If you think technology has disrupted our way of life, brace yourself for what is about to come - the exponential digital transformation that will be unleashed in both businesses and personal lives, over the next few years will be beyond imagination. What was once inconceivable is now a normal practice and we have not even begun to experience the power of next generation of technologies like 5G and Blockchain.
As I engage in thoughtful discussions at this year's World Economic Forum in Davos, global leaders across all industries have relayed to me how new age technologies such as Quantum Computing, Robotics, Artificial Intelligence (AI) and Machine Learning (ML), are helping to transform their businesses. It is fascinating to hear how forward-thinking executives are leveraging latest tech to become more nimble, more productive and more profitable.
New Digital Code of Ethics
The biggest question I repeatedly get asked is "what will ultimately have the biggest impact on the future of my business?" While technologies such as AI and ML will continue to undoubtedly change the way every business operates, I believe it is the 5G and Blockchain duo that will ultimately change the world. But, it will all boil down to how the power of these technologies is harnessed by the global leaders to create a sustainable and inclusive world in times of constant disruption.
A code of ethics is critical for democratisation of technology, to ensure that the benefits of the hi-tech revolution reaches every strata of society, truly equipping global citizens to lead a high quality life. Technology must relentlessly work towards conserving the planet and its resources to realize its true potential.
5G, Network of the Future - Fueling the Data Economy
Blockchain has the potential to be the framework on which business is conducted and 5G will be the network it runs on. Networks are at the heart of accelerating Digital Transformation and a fully functional 5G network will deliver unprecedented productivity gains, redefine competitive advantages and reshape every industry vertical.
Simply put, 5G is the enabler for all technologies to maximise their impact. The incredible speed of 5G will assist devices in communicating in almost real time, embedded with Connected Intelligence. Data explosion in the digital space has thrown open an opportunity where rich insights can solve big problems. It can help massively transform businesses and deliver rich, meaningful and immersive experiences to their customers. With the data economy in full play, work and life will be fundamentally changed.
New applications like Autonomous Vehicles, Telemedicine, and Precision Manufacturing Robots will finally have the bandwidth to meet their true potential and as a result, businesses will run more efficiently. Workers will spend less time on operations and more time focusing on ways to innovate and grow the business. Those who prepare well to understand 5G technologies will greatly benefit by delivering unique experiences to their end customers, disrupt the marketplace, and create strategic differentiation for their businesses.
Demystifying Blockchain - the Operating System of the Future
Blockchain has the power to solve many of the world's most pressing problems. In its most basic form, the blockchain is a decentralized ledger that is immutable and provides its users with a faster and safer way to verify key information and establish trust.
Blockchain has the ability to change the way we buy and sell, interact with others and verify everything from voting, to property records, to even where our vegetables come from. It allows us to simplify processes, reduce costs, and hold businesses and each other accountable. Because of its enormous potential, we expect that Blockchain will be the operating system of the future.
Much of the excitement about blockchain is about removing intermediaries and streamlining data management processes. There is no better example of where the blockchain can transform business than in the modern day supply chain. Supply chains are fragmented and extremely fragile on account of the multiple parties that are involved. Blockchain makes supply chains trustful and trackable.
The pace of innovation over the last few decades has been remarkable and we are on the cusp of a monumental shift in the way the world lives, works and plays. While still in their early stages, 5G and Blockchain will shape our lives remarkably. 5G and Blockchain economy is here, it is time for us to make it count.
(CP Gurnani is the Managing Director & CEO of Tech Mahindra.)