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of the 151 banking respondents reported that they are investing in blockchain technology
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In other cases, analysts are bunched together in a data analytics group, far from their internal end customers. Regardless of structure, analysts invariably duplicate work performed by their colleagues and have low levels of trust in business outcomes due to faulty data.
There seems to be myriad applications of AI and ML in every industry. But there are some key issues that need to be addressed if development is to accelerate at a faster clip. “Heading into 2018 and beyond, a distinct barrier that still exists for any artificial intelligence solution is its inability to make a judgement in a particular situation. While AI is incredibly capable of processing and interpreting data better than a human ever could, it’s limited in being able to appropriately identify the right data sets to use in a specific instance,” said Matt Swenson, CEO of AI platform, Augment.
Bitcoin, an online cryptocurrency that initially seemed like a digital black market, is built on top of an ingenious infrastructure called blockchain. And blockchain is already changing the way we do business and conduct our day-to-day.
The proliferation of smart devices, the availability of personal mobile devices, and the addiction to being always-on will quickly consume any benefit of faster internet and 5G connectivity. This technology will raise the bar on expectations of speed and availability for most users around the world, which means we’ll need to get working on 6G and mesh networking technology right away.
Additional use cases and applications for AI and ML
Gil Gidner, Co-founder of marketing consultancy, Discosloth
Jon Pilkington, Chief Product Officer of DataWatch
Engineers are plentiful, but try to hire a 3D Printer service tech, laser machining operator, CAD designer, or robot programmer and jobs go begging. STEM education is a start, but many of those programs channel students towards engineering. For operators and technicians, new curriculum and trainings are needed.
For example, AI chatbots typically only satisfy 30 percent of requests when acting on their own. This provides the perfect opportunity to keep humans in the loop, utilizing human judgement to address situations AI can’t, and vice versa. In essence, AI isn’t ready to act on its own in any facet of business – at least not for the next few years; it needs to work in tandem with humans for a smarter overall result.
Jon Pilkington, Chief Product Officer of DataWatch
In order to get the most out of large data sets, organizations must shift their culture and budget towards data-driven decisions. This includes building analytical skill sets and best practices internally, securing accurate data, and measuring the performance of data-driven decisions to demonstrate impact. A business’ competitive advantage in today’s volatile marketplace depends upon it. According to Pilkington, “2018 will be the year when the conversation changes from self-service to team-based enterprise data preparation and analytics. With collaboration, socialization, and governance as its core principles; businesses will create a data-driven culture by bringing analysts together for the common purpose of getting answers that profoundly impact operational processes and the bottom line.”
Innovation is continually underway using...
Rob Brown, COO of software development firm OnceLogix
Clearly, telecommunications giants are in a race to launch 5G first - and with good reason. 5G is poised to change all of our lives in a big way.
The time-consuming process of radiology, including interpreting MRI results, comparing chest x-rays, and analyzing medical imaging reports, is about to get a boost. A new partnership between NVIDIA and Nuance intends to bring artificial intelligence and machine learning to the radiology discipline, with the goal of drastically speeding up existing processes.
As we transition to a world where things, not just people, are connected to the internet, our focus is shifting to the massive amount of data collected by these devices. New technologies can take that data and use it to create optimized experiences, similar to artificial intelligence. In this case, it’s called the Intelligence of Things.
and an Ernst & Young study reports that
Given that the basis of blockchain is a system for mass verification of transactions, the most obvious applications are for banks and financial institutions.
Technology Trends 2018
5G is one of the most important technological shifts that will drive a fundamental change in our communications infrastructure and is so much more than faster internet… It will be a transformative experience
So what types of businesses are jumping at the chance to implement blockchain technology?
According to those surveyed in The World Economic Forum report
Seventy-one percent of the Forbes Insights report respondents stated that
Fifth Generation (5G) Wireless Broadband
Consider a couple of the examples above. Your refrigerator knows when you run out of milk. Instead of just telling you that you need milk, it can send a signal to your Amazon account, which triggers a grocery order. Your grocery order can be delivered via Amazon Key, so you don’t even have to think about managing your milk inventory.
