Trends in Technology
Robotics and Blockchain | Take a moment to think about customer and employee experience in a post-COVID world. There is a growing need for transformation with the emergence of new consumer preferences, business models, and new work trends. With perceptions, practices, and expectations evolving, there is a growing need for new business technologies in the age of digital nomadism.
If you’re a business owner in the modern landscape, you’re probably looking for ways to ensure continuity and maximize revenue by preventing human errors, minimizing disruptions, and reducing expenditures. Fortunately, two emerging businesses technologies are rapidly becoming mainstream – Robotics and Blockchain.
While most people know of Robotics through Artificial Intelligence and machine learning, not many people know of Blockchain. In a nutshell, it is the data structure that enables the functionality of the famous cryptocurrency, Bitcoin.
In this post, we’ll share why Robotics and Blockchain top the list of fastest-growing industries in the market.
What is Robotics?
Robotics is a technology field that primarily aims to replace humans in performing tasks. The technology includes many aspects of artificial intelligence and machine learning, making it suitable for many industries, especially manufacturing and healthcare sectors, that require increased productivity and efficiency at lower costs. Today, there are over 5 billion industrial robots, according to the International Federation of Robotics.
What is Blockchain Technology?
Blockchain is a technology that records, encrypts, and stores data and transactions to a digital ledger where no one can change or alter them. The technology employs cryptography to record or block information forming a chain of verifiable, decentralized data shared with all computers on a network.
The Emergence of Robotics and Blockchain as Complementary Technologies
AI and machine learning have been around for nearly a decade, disrupting several industries, such as entertainment, transportation, manufacturing, etc. They provide different applications, such as automation, data security, and inter-device communication. With time, these technologies are getting cheaper and smarter, making their adoption by businesses of all scales possible. Secondly, Blockchain technology is enabling robots to become smarter and not require human supervision for optimal functioning.
Benefits of Robotics for Businesses
Safety is perhaps the biggest advantage of robotics, especially for the manufacturing and healthcare sector, since sharp objects and machinery running at hot temperatures can easily injure workers. By replacing humans with robots to perform dangerous tasks, you can have huge savings on medical and insurance bills and even potential lawsuits.
Robots don’t need to rest and cannot be distracted like humans. They don’t take vacations or sick leaves and don’t ask for an early leave on a Tuesday. As long as they’re well maintained, machines will continue to work, speed up, and maintain your operations. Plus, they can also help your employees maintain a better work-life balance by aiding them with repetitive tasks.
3. Better Productivity
Unfortunately, robots can’t do everything in your operations yet so human intervention is still necessary. However, they can still take over many repetitive or routine tasks saving your employees’ time, which they can use to focus on core business activities or additional work to improve their performance.
Robots aren’t limited to one task at a time. They can do a multitude of things simultaneously without even breaking a sweat. More importantly, their work is never contingent on other peoples’ jobs. They’re always at your disposal to maintain reliability by doing what they’re supposed to. Besides, automation has proven to be more reliable than human labor.
5. Improved Morale
Robots are mainly assigned to perform repetitive or dangerous tasks, things no employee enjoys no matter how good they are at it. Assigning robots to take their place allows them to focus on more valuable tasks that could increase their overall output. In simple words, implementing robotics in the workplace can make your employees much happier and prevent them from burning out.
Benefits of Blockchain Technology for Businesses
1. Better Transparency
Transparency is among the most trending issues in the modern business landscape. However, centralization cannot promise 100% transparency due to the influx of rules and regulations. Using Blockchain, your company can adopt a decentralized network with no governing authority meaning every user is responsible for carrying out transactions and validating them.
2. Enhanced Security
Blockchain employs the latest security technology, which is more powerful than most mainstream platforms and data storage systems. Any transactions you make are heavily encrypted and must be agreed upon according to the consensus method. Blockchain networks are also immutable, meaning no one can overwrite or revert the data once it is stored.
3. Reduced Costs
Currently, businesses spend heavily on infrastructure updates to maintain performance. Using Blockchain, you can reduce your expenditure since there are centralized vendors involved. Moreover, there’s no need for interaction with other players while validating transactions. Therefore, you can save a lot of money and invest it in other areas.
4. True Traceability
With Blockchain, businesses can pay more attention to their supply chain networks and closely manage their vendors and suppliers. The technology enables every user in the network to trace goods and ensure they’re neither replaced nor misused during the distribution. With better traceability practices, companies can save millions by better monitoring their stocks and vendors.
Now that you know the benefits that make robotics and Blockchain top the list of fastest-growing industries, you can do your homework and learn how you can adopt both technologies at your workplace. In the modern age, you need to be agile enough to take advantage of the trending solutions in the market before they become fully mainstream. While everyone can benefit from them, early adopters can reap the benefits and grab a bigger chunk of the market share before others get on board.
For more information related to technology and trending business practices, visit Percento Technologies today. We specialize in working with small businesses to help develop IT and web solutions that can support your technology initiatives.