Assessment Task
Introduce major current mega trends in business (show full extensive knowledge and research capabilities). After this, identify a chosen market or sector, and then investigate the impact of the mega trends studied and the emerging trends on that market or sector. Following on from this displayed research and knowledge your next task is then to identify a major entrepreneurial business opportunity arising as a result of the impact of the that trend chosen, full explaining why this mega trend has paved way for this opportunity and what the potential business opportunity will entail including theoretical backing and external knowledge. Consistently throughout report, knowledge, research and theoretical backing should be synthesized elegantly.
Solution
Introduction:
Future forecasting is an interesting subject which often attracts businesses, governments, and individuals to be better prepared for it. Even though the forecasting is completely focused on making decisions about the future; the knowledge, experience, and facts on which these decisions are based are dependent on historical trends. These historical trends are the basis on which future trends are predicted.
Today, if we look at the future trends that are expected to influence our future selves; we would be able to identify better the opportunities that may have the potential to act as a foundation for successful business. Reflecting on the mega-trends that may be relevant shortly, one industry sector which is expected to be the most prosperous is that of technology. It is evident by now that the implementation of technology is not limited to one sector. The boundaries of technology had extended long before when its implementation was adopted in literally every industry sector. From agriculture to space, every field is utilizing technology to go ahead (Active Wizards, 2018).
Even though the negative aspects of technology are also surfacing, and critics are complaining about the effect technology has on human thinking, relations, and emotions, physical and mental development; it is not expected that this can affect the advancement in this field (Watson, 2013).
Mega-Trends:
The current time has made us witness many new business models, products, emerging markets, and services. From dematerialization to premium business models, innovative ideas are remodeling the ways businesses were conducted. Within the tech industry sector, the megatrends which are expected to influence the future businesses include; advancement in artificial intelligence and its implementation in various sectors, implementation of blockchain with potential of erasing paper transaction completely (Leichman, 2018), advancement in the Internet of Things, importance of position of Chief Data Officers, and increase in privacy protection and ethical debates (Active Wizards, 2018).
The literature on Mega-Trends utilized in Business Opportunity:
The business opportunity that can be identified from the analysis of the future trends within the tech industry sector is related to the blockchain and artificial intelligence mega-trends. By using the technology of blockchain, we can track, explain, and understand the decision made by the artificial intelligence. Conversely, we can also use artificial intelligence to manage block chains (Marr, 2018).
Current Mega-Trends in the Technology sector:
We all are in awe after witnessing the velocity of advancement in technology trends. Everyone wants to stay updated on the hottest trends in this industry. Staying back is not an option. Staying updated on latest technology trends is not merely a tool for keeping ahead of competitors but a struggle for survival. The mega-trends which are expected to be “hot” in the future includes digitization of currency in the form of block chain, digitalization in the field of construction, quantum computing based cyber security, smart mobility, AI, advancement in food engineering, emerging of personal prescription drugs industry, increase in aging-aiding technological devices, and smart shopping (Leichman, 2018).
These trends are not merely guessed by individuals but are based on survey-based research conducted on multinationals, CEOs, and partners of the Our-Crowd. The Our-Crowd Global investor Summit; the seminar conducted in Jerusalem on February 1, 2018, discussing the hottest trends of 2018 gives us a glimpse into the future of the tech industry (Our Crowd, 2018).
Block Chain Technology:
The business opportunity presented in this proposal is based on two of the mentioned mega-trends of 2018. The first one is that of Block Chain. It is very likely that most of the people have heard about the block chain, but do not have the precise idea of its potential. With the invention in 2008 of bitcoin, a new concept was introduced to the world. It is one of those things which have the potential to impact every industry. Where some think it is a revolutionary idea, the others think that it would require time to implement it. In both cases, the potential of this revolutionary idea cannot be denied. Big multinationals are already concentrating on writing the proof of concepts for this technology. The block chain technology is expected to take a further 5 to 10 years for mainstream adaptation. Benefits like cost reduction, transparency, decentralized trust, and efficiency are expected from this technology (Bashir, 2017). The potential of this technology is being researched by scholars at this time in every potential field. For example, for tracing of the origin of products throughout the supply chain, one needs a transparent and foolproof metadata infrastructure which can be trusted by all the parties is also adaptable to the changing environments. Researchers have proposed the development of an origin Chain system which uses block chain technology for this purpose (Qinghua & Xu, 2017). There are various other frontiers on which the implication of this technology is being tested.