And that’s just a small-scale example. Even more can be gleaned from larger amounts of IoT data. Self-driving cars can use data gathered on traffic closures, weather conditions, and pedestrian locations to provide an optimized experience for all riders. And with the upcoming launch of fifth generation (5G) wireless broadband, data will be passed much more quickly - and acted upon in real time.
Kyle Metcalfe, CEO of Inspired eLearning
You know how in a playground football game each player knows what the score is at any one time and you can’t change the score without convincing everyone playing that there’s a very good reason for doing so? Well in a very similar way, each node in a blockchain-based peer to peer network has an identical copy of the network’s ledger of events, and that ledger is immutable.
Researchers at Georgetown University project a shortfall of 5 million workers by 2020 - based on a lack of training and education.
Technological innovation will continue at lightning speed in 2018. Blockchain has the potential to forever transform online vulnerability - for the better. Data-driven decisions will help businesses compete in increasingly competitive markets. Artificial intelligence and machine learning will continue chipping away at mundane, repetitive tasks and eventually achieve self-regeneration. Fifth generation (5G) wireless broadband will increase connection speeds beyond what we can imagine today. Technology education will evolve to meet the growing needs of a technically-savvy workforce. And as more devices (in addition to people) come online, data sets will mesh into the Intelligence of Things.
of US homes will have a minimum of one smart speaker by 2022
According to the Intelligence of Things Tracker by PYMTS.COM...
So what are some of the newer applications for AI and ML? Here are just a few examples:
Let’s say you’ve made a purchase online at a big-box retailer, with the intent of picking it up at the retailer’s smart locker. If the robot managing the smart locker breaks in the middle of picking up your package, you don’t get your items - and you have to come back again. On an even bigger scale, manufacturers can save massively by using IoT data to predict machine breakages before they happen. For every second the manufacturing process stops to repair a machine, that’s time and money down the drain. In 2018, expect to see an increased focus on security and predictive maintenance. Both these levers are the insurance policy for the ever-important Intelligence of Things.
Check out a number of sample Missions showing some of GoSpotCheck's various use cases.
Scrutinizing all data points drives business decisions, according to the Forbes Insights report “Analytics Accelerates Into the Mainstream.”
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Even without immediate, rapid banking adoption, experts still predict the widespread proliferation of blockchain technology. According to Jeremy Epstein, CEO of Never Stop Marketing, a marketing agency for blockchain startups:
Walmart / IBM
In order for these innovations to continue developing quickly, institutions of higher learning will have to launch new courses to support the burgeoning need for workers. “We’ll see the modern equivalent of “shop class” in the next few years, but with a focus on robotics, process design, mechanical design, basic programming, and similar skills,” predicts Dwayne Melancon, VP of Product at iovation. “This will be required to augment the ‘inventions’ of academia and big company research, with a workforce that can diagnose, maintain, implement, and repair the fantastic connected devices we all love.” The transformation of shop classes to teach skills required for the new economy is already happening - at high schools in Georgia and California, for example. Educators and administrators are adapting to the demand for what are now called “New Collar” workers.
Before the rise of the personal computer and subsequently, the internet, access to mass quantities of easily-manipulated data was in very short supply. Similarly, ten years ago, there might have been one data analyst for an entire company, analyzing a very limited number of data sets. Fast forward to today, where businesses have entire divisions dedicated to data analytics - sometimes with analysts plugged in at the department level.
Projections estimate that 5G will increase speeds by 50x, with a latency of around one millisecond. Speeds that fast are almost unfathomable. If networks can move data that quickly, the possibilities seem endless. Driverless cars are already on the roads in various US cities. With the advent of 5G, driverless cars will be able to seamlessly communicate with each other and with infrastructure in the area. Doctors could potentially conduct surgery from remote locations using robots and the speed of 5G to perform operations. Energy grids will be able to deal with power surges in real time, and bandwidth-heavy augmented reality and videos will take the place of standard web pages - all thanks to 5G.
Large manufacturers like Siemens and GE have launched massive neural networks to optimize the entire manufacturing process. Siemens’ gas turbines have over 500 sensors that monitor numerous variables, so they can make adjustments for optimal function. GE has built artificial intelligence and machine learning into the entire factory process. Using their Predix system, the new Brilliant factories have increased productivity and on-time deliveries of airplanes.
of executive respondents believe that data should be at the heart of all decision-making
So what happens after the launch of 5G? Some experts believe that we’ll quickly become accustomed to these incredible speeds.
