At current time, technology is unleashing products and services that we had never imagined before. If we look at just last five years of our lives, the world was a very different place by then. We are progressing and so is the world around us. We all use a handful of things today that was impossible to even consider before. Some of the things might be gone due to rapid advancements in technology, methods and new innovations.
In year 2010, the evolution of technology made its debut in the form of an iPad, online business such as Square and Venmo allowed vendors of all sizes to accept payments with a swipe of a card on a mobile device and kickstarter introduced a new kind of venture capitalism that changed the fundraising concept.
In developed countries, almost 94% of the people use online banking system. Physically writing a check has become so obsolete. This is for the reason that online banking is easy and all the businesses accept credit and debit cards. Many of the online business such as Square allow you to monitor the sales trends and create sales report for the day, month or a year. It also allows you to instantly populate a spreadsheet with your sales history for tax reasons and this process requires much less time. With online businesses of today, you can pay anyone instantly by using money you have in your account or debit cards. You can make your moments enjoyable by splitting dinner with a friend or send a birthday gift. In the near future it is expected to have all the banking done through the mobile devices.
In the near future, it is expected that 70% of the world’s population will be connected through smart phones in the year 2020. Web services such as Google and Microsoft will be offering unlimited storage at very low prices.
More easier and secure access to your accounts will be available and passwords will vanish. Now mobile devices are the main access of our online activities and in coming year’s fingerprints, voice and facial recognition will replace our passwords and keys. Passwords or keys will only be the smart devices that you will carry with and these will be connected to you biometrically so that only you can access it.
With the innovations in IT, voice search and commands for devices is coming into a reality. By the 2020, all the devices will be connected to the internet and smart homes and wearable will connect an additional 17.6 billion devices.
For static documents and paper agreements, cloud agreements will be managing all the transactions in the near future. The physical requirements to print, fax, and scan the documents for reviews; approvals and signature to complete a transaction are becoming outdated in today’s world. The cloud agreements will connect the identities of the involved businesses; will be able to make out payments as contract objectives. In some states these cloud-computing models are being used by real estates, financial services, and high-tech and health care companies as it increases efficiency and reduces the cost. This model is expected to change the whole concept of contract management.
With all the exciting disruption taking place in the IT industry, a developing country like Pakistan should start considering for getting a head start on cleaning out the old-tech clutter to make way for a digital 2016.