Artificial Industry:
The other mega-trend which is also identified in the business opportunity is the advancements in the artificial industry. Artificial intelligence has the potential to reshape business models completely. Industries have realized the value of implementing artificial intelligence for efficient business strategies and operations. 2018 marks the year when companies with a large number of employees will deploy artificial intelligence in their organizational and strategic development. Brave ideas, which were only envisioned, now are becoming real. The incorporation of AI will make industries more data-driven. Automation, data management, and robotization will bring substantial changes in industries with its implementation (Marr, 2018).
Combination of Mega-Trends:
The combination of the artificial intelligence and block chain technology studies by scholars and is expected to bring significant improvements in many industries. Healthcare is one of these industries which are expected to get revolutionized by the aid of these two technologies in overcoming of its big data shortfalls. IBM has been analyzing this business opportunity as well. CDC has long been engaged in analyzing the potential of block chain technology in public health (Bresnick, 2017).
The artificial intelligence researchers have found the problem that they faced. The ability to gather and learn from data mountains pulling error rates over the success line. This ability has enabled the artificial intelligence to get transformed. The implementation of block chain for the artificial intelligence leads to better models and more data and enables shared control of the training data and models for artificial intelligence (Anon., 2016).
Different researchers have put forward different business opportunities from the combination of these two mega-trends. Some believe that block chain can provide authenticity as it does not need intermediaries’ intervention. Thus, using block chain authenticity, artificial intelligence can enhance the security perspective (GIL-PULGAR, 2018). From these business opportunities, the selected opportunities are discussed in the business proposal.
Business Opportunity Proposal
The business opportunity identified relates to the potential benefits of combining of the two mega-trends; artificial intelligence and block chain.
The way encrypted distributed ledges can unwind new frontiers for the artificial intelligence is being discussed by tech scholars. This business proposal can be initiated by using experts in both technologies. After employment of block chain and artificial intelligence experts; the business should need enough investment to exploit this opportunity and bring a system which would use the combination of these both technologies for benefiting in providing security for personal data; storing of decisions information of artificial intelligence; using artificial intelligence in managing of block chain processing. With filing for patents for these services, the company can secure its position from competitors.
Artificial intelligence aids in the building of machines which are capable of performing activities and tasks which needs intelligence. Deep learning, machine learning, and artificial neural networks are some of the technologies which are being tested (Likens, 2018). At the same time, as discussed, block chain is another cutting-edge technology, which is opening new frontiers for businesses. The filing system for the digital information which can be used for distributed, ledger, encrypted storing of the digital information enables the creation of foolproof and robust databases. There has been theoretical research based on reaping benefits from the combination of the two mega-trends.
Providing Security for Personal Data
The business opportunity identified is based on the potential benefits of the combination of these two mega-trends. Data which is stored in the block chain is highly secure because of its cryptographic nature of filing system. It means that block chain technology is highly relevant for the storing of personal data which is quite sensitive. It would essentially require strong standards of data security for guarding against any protection breaches. Artificial intelligence, on the other hand, also brings a lot to the table regarding security. A specific field of Artificial intelligence includes the building of algorithms having the ability to work with processing data and operating it in an encrypted data (CB Insights, 2018).
Storing Of Decisions Information of Artificial Intelligence
Blockchain can aid in tracing of the decisions which are made by the artificial intelligence. Decisions which are often made by the Artificial intelligence are considerably harder to understand. It is because of the reason that they can assess the many variables at a time and identify which ones are crucial and which ones are not and measuring their impact. Blockchain can aid in storing and tracing of these learning to understand the decisions (Zetlin, 2018).
Using Artificial Intelligence in Managing of Block Chain Processing:
Furthermore, the artificial intelligence can also aid in managing the block chains more efficiently than the humans. Computers are considered fast, but stupid. Moreover, these computers also need large processing power as well. It implemented for the block chain’s encrypted data needs more power. Thus, artificial intelligence can be attempted to manage tasks in a better intelligent manner (Lukas, 2018).