Maersk is working with IBM’s blockchain for cargo delivery as well, but on a much different problem - managing manual, handwritten approvals required from upwards of 30 people at worldwide cargo delivery ports.
Currently, radio waves transfer data over various frequencies, and new technologies haven’t been so diligent about separating different types of data for different frequencies. The International Telecommunications Union (ITU) is reworking the entire radio network, while still maintaining the ability to send data via 3G and 4G networks.
The Internet of Things becomes the Intelligence of Things
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We’ve seen a huge influx of technological innovations in the last 20 years, including massive adoption of personal computers, internet usage, and mobile devices. Increasingly faster network speeds will soon be the new norm, with the launch of 5G on the horizon. And most recently, blockchain, artificial intelligence, machine learning, and virtual reality have made their debut. There’s one thing all of these innovations have in common: they require highly skilled humans to build and maintain them. And right now, there’s a pretty wide gap between the demand for workers with technical education or certifications and those that have them.
Businesses are overwhelmingly using outdated processes like spreadsheets to manage vast volumes of data. Data analysts have high levels of autonomy and are often siloed throughout organizations. Sometimes they operate in a specific department, walled off from other analysts.
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Rob Brown is exactly right: businesses have been relying on data to power decision-making as long as they’ve been able to capture data sets - no matter how rudimentary or small.
Think about the technology driving most of our online interactions today. Data transfers, transactions and the like, take place at a centralized location - usually somewhere on a server farm. Massive amounts of server-stored data are vulnerable to hackers who become ever more creative. Blockchain technology is changing that vulnerability - for the better. At its heart, the blockchain removes the central point of failure for any underlying server. Instead of verifying and performing transactions on one computer in one unified database, those interactions are verified and completed on multiple, authorized computers - known as nodes.
Tech education is becoming more important than ever
The Internet of Things (IoT) is quickly becoming a ubiquitous part of modern society. Large manufacturing companies have been using sensors to track equipment for years, but now we’re seeing them pop up in our daily lives. These devices all have one thing in common: a connection to the internet. Refrigerators that can tell you when you’ve run out of milk. Wearables that monitor our physical activity. And the latest example is Amazon Key - the smart lock and security camera that allows Amazon delivery staff to enter your home to deliver packages.
Jason Elliott, 5G Market Development Manager at Nokia
Working toward a trial launch of 5G at the 2018 Winter Olympics
Putting analytics power in the hands of the business user was supposed to create agile companies and deliver analytical, data-driven decisions. Instead, companies are in worse shape than ever before.
It might sound complex, but consider this analogy from Blockchain Recruiter Martin Jee:
And this issue of the limitations of AI and ML is a big one, especially given the ever-increasing need for machine-learning engineers. But there is a solution coming: Google is working on building AI that is smart enough to build more - of itself.
In 2018, we're seeing a massive shift towards decentralization. Not only are people shying away from traditional job roles and career paths, but we're seeing a systemic shift from silo structures into a much more open dynamic.
Cisco’s Advanced Technology Fair recently demonstrated applications that can speed up one of the biggest time-sucks in corporate America: meetings. Using a combination of voice-activated assistants, facial recognition, smart targeting of video and audio inputs, proactive listening, and even virtual reality tools, the firm hopes to reduce the amount of time (and frustration) spent managing meetings.
Artificial Intelligence & Machine Learning
Because it’s a behind-the-scenes framework, blockchain isn’t something that consumers are clamoring for. However, the majority of businesses stand to solve massive problems using blockchain - and save big money in the process.
Dwayne Melancon, VP of Product at iovation
of organizations lack critical IT skills
Sarah Boisvert, Founder of Fab Lab Hub
Matt Swenson, CEO of AI platform Augment
Increased reliance on data analytics to drive business decisions
Data-Driven Decision Making
The launch of the smartphone has revolutionized the way we live and work. With the release of 4G in 2010, users experienced faster speeds than ever before. And now, the fifth generation of wireless broadband, 5G, is headed our way.
So if data is increasingly powering business decisions, saving precious dollars, and gaining valuable insight, then what’s the problem?
