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Synergy between AI, IoT, AR/VR, Blockchain and Ten other Emerging Technologies in Business Today

Emerging technologies are shaping the future of business, offering unprecedented opportunities and efficiencies. Among the most transformative are AI, IoT, AR/VR, and Blockchain. These technologies not only have significant individual impacts but also complement and interact with ten other emerging technologies to create a dynamic and interconnected landscape. In this blog post, we explore how these technologies integrate and enhance one another to drive innovation and business success.

Here is the list of the Ten Emerging Technologies:

  1. Quantum Computing
  2. 5G and Next-Generation Connectivity
  3. Edge Computing
  4. Biotechnology and CRISPR
  5. Extended Reality (XR)
  6. Advanced Robotics and Automation
  7. Synthetic Biology
  8. Neuromorphic Computing
  9. Nanotechnology
  10. Energy Storage and Advanced Battery Technologies

Quantum Computing

Description: Quantum computing uses the principles of quantum mechanics to process information in ways that classical computers cannot. Quantum computers use qubits, which can represent both 0 and 1 simultaneously, allowing them to perform complex calculations at unprecedented speeds.

Impact: Quantum computing promises to revolutionize fields requiring complex calculations, such as cryptography, drug discovery, climate modelling, and financial modelling.

Application: Could solve problems that are currently infeasible for classical computers.

Integration with AI, IoT, AR/VR, and Blockchain:

  • AI: Quantum computing can exponentially increase the processing power available for AI algorithms, enabling more sophisticated models and faster decision-making.
  • IoT: Quantum computing can handle the vast amounts of data generated by IoT devices, providing deeper insights and more accurate predictions.
  • AR/VR: Enhanced computing power can render more realistic and immersive AR/VR experiences in real-time.
  • Blockchain: Quantum-resistant cryptographic methods can secure blockchain networks against future quantum threats.

5G and Next-Generation Connectivity

Description: 5G is the fifth generation of mobile network technology, offering significantly faster data transmission speeds, lower latency, and the ability to connect more devices simultaneously compared to previous generations.

Impact: Enhances data transmission speeds, reduces latency, and enables the full potential of IoT and AR/VR.

Application: Supports the development of smart cities, autonomous vehicles, and advanced healthcare solutions.

Integration with AI, IoT, AR/VR, and Blockchain:

  • AI: Faster data transmission enhances real-time AI analytics and remote AI applications.
  • IoT: Enables more devices to connect and communicate efficiently, facilitating smarter IoT ecosystems.
  • AR/VR: Reduces latency, making AR/VR applications more responsive and interactive.
  • Blockchain: Enhances the efficiency and scalability of blockchain networks by speeding up transaction times and reducing latency.

Edge Computing

Description: Edge computing involves processing data closer to the location where it is generated rather than relying on a centralized data center. This approach reduces latency and bandwidth usage, allowing for faster and more efficient data processing.

Impact: Processes data closer to where it is generated, reducing latency and bandwidth usage.

Application: Crucial for real-time applications in autonomous vehicles, smart grids, and industrial automation.

Integration with AI, IoT, AR/VR, and Blockchain:

  • AI: Edge computing allows for faster processing of AI algorithms at the data source, improving real-time decision-making.
  • IoT: Reduces latency and bandwidth usage for IoT devices, enabling more efficient and responsive IoT networks.
  • AR/VR: Enhances the performance of AR/VR applications by processing data closer to the user, reducing lag.
  • Blockchain: Supports decentralized data processing and enhances the security and efficiency of blockchain networks.

Biotechnology and CRISPR

Description: Biotechnology involves using biological processes for industrial and other purposes, particularly the genetic manipulation of microorganisms. CRISPR is a revolutionary gene-editing technology that allows for precise modifications to DNA.

Impact: Advances in gene editing technologies like CRISPR allow for precise modifications to DNA, which can lead to breakthroughs in medicine, agriculture, and environmental science.

Application: Can potentially cure genetic diseases, enhance crop resilience, and address ecological challenges.

