensors can track a pallet of food from the instant it leaves the farm to the moment it reaches the warehouse and then the retail store, validating the whole supply chain. This verifies where a specific shipment is on the route, also as the condition of the food during each leg of the journey: Is the shipping container too hot, too cold or too wet? This information is recorded during a secure, immutable blockchain. Together, IoT and blockchain can create an immutable supply chain that ensures buyers receive an authentic product that has not been damaged or replaced. These technologies also can verify that a product that contains hazardous materials has been properly and safely disposed of.
Where it makes an impression
Manufacturers can use automated trust to enhance the security of their connected systems and devices, also as their manufacturing facilities and equipment.
In healthcare, physician networks and hospitals can use trusted technologies to verify the credentials of each new physician: educational history, licensure, regulatory history, and more.
Utilities can use automated trust to verify multiple contractors in a hurry when they need to hire additional crews to respond to a disaster.
Any industry can cash in of technology-enabled corporate reporting to automate trust and improve transparency with investors, regulators and customers while reducing the potential for risk.
Why it matters
Trust is at the guts of all business and personal relationships. If employees, customers, investors and communities cannot trust the security, security and privacy of knowledge, systems and processes, your business will suffer. Without trust and transparency, you’ll also become subject to regulatory and legal action.
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