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Our world is about to be revolutionized again, and the impacts are pretty unbelievable. Read on to learn what’s happening with the most innovative technologies.
“Skills are changing rapidly, and it is not as easy as it once was to keep up on everything by oneself,” said Clyde Seepersad, General Manager of Training and Certification at the Linux Foundation. “The methods of training are changing as well, with online or virtual courses as the most popular. Many of these courses are offered in a self-paced model, making it easier to fit this type of training into a busy schedule.” “This makes it more practical for individuals to make time for the courses and lowers costs, making professional training far more accessible. We expect to see these trends continue to accelerate in 2018 and beyond.”
Fifth Generation (5G) Wireless Broadband
And when businesses strategically use data, they reap big benefits. A McKinsey study on data-driven decisions related to marketing reported that respondents were able to reallocate up to 20 percent of their budget.
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However, according to the 2017 State of Banking Innovation survey, only
Scheduled to launch 5G in the US towards the end of 2019
Artificial intelligence (AI) and machine learning (ML) used to be reserved for the stuff of fantasy - science fiction movies and our own imaginations. Then along came IBM’s Watson, a computer that could play Jeopardy - and win - against humans. Since Watson’s launch in 2010, there’s been massive growth in real-world applications of both AI and ML. Some standard examples (like chatbots) take repetitive tasks formerly done by humans and make them faster, with limited or zero human interaction. Other robots make it easier to surface instances of fraud based on pattern recognition, where humans formerly did the same work based on gut instinct.
Walmart’s partnership with IBM is using blockchain to track and manage food shipments all over the world, enabling faster and easier recalls in cases of contamination.
The report finds that the top four areas that use data analysis for business decision-making are...
The rise of 5G and a faster internet
Snapped up 5G deployment areas at an FCC auction to further their goal of being first to market
of business decisions are made using data analytics
The next step to increase adoption of IoT is to address consumer security concerns. Even with high adoption numbers, PYMNTS.COM reports that 90 percent of consumer respondents don’t have high confidence in the current level of IoT security.
What’s enabling this dramatic increase in speed?
Intelligence of Things (IoT)
of banks will implement blockchain technology
Teams will be able to create, find, access, validate, and share governed, trustworthy data sets and models for true enterprise collaboration and faster, more strategic decision-making. Using this actionable intelligence, analysts will be able to truly transform businesses into data-powered success stories.
Past predictions have indicated that by the close of 2017
Watch for updates as our technology trends manifest throughout 2018!
These innovations aren’t receiving a lot of pushback. In some cases, consumers even prefer artificial intelligence to human interaction. According to the 2017 holiday shopping survey conducted by IFTTT, more than one-third of shoppers surveyed said they’d rather shop with Alexa or Siri from home.
global IoT devices will be in use by the close of 2017
And never to be outdone, Google’s latest privacy application can notify you when someone is looking over your shoulder at your screen.
of respondents in an Accenture insurance survey reported they’d be pleased with insurance advice provided by a computer (not a person)
The year 2018 promises to be another compelling chapter in the technology race that will transform our world with speed, intelligence, and a high level of security. Every year, industry experts predict what will happen next on our fascinating journey.
"Blockchains are rapidly gaining mainstream acceptance because, as people explore and understand their potential and - more importantly - the implication of their arrival, they invariably reach the conclusion that the value proposition for industries that are full of intermediaries is extremely high, because they allow for transactions to settle at lower risk and potentially lower cost.”
Applications abound in every industry, in highly-regulated fields such as law, identity management, healthcare, and even election management.
What happens if that driverless car you’re riding in gets hacked, or someone steals the WiFi password from your wearable device? Panasonic recently launched a cyber security system targeted specifically at autonomous cars - to detect potential hackers and keep them from being successful. That proactive behavior is critical to the success of a healthy IoT system, especially in the form of predictive maintenance. The infrastructure behind our IoT ecosystem has to be several steps ahead of failure, as those failures can cause big problems.
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With the explosion of IoT devices, technology is now creating exponentially more backdoor entries into our personal data, financial information, and corporate secrets. This is an unprecedented amount of possible access, and it is dangerous to all of us.
Learn how other companies leverage GoSpotCheck to gain visibility and drive execution.
Using data analytics to drive business decisions is not a new concept.