Integration with AI, IoT, AR/VR, and Blockchain:

  • AI: AI algorithms can analyze genetic data to identify targets for CRISPR editing and predict outcomes.
  • IoT: IoT devices can monitor environmental and agricultural conditions in real-time, providing data for precision biotechnology applications.
  • AR/VR: AR/VR can be used for educational and training purposes in biotechnology, making complex concepts more accessible.
  • Blockchain: Secures and tracks genetic data and biotechnology research, ensuring transparency and traceability.

Extended Reality (XR)

Description: Extended Reality (XR) is an umbrella term that encompasses Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR). XR technologies create immersive and interactive digital experiences.

Impact: Combines AR, VR, and Mixed Reality (MR) to create more immersive and interactive experiences.

Application: Used in training, education, remote work, and entertainment, transforming how people interact with digital content.

Integration with AI, IoT, AR/VR, and Blockchain:

  • AI: AI enhances XR experiences by providing real-time analytics, adaptive content, and intelligent interactions.
  • IoT: IoT devices provide real-time data that can be integrated into XR environments for more dynamic experiences.
  • AR/VR: Advanced AR/VR technologies can create more realistic and immersive XR experiences.
  • Blockchain: Ensures secure transactions and digital rights management for virtual assets within XR environments.

Advanced Robotics and Automation

Description: Advanced robotics and automation involve the use of sophisticated robots and automated systems to perform tasks that are typically repetitive, dangerous, or require precision.

Impact: Robotics are becoming more intelligent and versatile, leading to automation of complex tasks in manufacturing, logistics, healthcare, and service industries.

Application: Enhances productivity, precision, and safety in various industries.

Integration with AI, IoT, AR/VR, and Blockchain:

  • AI: AI algorithms drive the intelligence and decision-making capabilities of advanced robots.
  • IoT: IoT sensors and devices provide real-time data that robots use to navigate and perform tasks more effectively.
  • AR/VR: AR/VR can be used to simulate and train robots in virtual environments before deploying them in the real world.
  • Blockchain: Ensures secure and transparent transactions and data sharing in automated systems.

Synthetic Biology

Description: Synthetic biology involves redesigning organisms for useful purposes by engineering them to have new abilities. This field combines biology and engineering to create synthetic life forms.

Impact: Involves redesigning organisms for useful purposes by engineering them to have new abilities.

Application: Used in producing biofuels, pharmaceuticals, and sustainable materials.

Integration with AI, IoT, AR/VR, and Blockchain:

  • AI: AI can design and optimize synthetic biological processes by analyzing vast amounts of biological data.
  • IoT: IoT devices can monitor synthetic biological systems in real-time, providing data for continuous optimization.
  • AR/VR: AR/VR can be used for visualizing and understanding complex synthetic biology processes.
  • Blockchain: Tracks and secures intellectual property and supply chains in synthetic biology.

Neuromorphic Computing

Description: Neuromorphic computing mimics the neural structure and functioning of the human brain to create more efficient and adaptive computing systems. This approach aims to improve computational efficiency and power consumption.

Impact: Mimics the neural structure and functioning of the human brain to create more efficient and adaptive computing systems.

Application: Can lead to breakthroughs in AI, allowing for more advanced and power-efficient machine learning models.

Integration with AI, IoT, AR/VR, and Blockchain:

  • AI: Neuromorphic computing directly enhances AI capabilities by providing more efficient and powerful computing architectures.
  • IoT: Can be used to process data from IoT devices more efficiently, enabling real-time learning and adaptation.
  • AR/VR: Improves the performance and responsiveness of AR/VR applications through more efficient processing.
  • Blockchain: Enhances the security and scalability of blockchain networks by providing more efficient consensus mechanisms.

Nanotechnology

Description: Nanotechnology involves manipulating matter on an atomic or molecular scale to create new materials and devices with unique properties and functions.

Impact: Manipulates matter on an atomic or molecular scale, enabling new materials and devices with a wide range of applications.

Application: Used in medicine, electronics, energy storage, and environmental protection.

