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Top 9 Technology Trends In The Next 5 Years

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Nate Nead


Technology is always changing and we can expect all sorts of new initiatives to take place in the next five years that will change how we live. Below are some of the most interesting technology trends we see coming in the next several years. 

Expansion Of The Metaverse

We have been reading a great deal about the software development of the Metaverse and what the new Facebook initiative could look like in a few years. While it isn’t yet possible to live in the Metaverse, we think in five years, it will possible to fully immerse yourself there. 

Right now, the Metaverse is where the World Wide Web was in the mid-90s. Many people believe once it advances and improves, the Metaverse will have a revolutionary impact on us like the Internet did. It’s expected this will forever change how we socialize, work, and live, and organizations that don’t adapt to the Metaverse will be wiped out. 

The big driver of the Metaverse experience is gaming. As the Metaverse’s technical capabilities grow, more games will be available there that completely immerse you in the experience. And that life-changing experience is what will make people move to the Metaverse. 

We could eventually get to the point where people live most of their lives in the Metaverse. 

Edge Computing

One of the major concerns for many organizations today is the lag that can affect how operations are managed. That is why many industries are concentrating on how efficient and responsive computers are so data can be analyzed as quickly as possible. This is where edge computing comes into the picture. 

Edge computing brings computer processes and data storage closer to organizations and reduces response times and lowers the amount of bandwidth used. 

Some advantages of edge computing that we will see in the future are: 

  • Boosts cybersecurity to a new level by reducing problems with privacy regulations, local compliance, and the sovereignty of data. While many think that edge computing makes the possibility of cyberattacks more likely, the truth is that it reduces the impact on the organization if an attack occurs. 
  • Computer speed will increase dramatically with edge computing as it reduces latency. For instance, self-driving cars need faster computer processes because every fraction of a second the vehicle is moving is critical. Data analysis is limited to the edge, so processing speeds can be massively accelerated. 
  • Reduces the cost of keeping the data by categorizing it according to a management point of view. Data can be kept on locations on the edge so it reduces the cost of bandwidth. 

Drones

Many people think drones will be much more common by 2024 and 2025. Right now, drones are mainly used only by videographers and photographers. But soon, drones will be cheap enough that a lot of people will want to own them. And with improved technology, they will be able to be flown for many hours at a time without a recharge. 

Drones also will not require permission from the government in the next few years, so they could be used for more things. For instance, drones may be used more to find people or animals that are lost. There also could be more use of drones to deliver consumer goods. 

There will be a time soon when none of us can go through a day without seeing a drone. 

Blockchain

Many of us only think about blockchain technology in terms of cryptocurrencies such as Ethereum and Bitcoin. However, blockchain offers many types of security that are beneficial in other areas. 

Blockchain is data that only can be added to and cannot be taken from or changed. Because the data cannot be changed, it makes it extremely secure. Also, blockchain is driven by consensus so no one person or organization controls the data. Blockchain means there isn’t a third-party gatekeeper keeping control of the transactions. 

AI

Artificial intelligence will grow by leaps and bounds in the next few years. Recently, the idea of AI has advanced as researchers and scientists have found more innovative ways to use the tech. 

We think one area that will expand rapidly for AI is healthcare. With the development of artificial neural networks and advanced deep learning, medical professionals will be able to do intellectual tasks a lot faster. 

Further, AI in the medical field will help doctors to leverage data to notice patterns that can make the delivery of healthcare a more personal experience. Healthcare could see major changes because of AI with healthcare professionals spending more of their time working with the patient rather than understanding the diagnosis. 

Cloud Computing

Cloud computing will only get bigger in the coming years as more organizations large and small put their data in the cloud and stop relying on local servers. We can expect a large transition to cloud computing in the next five years in many organizations, businesses, and industries. 

There also will be more advances in alternatives to cloud computing, including edge computing (which we detail on this list) and fog computing. Fog computing bypasses the challenges with cloud computing not being able to process massive amounts of data in a short time. 

Fog computing moves every function the network’s edge so speeds are much faster. 

Robotic Process Automation (RPA)

RPA, like machine learning and AI, is another emerging technology that will automate many jobs. RPA involves the use of software to automate routine business processes including processing technologies, interpreting applications, manipulating data, and even answering texts and emails. RPA will essentially automate common tasks that people once did by hand. 

Some sources estimate that robotic process automation will threaten the jobs of more than 200 million people and up to 9% of the workforce around the globe. RPA, however, also will create new jobs, and it is believed that most jobs can only be partially automated, not entirely replaced. 

Tech professionals who want to learn the ins and outs of RPA will find jobs as RPA developers, analysts, and architects. 

5G

No list of emerging tech trends is ever complete without talking about 5G. This is the new generation standard in mobile comms that offers faster speeds and reduced latency. This is great news because so many of us use our phones all the time to live our busy lives. 

Of course, 5G networks have been developed for many years. But now the networks are starting to go online and 5G is offering much faster speeds on mobile devices and Internet connections are more reliable. 

With so much more wireless bandwidth available, it’s not possible for more IoT devices to connect with each other. There also will be more possibilities in the future for self-driving vehicles and even smart cities. All of these things will be made possible by much faster wireless data transfers with 5G networks. 

Quantum Computing

Quantum computing is a type of computing that uses quantum principles including quantum entanglement and superposition. This intriguing trend in technology is also part of preventing the spread of viruses and developing new vaccines. These things are possible with quantum computing because of the ease of monitoring, querying, and acting on data, no matter the source. 

Quantum computing also should be of use in the future in finance and banking to reduce credit risk and detect fraud. 

Quantum computers are now much faster than conventional computers and large brands of computers are now making significant advances in quantum computing. 

This list of technology trends in the next several years shows how much technology changes in a short time. While all of these technologies are still relatively early in their lifecycles, we can expect that they will continue to improve and evolve in the next five years. 

By the time another five years passes, it’s hard to imagine how much more advanced technology will be but we are sure it will be impressive!

Nate Nead

Nate Nead is the CEO & Managing Member of Nead, LLC, a consulting company that provides strategic advisory services across multiple disciplines including finance, marketing and software development. For over a decade Nate had provided strategic guidance on M&A, capital procurement, technology and marketing solutions for some of the most well-known online brands. He and his team advise Fortune 500 and SMB clients alike. The team is based in Seattle, Washington; El Paso, Texas and West Palm Beach, Florida.

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Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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