2018 has seen growth in innovation in the fields of Artificial Intelligence (AI), the Internet of Things (IoT) Blockchain technology (DLT) and Machine Learning (ML). It is highly expected that AI, IoT and DLT will see mainstream evolution in the new year – 2019.
IoT applications and services have registered the greatest significant impact. IoT has enabled businesses collect and ascertain real-time data to help everything from battening the client experience to streamlining supply chain activities.
The integration of ML and AI into a wide range of services has enabled the technology to become easily accessible and digestible in 2018 compared to how it used to be in previous years.
AI is used to sharpen the recruitment processes in various companies, especially in skimming through job descriptions in order to shortlist applicants and other candidates. Deploying Ai-based tool helps in saving time and effort, since the tool auto-matches an applicant with best-in-class members, hence the latter works as a benchmark.
According to the Cycle of Progress (CoP) survey that was recently carried out across the world, shows that around 46% of the world businesses surveyed have already adopted AI.
“About 43% of decision makers see AI as having a positive impact, and only 3% of business leaders think that it will have a negative impact,” Srinivasan said.
2019 will see the evolution of distributed ledger technology guaranteeing security and will also improve efficiency. Blockchain technology does not only apply in cryptos such as Bitcoin, it is widely used in variety of services such as health sectors, food industry and many more. The global implementation rate of blockchain is now at 44%, according to the CoP survey.
The prospect for digital transformation seems to be significant, however, it carries some challenges. Among the challenges include; ever-growing skill gap, high cost, weak security and lack of privacy.
Following the prompt of a ban on financial institutions servicing industry commercial enterprises by the central bank in 2018, a court challenge is still ongoing.
Earlier in 2018, a separate prediction claimed that DLT in telecoms alone is more than likely to be a $1 billion industry by the year 2023.