Integration with AI, IoT, AR/VR, and Blockchain:

  • AI: AI can design and optimize nanomaterials by analyzing vast amounts of data at the molecular level.
  • IoT: IoT devices can monitor and control nanotechnology applications in real-time.
  • AR/VR: AR/VR can be used to visualize and understand nanoscale processes and materials.
  • Blockchain: Secures and tracks the development and deployment of nanotechnology applications.

Energy Storage and Advanced Battery Technologies

Description: Energy storage technologies, such as advanced batteries, are crucial for storing energy efficiently. Innovations like solid-state batteries offer higher energy densities and improved safety compared to traditional batteries.

Impact: Innovations in energy storage, such as solid-state batteries, can revolutionize energy distribution and usage.

Application: Enhances the feasibility of renewable energy, electric vehicles, and portable electronics.

Integration with AI, IoT, AR/VR, and Blockchain:

  • AI: AI optimizes energy storage systems by predicting usage patterns and managing energy distribution efficiently.
  • IoT: IoT devices monitor and manage energy usage and storage in real-time, improving efficiency and reliability.
  • AR/VR: AR/VR can be used to simulate and optimize energy storage systems and their integration into various applications.
  • Blockchain: Ensures secure and transparent transactions and tracking in energy trading and distribution networks.

Conclusion

The integration of AI, IoT, AR/VR, and Blockchain with these ten emerging technologies creates a synergistic ecosystem that drives innovation and enhances business operations. By leveraging the strengths of each technology, businesses can develop more efficient, secure, and innovative solutions that address complex challenges and open new opportunities. Embracing these technologies will be crucial for businesses aiming to stay competitive and thrive in the rapidly evolving technological landscape.

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Agile Finance Manifesto

Agile Finance Implementation Blockchain

Integrating Blockchain into Agile Finance Contracts

Based on Observed Applications of Blockchain by the Big Four Accounting Firms (Zhang et al., 2020) we summarize the Practices and elaborate on how Agile Finance Resources could implement New Technology like Blockchain in their Operations.

Big Four accounting firms use blockchain in different ways

Deloitte: They have labs worldwide developing solutions for various industries, from tracking food supply chains to detecting fraud in banking. They’ve created over 30 blockchain models for areas like digital banking, trade Finance, and loyalty programs. https://www2.deloitte.com/

PwC: PwC’s Blockchain Validation Solution combines risk analysis with audit software. They work with major stock exchanges and digital wallet providers, allowing real-time monitoring of transactions. https://www.pwc.com/

EY: EY’s Blockchain Analyzer audits cryptocurrency transactions, supporting comprehensive reviews. Developed with Guardtime and Microsoft, it automates processes like creating insurance contracts and digitizing trading rules using smart contracts. https://www.ey.com/

KPMG: KPMG, along with Microsoft, established Blockchain Nodes to showcase blockchain’s usefulness for businesses. Their Digital Ledger Services tool helps financial companies apply blockchain for streamlined operations and secure transactions. https://kpmg.com/

Similarities:

  • All firms are actively engaged in blockchain-related activities.
  • They collaborate with technology partners to enhance their blockchain solutions.
  • Each firm has developed specific tools or solutions to address different aspects of blockchain applications.

Differences:

  • Deloitte has a global presence with labs in multiple locations, while PwC’s locations are not specified.
  • The industry focus varies, with Deloitte and PwC having a broad spectrum, EY focusing on auditing, and KPMG showcasing utility in specific sectors like healthcare.
  • The types of blockchain models and applications differ among the firms, reflecting diverse areas of expertise and focus.
  • Collaborations and partnerships also differ, such as Deloitte’s global labs, PwC’s work with stock exchanges, EY’s collaborations with Guardtime and Microsoft, and KPMG’s partnership with Microsoft for Blockchain Nodes.

