The last couple of years we’ve witnessed a fast-paced evolution of the digital and technological world. Many were the trends that appeared to revolutionize our usage of the Internet in 2022 and we want to share some with you.
1. Emergence of blockchain technology
Blockchain is a highly secure decentralized technology, initially designed as a public ledger to support bitcoin cryptocurrency and harnessed by other cryptocurrencies like Ethereum that guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party (financial institutions, for example).
Blockchain is making a name for itself because of bitcoin and cryptocurrency and it stands to make business and government operations more accurate, efficient, secure and cheap.
Now, more than ever, we see a proliferation of Non-Fungible Tokens (NFTs) (to sell digital artwork and media content) and tokenization of assets, which reveals that these next few years will be crucial to prove how important blockchains will become and how they will revolutionize the way we do payments online.
2. Crypto & NFT Growth
The adoption of Non-Fungible Tokens (NFTs) and Crypto Currency was fast , but their use has increased in 2021.
NFTs have the potential to change the value and the functionality of digital assets and artworks, including enabling artists to reap resale royalties. In fact, the Frankfurt School Blockchain Center predicts a $1.5 trillion market for tokenized assets in Europe, over the next three years - with real estate, debt, bonds, shares, virtual arte (and even tangible collectibles) being among the types of assets that can be linked to NFTs.
Regarding Bitcoins, the main reason a traditional investor may want exposure to it is, according to Benzinga, to hedge against inflation and collapse of the fiat-based economy. Although Bitcoin’s volatility is a concern to many investors (because it implies risks), this same volatility is expected to decrease forever as institutions and governments enter the market with long term interest.
3. Metaverse: from 2D to 3D web
In 2021, Mark Zuckerberg announced that Facebook would change its name to “Meta”, indicating the wish to embark in the metaverse reality. The term “metaverse” (or Web3) refers to a network of 3D virtual worlds focused on social networking and is often referred to as a hypothetical iteration of the internet as a universal virtual world facilitated by the use of virtual and augmented reality headsets.
In this virtual world, users across the globe may interact, socialize, create content and monetize their virtual transactions, using blockchain technology and Cryptocurrency, because the metaverse is intrinsically linked to NFTs and cryptocurrencies, which helps to commercialize interactions, by creating - or selling - digital artifacts.
Web3 is then expected to become a big commercial use in 2022 and years to come, as major brands including Nike, Adidas, Gucci, Dolce & Gabbana, Burberry, Microsoft and Apple are already experimenting with this digital trend.
4. AI Growth in Food and HR Services
When it comes to the food industry, AI is (1) helping to predict the sales cycle and perform inventory management; (2) tracking and classifying customers based on their taste and preferences with the study of emotions related to the product from the interaction between social networks and other media, which will help create more effective marketing campaigns and design products more accurately, meeting their needs; (3) maintaining quality control of products with the usage of optical classification technology, based on sensors. In result, the companies will spend less time sorting and the waste will be reduced); (4) helping fight food waste and, (5) revolutionizing the in-store shopping experience, among others.
Regarding HR Services and according to Michal Spranger, COO of Sony’s artificial intelligence team, labor shortages have led many companies to use AI to broaden the way they evaluate and assess new employees. Moreover, a study conducted in 2019 by Future Workplace, showed that AI is redefining the relationship between worker and manager and the role of a manager in an AI-driven organization. Some usage of AI in HR processes include: (1) Submission of Candidate’s resumes on smart digital forms; (2) Better understanding of employee referrals; (3) Data-backed resources and Insights and (4) Boosting Learning and Development programs with a more personalized learning journey based on a job role, already existing skill sets, including a well developed plan with solid future goals, addressing any skill gaps that may exist.
Speaking of Digital, we also want to share with you that the EIT Digital Venture program is now open and accepting applications until the 8th of April.
The EIT Digital Venture Program consists of a competition for teams of entrepreneurs with strong value propositions and an existing prototype or Proof of Concept (PoC) who are eager to finalize a minimum viable product (MVP) during an intensive eight-week Pre-Acceleration Phase and it is open to teams of entrepreneurs based in Portugal, Malta, and Turkey.
Want to take part? Send us your application here.