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The COVID 19 pandemic has been a disruptor of traditional business environments, but it is hailed as one of the biggest accelerators for the digital economy. A KPMG study of some of the most influential CEOs of global organizations showed that nearly 80% of them opine that the COVID 19 pandemic has accelerated digital transformation in their business. Strategies, innovative digital products, and services that streamlined customer experiences, which usually were planned and executed over years had to be completed on a war-footing and deployed into the market within a span of weeks if not days.
The pandemic forced customers for businesses in nearly all sectors to prefer digital as their first or primary mode of interaction with businesses. It is not that the pre-Covid era was weak in digital, but the pandemic brought in a significant majority of first-time digital users into the picture. For example, a Deloitte survey pointed out that 20% of all retail banking customers had availed at least one digital service for the first time from their banks during the pandemic.
The story that is unraveling here is that digital will be the future which brings us to the next question –
Who will lead the march into a digital-first future?
From what we have seen in the last couple of years, the answer to this question will surely be pointed at DARQ technologies.
It is a transaction mechanism that powers blockchain and cryptocurrencies. It works by enabling a system that records digital transactions at multiple synchronized locations in parallel over a distributed network secured with encryption. It is considered an immutable framework for transactions. Moreover, it’s impossible for any entity in the network to solely decrypt and manipulate data in its possession without the consensus of other entities in the network. Distributed Ledger is hence a powerful mechanism to combat fraud and security threats in digital networks. Also, it prevents unauthorized access to data or entities within a network.
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Today nearly all of us leverage some form of AI technology in our lives. The simplest example would be the virtual assistants on our phones or smart devices like Siri, Google Now, or Alexa. AI is the principal technology framework that deals with building intelligence into machines to autonomously make them perform computational jobs that will traditionally require human inputs. The various branches within AI include Machine Learning, Deep Learning, Natural Language Processing, etc.
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Extended Reality (XR) is a digital universe that is created through immersive technologies like Augmented Reality (AR) and Virtual Reality (VR). It sets a new standard for visual experiences where businesses can leverage the physical surrounding environment and manipulate it digitally to enable a more interactive customer communication or conversation.
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It is the branch of technology that deals with scaling computing power on par with the physics extremes that are still being explored. By utilizing the Quantum theory of physics, these computing devices are projected to be at least a hundred million times faster than any modern-day personal computer can process. At present, tech majors like IBM, Microsoft, Google, and several others are in a race to build the ideal hardware device that can facilitate quantum computing. Based on this, many demonstrations and prototypes are being created by these industry leaders to achieve a commercial breakthrough.
Now that you have a good idea of the DARQ technology ecosystem, it’s time to have a look at some of its possibilities.
DARQ will undoubtedly be the backbone of technology innovation in the future as organizations race to build competitive digital advantage. Here are three of the several possibilities that DARQ sheds light into:
Cloud computing now operates as an umbrella infrastructure that spans across the internet. Both private and government-owned organizations are trying to get rid of their servers to move to the cloud. But, they are faced with many major challenges in latency, availability, and bandwidth. This will eventually be an excessive strain on present cloud architectures. This is the perfect scenario for promoting a distributed cloud model wherein cloud solutions can be localized to specific geographies depending on consumption. Thus, there is an increasing need for governance, policy enforcement, data privacy protections, etc. This can be met through leveraging distributed ledger technology as its immutable nature promotes building trust across services deployed. As more human-machine interactions happen daily, having a trusted computing infrastructure deployed closer to the action makes more sense. The evolution of superfast 5G and edge computing are some of the use cases for the distributed cloud to make a real-world impact.
We are quite used to what AI is capable of with today’s level of digital infrastructure. Soon, the computing power of quantum computing and the trusted data transaction framework of distributed ledger can combine with advanced AI engineering to create artificial intelligence working models that are the closest to actual human intelligence. The possibilities are humongous from advanced illness diagnostics to space exploration and autonomous customer service.
Taking a cue from the world of virtual visualization already made possible through AR and VR, the next wave of growth could be realized by combining it with the other entities of DARQ. We have already seen how Microsoft had created an exact hologram replica of their CVP Azure Marketing – Julia White in a presentation. The digital clone is a huge possibility and by combining it with advanced AI engineering and hyper-scaled networks and quantum computing, you are looking at Sci-Fi movie-like visual immersive reality experiences becoming a reality.
We have just whisked the surface of the future that DARQ opens up with its full potential. There are hundreds or thousands of use cases that can be explored by leveraging DARQ in various real-life business scenarios. We will soon be in a world where these 4 innovative technologies manage to achieve their viable scale and then the doors to a truly digital-first world will be open to all.
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