ExtrAgility in Finance

From the perspective of Agile Finance, Extragility (Hormaza Dow, 2022), symbolizes a Φ-shaped expertise that transcends the conventional scope of Agile methodologies. Diverging from the internally focused IntrAgility and the cross-functional InterAgility, Extragility adopts a comprehensive approach that integrates Corporate Social Responsibility (CSR), environmental, social, and corporate governance (ESG), and Sustainable Development Goals (SDGs) into the financial strategic framework. This paradigm shift encourages financial strategies and operations to go beyond the norm, incorporating wider societal and environmental considerations. Extragility underlines the significance of fostering corporate citizenship, making ethical financial decisions, and driving towards a sustainable future without compromising the agility of business operations. It underscores the notion that the realm of Agile Finance should not only optimize internal processes but also proactively contribute to the societal and environmental impact of an organization, reinforcing the essential connection between financial agility and sustainable development.

Agile Finance Implementing New Technology like Blockchain

1. Needs Assessment and Planning:

Agile Finance Team’s Role: Lead the identification of financial processes suitable for blockchain integration. Collaborate with all the stakeholders to fully understand their specific needs and goals. Contribute to the creation of a roadmap for blockchain implementation to align with Agile Finance principles.

2. Stakeholder Alignment and Education:

Agile Finance Team’s Role: Facilitate educational sessions and workshops to ensure stakeholders, including financial experts and decision-makers, grasp the benefits of blockchain. Engage in open communication to align everyone with the Agile Finance and blockchain vision.

3. Technology Infrastructure Evaluation:

Agile Finance Team’s Role: Collaborate with IT teams to assess the current technology infrastructure’s agility and compatibility with blockchain. Provide insights into how blockchain aligns with Agile Finance requirements.

4. Smart Contracts Design:

Agile Finance Team’s Role: Work closely with blockchain developers and legal experts to design smart contracts. Ensure contracts reflect Agile principles, with a focus on flexibility, adaptability, and mutually beneficial structures.

5. Integration with Financial Systems:

Agile Finance Team’s Role: Oversee the seamless integration of blockchain with financial systems. Collaborate with IT teams to guarantee a smooth connection and interoperability.

6. Security Measures and Compliance:

Agile Finance Team’s Role: Collaborate with the organization’s cybersecurity experts to prioritize security measures. Ensure compliance with the relevant financial regulations by providing expertise on the application of Agile Finance practices within a regulated environment.

7. Incremental Implementation:

Agile Finance Team’s Role: Advocate for an incremental approach to implementation, focusing on specific financial processes or projects. Monitor and analyze the impact, providing feedback for continuous improvement.

8. Real-time Analytics and KPIs:

Agile Finance Team’s Role: Collaborate with data analytics experts to define real-time analytics tools and KPIs. Ensure that these metrics align with Agile Finance principles and provide meaningful insights into performance.

9. Agile Contracts and Feedback Mechanisms:

Agile Finance Team’s Role: Spearhead the development of Agile contract structures within the blockchain. Establish feedback loops to promote continuous improvement and adaptability.

10. Collaborative Platform Integration:

Agile Finance Team’s Role: Collaborate with IT teams to integrate blockchain with collaborative platforms. Ensure a user-friendly and collaborative environment for joint contract creation and negotiation.

11. Training and Continuous Learning:

Agile Finance Team’s Role: Develop training programs for teams involved in blockchain implementation. Foster a culture of continuous learning, emphasizing the Agile Finance mindset and evolving blockchain features.

12. Monitoring, Evaluation, and Optimization:

Agile Finance Team’s Role: Lead the monitoring and evaluation of blockchain-integrated financial processes. Use feedback to optimize implementations, ensuring they align with Agile Finance goals and business needs.


Sources:

T. Hormaza Dow, (2022, April). “Comparative website structural study and proposal of intragility, interagility and extragility as contextual framework to guide an adaptive business agility path” [MBA Project]. Laval University, Faculty of Business Administration (FSA) Quebec, Canada.

Y. Zhang, F. Xiong, Y. Xie, X. Fan and H. Gu, “The Impact of Artificial Intelligence and Blockchain on the Accounting Profession,” in IEEE Access, vol. 8, pp. 110461-110477, 2020, doi: 10.1109/ACCESS.2020.3000505

Photo by Pascal Bernardon

Copyrights:

No Claim is made regarding any of the respective Trademarks, Content and Copyrights of the 4 Companies Featured as well as the Sources and Citation Sections in this Post.

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