Technology and Solving Problems in the Market

Technology and Solving Problems
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Technology and Solving Problems
Technology has revolutionized the world in diversified ways. For instance, it has helped in developing technological frameworks that can be used to solve daily problems. Technology is changing the way of life, and every season, new tech or advancement on the same is witnessed every year. Technology has made business operations easier through data analytics, Artificial Intelligence, and cloud sourcing. The core objective of the research paper is to determine potential problems that can be solved through technology. Additionally, the paper will also evaluate potential technological disruptions in the future.
Part 1: Innovations that Disrupting the Existing Market
Disruptive innovations can be described as changing sophisticated and expensive products to be available to the broader market. Some innovations that are currently disrupting the existing market include virtual reality, augmented reality, cryptocurrency, and e-commerce.
Description of the Innovations
Virtual and augmented reality have the same technological characteristics, and they are used to make computer-generated scenes seem real. In this case, people can interact like in the real-life world but virtually in reality. Augmented and virtual reality are extensively used in computing companies since they help change digital elements into reality. Cryptocurrency is another innovation that has disrupted the current market since it has changed the mode of payments. It is a digital ledger that helps entrepreneurs to transact digitally globally. E-commerce is an innovation that has disrupted current markets in significant ways. Essentially, e-commerce is an electronic platform that facilitates online buying and selling (Harris, 2019). The most common e-commerce platforms include Shopify, Amazon, and eBay, among others.
How the Innovation Has Disrupted the Market
Virtual and augmented reality has disrupted currently existing markets in diversified ways. For example, the motor vehicle industry uses augmented and virtual reality to make digital cars. Cryptocurrency has modified the modes of payment in varied ways (Richards, 2021). It is a payment unit that significantly impacts the standard modes of payment, such as gold. It is a computerized ledger that uses algorithms to make payments anonymously (Harris, 2019). Typically, cryptocurrency has challenged other existing forms of payment such as visas and credit cards. E-commerce platforms have changed the old ways of conducting business. The current markets are forced to change to online transactions due to high competition in global markets.
Benefits of the Innovations
These innovations have great benefits than the old versions, and they are accessible to the broader markets. Augmented and virtual reality has made cars safe compared to old models. Tesla, BWM, and Mercedes are companies that are investing massively in augmented and virtual reality. Cryptocurrency has extensive benefits to the users since it is digital, and there are no transaction fees accrued. Moreover, cryptocurrency is developed using secure algorithm patterns which cannot be hacked. Unlike ledger fees accrued in banks, cryptocurrency has digital ledgers which do not accumulate maintenance fees (Kylliäinen, 2019). E-commerce makes transactions faster, and there are low costs incurred compared to physical shopping.
Barriers Limiting the Adoption of the Innovations
However, several challenges are facing the adoption of the new technology. For instance, the cost of incorporating augmented and virtual reality on a large scale is very high (Soloway & Norris, 2015). There is also the aspect of public skepticism since people do not have much knowledge about it. The adoption of cryptocurrency innovation is limited by skepticism since most people do not have a diverse knowledge of technology (Soloway & Norris, 2015). Crypto modes of payments are not cultivated like bank payments such as visa cards which make it unknown. As the world experiences technological advancements, there are chances of hacking in crypto wallets in the future. It is hard to determine the quality of products on e-commerce platforms, making it hard to adopt.
Demographics (number of people affected)
More than 83 million people are using virtual and augmented reality in the USA alone, which is expected to increase by 2025 (Alsop, 2021). Notably, virtual reality technology applies to all demographics (aged and young people). There are more than 300 million cryptocurrency users across the globe, which reflects its disruption to existing markets (Coppola, 2020; Robertson, 2021). Currently, more than 3 billion people are using e-commerce platforms to purchase products.
Part 2: Potential Future Technological Disruptions
In this pervasive era, technology is changing fast, and everyone is focused on innovation and making life worth living. Most innovations focus on performance, cost, and reliability to the broader users. As many innovators say, it is hard to see the future, but technology advancement predicts new market disruptions in the future. Various technologies will cause market disruptions in the future (Forbes Technology Council, 2020). These technologies include Artificial Intelligence, 5G connectivity, and edge computing...