The past decade has seen some of the significant changes, driven by technological advancement. Several industries have been taking forward steps to meet up the challenging consumer behaviors alongside advanced technologies.
New challenges are kept on popping up, giving businesses challenging circumstances. Today we are in 2020, looking back and seeing how things have come through, Integrating Fintech services into your business can be a challenge, but not with the help of atd-solutions .
Over the past decade, the most significant change has happened because we now have several concepts of currencies supported by different advanced technologies.
The most significant change in the past decade: Concept of currency
Currencies have always been an exchange element for goods and services. The concept of currencies has been the same; the only changes that have been made since medieval times is the convenience of carrying.
And the evolution has now come to paperless currencies, cryptocurrencies. For a long time, plastic cards have played an essential role in carrying money efficiently.
Major Innovations in The Fintech Ecosystem
The past decade has shown many things to us. We have seen many breakthroughs with technological innovations. And among them, the most awaited innovation was a paperless currency.
This innovation came in 2009. The concept of cryptocurrency was challenging for the people to adjust to. Even after receiving several criticisms, it kept on with its work. And today, it has a presence in almost every primary industry.
Here are some of the significant inventions that took the world by surprise.
1. Data war
Data war has always been an issue for companies to compete in the global market. In the past decades, new technology has been introduced that is proficient enough to combine and manage information worldwide.
It took quite some time for the people to understand the working, but we indeed found a way to organize data. Today, all the data is collected on several platforms and is shared with everyone with the help of the internet connection.
2. Use of artificial intelligence
Artificial intelligence is not a new term, but it got empowerment during the past decade. Experiments were made to use artificial technologies in electronic devices. And the results you can see are Siri, Cortana, Alexa, etc.
Currently, scientists are trying to combine artificial intelligence and robotics to form a semi-human. We can wait and see how long it will take for the engineers to come with new technological innovations.
3. Automation technologies
One of the significant breaks, though for the technological sectors, is the automation technology. With automation technology, a single job can be done repeatedly. This technology is still in prototype form, and it still needs employees to put in the commands.
However, these automation technologies are being used in several devices to perform necessary tasks at a constant interval of time.
4. Financial resilience
After the banking crisis of 2008, the government has asked the regulators to increase their storage capacity to fight any crisis that happens in the future.
In 2020, people are dependent on the technologies, and this dependency has created a threat due to disruption by cyber terrorism. Hence, new technologies have been produced to safeguard all your online details.
5. Paperless currencies
Paperless currencies have been a part of the significant innovation in the past decades. After the invention of the cryptocurrencies in 2009, people have found a paperless solution. However, at the time of the invention, it was full of flaws. It made people restrict themselves affiliating with the cryptocurrencies.
However, some traders found this decentralized currency appealing and used it as a digital asset. Over a decade, cryptocurrencies are still in the market and are being used by several industries. If you want to know more about cryptocurrencies, Learn here how to Invest in cryptocurrency.
Technology improves itself with the second. The technologies that you are using today might be outdated tomorrow. All the technologies that I have mentioned above are the most impactful innovation. It is what I think. What innovation you believe has the most impact on the industry?