The digital revolution of modern business as crypto slumps
Depiction of Earth digitally with blockchain. Image by Gerd Altmann from Pixabay
Since time immemorial, business has been driven by technologies that enhance almost every aspect. But nothing quite compares to the current digital revolution in emerging technologies. Without even knowing it, you use cutting-edge digital solutions on a daily basis.
It’s almost a challenge to comprehend that social media is a product of the 21st century. Platforms such as Facebook, Twitter and YouTube aren’t even twenty years old. Yet their omnipresence in our lives, in the news and in corporate politics, makes them feel like they have always been around. For businesses especially, they are a godsend as advertising tools. A company can choose to hire an influencer to promote brands and products on their behalf. But you can also get copious free advertising via engagement because anyone can create.
Aside from social media, more traditional methods are currently being applied to digital processes for mass advertising. According to data from one study, 50% of large scale companies and SMBs alike employ the skills and talents of digital marketing agencies. DMAs can help establish campaigns across social, web search and blogs. Digital marketing is often an integration of the arcane search engine optimization (SEO). But it also extends to the clever use of media such as images, videos and process automation for digital services such as email.
Digital marketing is so effective that, combined with two years of COVID-19, retail sales are at an all-time high. As a result, the use of virtual currencies is also increasing in tandem. Services like Google Pay and Apple Pay are becoming standardized across many physical sectors and are expected for online transactions. And as card payments experience a decline (thanks in part to exorbitant payment processor fees), we could be in the beginnings of an emerging cashless society. Whether there are Orwellian consequences for this, we don’t know yet.
Of course, of all the naysayers and doomsayers among us who oppose such societal shifts, none are more vocal than those against artificial intelligence and our reliance on technology. Yet, technology such as cloud services is increasingly combined with AI, such as:
- IBM Cloud is used for major manufacturing processes.
- Amazon Web Services offers cutting edge AI for refining decision making.
- Microsoft Azure offers a full suite of AI such as chatbots for business.
- Google Cloud leads the way in data management and machine learning.
- DataRobot AI provides business analytics for non-specialists to use.
These services undoubtedly make specific processes and models more efficient and cost-effective in the long run. Yet leaving complex decisions to machines without the human element opens up the forum for debate on limitations where actual harm is likely.
One of the most controversial uses of AI for business is the current cryptocurrency market. The decentralized nature of blockchain systems means the system is void of any actual human control. Therefore, crypto forecasting is completely AI-driven, which begs the question as to what really dictates the prices of Bitcoin and Altcoins like Ether and Luna? At the time of writing, BTC, ETH and LUNA are experiencing historical lows, with BTC at almost half its value compared to six months ago, wiping billions of dollars from the board for many investors.
With so much volatility, it’s hard to say whether this is the end for crypto since this isn’t the first time it has suffered such a dip in value. One such example was when BTC lost almost all of its value following a ban in China in 2003, when it was one of its earliest substantial peaks. Yet last year, the price of BTC rose to a staggering $64,000. However, cryptocurrencies like Bitcoin and Ether aren’t the only new kids on the blockchain. Non-fungible tokens (NFTs) are currently among the hottest digital trends after making a splash on the digital art scene.
Like crypto, NFTs use the blockchain ledger to record each time a digital asset is transferred between owners. Because of this, the tech lends itself to buying and selling one-of-a-kind digital assets such as artwork, video game items and even eBooks. Yet the technology can potentially help with today’s supply chain issues. The information stored in the blockchain is so accurate and unhackable that it could help eliminate blocked movement of goods due to shipping discrepancies and mishandling. Perhaps the solution is, yet again, a digital one after all.
Digital technology can help with all manner of business. For example, digital marketing is already in use by millions of companies. And the emergence of virtual money and blockchain drives the industry. At the same time NFTs are emerging as useful for more than asset transfer.
