In the realm of technology, the progression goes unrestricted, and so do the negative and positive impacts of technology. Reports speculate that tech is capable of producing both constructive and sinister effects on humankind based on its implementation.
Early adoption of technology has made the transition easier and feasible. Tech advancements have contributed to almost every industry and society- even when failed – in a positive or negative way.
Technology is an umbrella term that encompasses all from smartphones to Blockchain technology. Apparently, the world has been reshaped by technology, and that technological involvement has raised the productivity bar, inclusivity and competition are true to a great extent. We can’t negate the fact that extended screen time can ensue health consequences like anxiety, depression, insomnia, and eyestrain. However, with pros come cons, and it should be acceptable.
Coming on to the positive impact of technology, Blockchain is on the forefront and has transformed the way things work. The technology has solved major key issues related to security, trust, speed, transparency, and instant traceability of data. Whether it’s about crowdfunding of new business ideas or drifting business approaches for transaction-based processes, a broad range of use cases are being developed to utilize the best of it.
The implementation of Blockchain technology has solved various issues that revolutionize the data storage, trade and finance management and transfer of values having a digital identity. Not only does it eliminate the need for third parties, but it also reduces the use of paperwork and so errors. Similar to that, there are numerous technologies that are affecting one’s life- negatively and positively. Let’s discuss the impacts of technology on our lives and major industries.
Supply Chains and Food Chain
Of course, we believe that technology delivers benefits, and the food and supply chain is too intense to be covered manually and here comes the need for technological intervention. Technological involvement would give you an end-to-end vision of their supply chains, but technology can be a barrier too in this industry. Let’s go through the pros and cons of technology in the supply chain and food chain. Get the work done by professional Blockchain developers, experts, and consultants to let your business grow at the desired pace.
Pros
- Process Automation in the Warehouse
- Augmented Reality; Voice-Based Technology
- Monitoring Ecological Effects, Smart Farming, And Other Value Forecasting
- Reduce the possibility of a global food disaster
- Eliminate Waste and Improve Food Safety
- Real-time Technology to Track Warehouse Information Systems
- New technologies are Dynamically Transforming Agriculture Sector
Cons
- Technological Intervention May Create Certain Barriers Not Worth Facing
- Slow Or Delayed Technological Adoption
- Technological Errors Are Difficult To Rectify
- Least attention towards Food Safety, Security and Traceability
Banking and Financial Industry
An industry that requires the highest security parameters is the banking and financial industry, as it technically leads other industries. Securing the bank and finances sector with hi-tech support would multiply the support, security and convenience. Automation and systemization are the keys to the bank and finance industry. Agree or not, Fintech has become an important part of the day-to-day.
Pros
- Automate the Delivery Of Finance Related Services
- Improve service quality, security and sustainability
- Streamline, augment and digitalize finance-related services
- Sophisticated product development and implementation for increased flexibility and upgradability
- E-banking is all set to change the customer experience and service quality
- Empowers unprecedented opportunities for fintech platforms
- Financial services are extremely reliable when used on mobile/web applications
Cons
- The sheer breadth of tools may elevate the ambiguity in tasks
- It’s difficult to encompass intricate concepts using technologically (that require human/manual support)
- The technological intervention will disrupt traditional financial probabilities and services
- Not everyone is apt in using technology and may fail to connect the dots
Education Sector
Since Covid has affected the way we study, the virtual education model rescued us all. From online classes to webinars, learning platforms have made education more accessible and scalable than ever. People with disabilities can now learn more efficiently through concrete and student-centric processes. We can see how the positive impacts of technology have saved us from educational catastrophe.
Pros
- An interactive teaching-learning experience along with an endless supply of learning materials or resources.
- Improved peer-to-peer communication, teacher-student collaboration and access to resources.
- Students can find educational apps to interact in a spontaneous way.
- Technology can excite young students to be more intuitive to learn things on their own.
- It will make the generation more tech-savvy and future driven.
Cons
- Mobile phones, laptops and internet services are not accessible by all and this brings in a breach.
