The impact of technological achievements on the economies worldwide is tremendous. Thus, the innovative tech solutions have found their implementation in almost every industry and sectors: finances, banking, drop shipping to healthcare, agriculture and education. Therefore, the technological advancements are tightly linked with the global marketplace’s transformation, improving living standards and international trade.
Technology as the catalyst of progress
In human history, technology has always been a catalyst for progress and prosperity. However, technologies have evolved gradually in the past. It has often taken decades or even centuries for them to be disseminated and adopted.
In our time, things changed a lot. The advanced technologies are spreading rapidly, transcending national and sectoral borders, which is an asset and a challenge.
Advanced technologies include achievements such as electric vehicles and photovoltaic solar panels; scientific advances in the fields of genome editing and nanomedicine; blockchain, 3D printing, robotics and artificial intelligence. All of these products, services and tools are the subject of hundreds, if not thousands, of individual patents.
The most prominent technologies that will influence the world economy
The most prominent technologies that will affect the global economy are evolving around the 5G and artificial intelligence. The innovations revolving around these two technologies enable the most opportunities and revenue to businesses. Besides 5G and AI, we have the Internet of Things which represents the access to the information from different devices enabling the streamlined analytics of systems. Biometric, virtual reality and natural language processing also come to this list of the leading technologies. They are all interconnected and interdependent, making this list non-exhaustive.
The impact of Fintech solutions
FinTech, or Financial Technology, refers to businesses that provide financial services through innovative solutions. The economic and social impact of these technologies is significant. FinTech notably offers new means of financing through crowdfunding and facilitates fund transfers anywhere in the world. It can also be based on blockchain technology.
Thanks to FinTech, the mobile has become a formidable vector of financial and social inclusion. Even without banking infrastructure, deep in the countryside, with a mobile phone, it is possible to access various financial services designed to meet specific business needs.
Benefits for developing countries
Cell phones are a clear example of the profound impact that new technologies can have. A clear case of technological catch-up is that they have provided poor people in developing countries with access to long-distance communications. It was achievable without going through costly investments in fixed lines and other infrastructure.
Over the past three centuries, technological advancements have allowed a limited number of countries to leap forward. Others have lagged behind, as evidenced by the great technological gap between many countries today.
Many developing countries have yet to take full advantage of old technological breakthroughs. There is an urgent need to close the technological gap that remains between developed countries and developing countries.
Moreover, the ease with which advanced technologies can be disseminated and replicated allows for technological shortcuts. Still, it will be imperative to invest massively in human resources and infrastructure in many developing countries to reduce the technological gaps between developed and less developed countries.
Achievements in artificial intelligence will make many advanced technologies more efficient. Technology giants influence not only technology trends but also technology markets. At this moment, the biotech sector is arguably the strangest and most exciting of the stock market. When a biotechnology project shows positive results, the stock increases exponentially.
Due to the fast-paced emergence of new technologies and disruptive business models, capital holders and executives must be capable of detecting the economic impact of such fast changes and respond with appropriate speed and foresight.