There can be other potential benefits as well of the combination of these two mega-trends. But, the one identified are the most important ones which can be considered as a business proposition. The impact of implementation of this business proposition is expected to be revolutionary impacting not only the tech industry, but governments, media, and businesses all over the world. The opportunities are open for those striving to look for innovation.
Conclusion:
In the end, it is concluded that with many mega-trends, evolving throughout the industries with immense potential, the tech industry is witnessing the most crucial ones. Block-chain and artificial intelligence are two of the many “hottest” trends entering into the year 2018. The business opportunities of getting benefited after combining of these two Megatrends are substantial. The tracing and storing of personal data and decision made by the artificial intelligence which needs high security can be one way of utilizing bock chain technology. Another prospect is evident from the use of artificial intelligence for the effective processing of block chain technology. These both can be used conversely in combination with each other for benefiting each other. The two technological trends have the potential to provide revolutionary benefits on their own, but can be used to complement each other as well. Both seem to be capable of enhancing capabilities of each other and provide business opportunities for improved accountability as well as oversight.
References
Active Wizards, 2018. The Top 10 Technology Trends of 2018. [Online] Available at: https://activewizards.com/blog/the-top-10-technology-trends-of-2018/ [Accessed 3 March 2018].
Anon., 2016. HOW BLOCKCHAINS COULD TRANSFORM ARTIFICIAL INTELLIGENCE. [Online] Available at: http://dataconomy.com/2016/12/blockchains-for-artificial-intelligence/ [Accessed 6 March 2018].
Bashir, I., 2017. Mastering Blockchain. Packt Publishing Ltd.
Bresnick, J., 2017. IBM: Blockchain, Artificial Intelligence Combo to Alter Healthcare. [Online] Available at: https://healthitanalytics.com/news/ibm-blockchain-artificial-intelligence-combo-to-alter-healthcare [Accessed 6 March 2018].
CB Insights, 2018. Artificial Intelligence Trends To Watch In 2018. [Online] Available at: https://www.cbinsights.com/research/report/artificial-intelligence-trends-2018/ [Accessed 4 March 2018].
GIL-PULGAR, J., 2018. THE AWESOME POWER OF COMBINING AI AND BLOCKCHAIN. [Online] Available at: http://bitcoinist.com/the-awesome-power-of-combining-ai-and-blockchain/ [Accessed 3 March 2018].
Leichman, A.K., 2018. 10 disruptive tech trends to watch in 2018. [Online] Available at: https://www.israel21c.org/can-you-guess-the-top-10-tech-trends-for-2018/ [Accessed 4 March 2018].
Likens, S., 2018. Eight ways AI will change your business in 2018. [Online] Available at: http://usblogs.pwc.com/emerging-technology/8-ways-ai-will-change-work/ [Accessed 4 March 2018].
Lukas, K., 2018. Today’s topic #1: Blockchain market trends for 2018. [Online] Available at: https://medium.com/@lukaskai/todays-topic-1-blockchain-market-trends-for-2018-7ad199f8fece [Accessed 4 March 2018].
Marr, B., 2018. Artificial Intelligence And Blockchain: 3 Major Benefits Of Combining These Two Mega-Trends. [Online] Available at: https://www.forbes.com/sites/bernardmarr/2018/03/02/artificial-intelligence-and-blockchain-3-major-benefits-of-combining-these-two-mega-trends/2/#3814704b55fc [Accessed 4 March 2018].
Our Crowd, 2018. 2018 OurCrowd Global Investor Summit. [Online] Available at: http://summit.ourcrowd.com/ [Accessed 4 March 2018].
Qinghua, L. & Xu, X., 2017. Adaptable Blockchain-Based Systems: A Case Study for Product Traceability. [Online] Available at: http://ieeexplore.ieee.org/abstract/document/8106871/?reload=true [Accessed 4 March 2018].
Watson, R., 2013. Future Minds. [Online] Available at: https://www.youtube.com/watch?v=2SB72biU5e8 [Accessed 4 March 2018].
Zetlin, M., 2018. 5 blockchain trends to watch for in 2018. [Online] Available at: https://enterprisersproject.com/article/2017/12/5-blockchain-trends-watch-2018 [Accessed 4 March 2018].
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