- Technology can discourage creativity and can affect the performance/ personality of students.
- Internet and mobile devices will distract students from being focused.
- Reduce opportunities for socialization for students who are more likely to remain active online.
Healthcare Industry
In the last two years, things in the healthcare sector have changed drastically. Apart from smoother communication, we have numerous things to deal with in the healthcare sector and technology has supported it all apparently. From medical equipment to surgical treatment, impacts of technology intervention can streamline the entire work-life.
Pros
- Makes it easy to measure, capture, and secure patients, doctors and other valuable information.
- Allows patients to self-manage their health conditions by keeping a track of symptoms.
- Health IT has improved care coordination, health management, and patient education.
- Health-centric apps can be used to recommend medication, flags, remainders, and consultations.
Cons
- Cyber security risks in health care are quite high.
- Risk of data breaches for privatized data.
- Frustration with Poor Implementation.
- Difficulty in leveraging data and technology.
- Increased Costs for the Patients due to technological adoption.
Pharmaceutical Industry
Pharma companies are always on the lookout for innovative ways and incorporate tech into the industry more than ever. Requiring extreme precision, pharmaceutical industry can get the best from technological arrangements. Let’s take a look on the impacts of technology in pharma industry.
Pros
- Barcode recognition of medications using EP devices.
- Automated medical delivery and management by Medical robots.
- AI to analyze large data accurately.
- 3-D printed medical devices or organs for real touch.
- Automated and advanced voice communication.
Cons
- Sensitive data of patients at considerable risks.
- Less interactive for patients.
- Technology changes incredibly fast, and coping up with speed is hard enough.
Government Sector
Government agencies are too diverse and can utilize the full potential of technology. The more it relies on the technological front, the more and better field it caters to. We all know that government offers various facilities to all, but these facilities fail to reach to common man, thus making their life tough. With technological implementation, common people not only stay updated about these services but also get access to them.
Pros
- Transparency, efficient and cost-effective workflow.
- Connects government with society and the world.
- Improved services and better accessibility.
- Service-based apps to reach out to more people.
- Reduces the incidents of document forging and corruption.
Cons
- Degrading performance due to internet connectivity or server issues.
- Vulnerability to cyber attacks.
- Lack of privacy for civilians.
- Not every department can go online.
- Lack of information access and reliability.
Real Estate Sector
The condition of the real estate sector has been awful in the past few years, especially due to negligence and lack of technological involvement. Greater transparency, improved security, and enhanced traceability are required in this sector, from property finding to renting and selling, along with proper documentation. Keeping a track of all this requires automation as manual feeding of data would lose its reliability over time and would become frustrating eventually. Implementing adaptable technology, like Blockchain, to enable smart workflow would be the best resort. Hire Blockchain developers in Noida on a dedicated, full-time, or hourly basis to get your favourite app developed.
Pros
- Automated Property Rent/Purchase Platforms for Streamlined process.
- AR/VR for 3D Virtual tours, property marketing and investigation.
- Conversational AI to Guide Clients and solve queries.
- Real Estate Mobile Application for Real-Time Accounting.
- Proper Tenant and Investor Digital Identity.
- BI and Business Analysis Algorithms for Prediction.
- Equipping Smart Homes with the Internet of things.
- Localization and the power of geolocation.
- Use Blockchain to prevent frauds, eliminate mediators and investment barriers and provide relevant information.
- Tokenize actions, Digital identities and smart contracts.
Cons
- Things may look more appealing than they are.
- Prices may vary from what is shown on online platforms.
- Reality lies outside mobile apps; personal inspection of the property is necessary.
Technology integration is meant to simplify tasks and makes everything accessible. Though unrestricted use may bring in issues, but if watched carefully, we can make the best out of it. Like any other reliable technology, Blockchain technology is setting new standards to make every industry accessible to the public or customers. To know how to grow in your particular industry, start off with business-centric applications. Hire Blockchain Developers to get it done professionally.
