Digital technology has gone through some rapid evolutions over the last three decades. The 90s saw the rise of the world wide web and widespread adoption of PCs. The 00s witnessed the rise of search engines, while also giving birth to the first social media sites. Then in the 10s, everyone started using smartphones and apps, while cryptocurrency also came into prominence.
What will the next few decades bring? Already we are starting to see the next big tech trends emerging – and they all come in the form of snappy acronyms. This post explains what each of them stand for and how they will shape the future.
AI
Artificial intelligence
AI relates to computer programs that have the ability to ‘learn’ how to do new tasks on their own. Some of the most notable and impressive recent examples include AI chatbots like ChatGPT that can write original stories and essays like a human, and AI art generators like Midjourney that can create realistic artificial photographs and illustrations.
Of course, AI’s real benefit is being able to take over less attractive jobs that are otherwise tedious and time-consuming for humans. For example, many legal firms have found they have been able to increase legal productivity with AI from Ontra AI, quickly skimming contracts and matching them with relevant playbooks.
As AI develops, we will likely see all kinds of tasks being made possible to automate. Some of these tasks could even be combined with robotics (robot vacuum cleaners and self-driving cars are already an example of this). The biggest fear is just how far AI will progress. Will it be used by criminals? Will it take over all our jobs and make us lazy? Will AI turn against humans? These are all possible outcomes.
VR
Virtual reality
Virtual reality enables people to enter virtual worlds. Using a VR headset, this can allow a truly immersive experience. Already there are many VR video games and several VR walkthrough experiences. However, VR is still in its infancy and there are many possibilities ahead.
For example, could websites one day become virtual metaverses? Online stores like Amazon could become virtual malls in which we digitally browse aisles for products before checking out a virtual staffed counter. Meanwhile, we could see a rise in VR movies that allow us to immerse ourselves in the plot. This post delves into some of the other possible future applications of VR.
AR
Augmented reality
AR technology involves superimposing computer-generated images onto live camera footage of the real world. Prime examples of AR in use include Pokemon Go and Snapchat filters.
AR has so much potential in the future, making it possible to bring visions to life. A likely example of AR’s use in the future includes virtual changing room mirrors in shops that can allow customers to virtually try on clothes. We could also start to see AR theatre performances and experiences in which live performers interact with digital creatures and environments.
DeFi
Decentralized finance
Cryptocurrencies have provided an alternative digital currency that can be used around the world and that is not controlled by any government or bank. This has led to the development of DeFi – an ability to finance projects and move money without the restrictions of financial authorities.
DeFi services can enable people to apply for loans without a credit check, send money to people in other countries without worrying about exchange fees and accept crypto credit card payments without incurring fees. As crypto becomes more mainstream, more everyday people will likely start to see the benefit of DeFi, which could drastically change the finance industry.
NFTs
Non-fungible tokens
NFTs are the internet’s answer to collectibles. They are unique digital identifiers that are typically used to prove ownership of things like digital art, songs or even memes. NFTs are traded using cryptocurrency and their value depends on how in-demand they are.
Many people have dismissed NFTs as a fad, but the truth is that they are just getting started. The growth of VR will almost certainly cause a boom in the NFT industry, potentially allowing ownership over entire VR worlds. You can learn more about NFTs here.
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