Introduction
The technology uses scientific knowledge to invent, design, and monitor the equipment which helps to make human lives easier. Some people argue that technology can be detrimental to human lives. It is because some waste technological products do not decompose and end up causing soil and water pollution. However, the benefits outweigh the disadvantages when we consider cutting-edge technologies. The cutting-edge technologies devices use high techniques and employ high level and most current Information technology to achieve current developments. The innovative and leading industries in technology are the ones referred to as cutting edge.
I am going to discuss two examples of cutting-edge technologies, that is, Artificial Intelligence (AI) and Blockchain. Performance and tool life are mostly determined by cutting-edge technologies. Good technology is essential in improving process reliability, tool life, and wear and tear resistance. These two examples have improved the efficiency of our daily lives in terms of money transfer and medical practices.
Blockchain
Purpose
Blockchain is a digital platform for recording transactions. The transaction is made without a central authority such as the bank or government and it is distributed without a central repository. It helps to facilitate security, data management, and provenance, and it is capable of transforming healthcare (Leible et al., 2019). It is also used in healthcare by many stakeholders to maximize business processes, improve compliance, enhance patient outcomes, reduce costs, and improve the use of healthcare data. Cryptocurrency uses blockchain technology as applied in bitcoin which has popularized the technology (Leible et al., 2019). The main purpose of this technology is to enable information to be recorded and shared without editing. The timestamp in the documents cannot tamper.
Effectiveness
The technology enables a group of people to record the transaction in a common ledger within the group. It uses electronic money transfer which is protected in cryptographic and is untraceable with the central authority (Leible et al., 2019). The users can sign in their accounts and transact to another user and the blockchain records the transaction which is viewed by other users. They validate and verify the transactions independently. It is impossible to alter or forge the transactions because of the cryptographic mechanism (Leible et al., 2019). It is economically effective in terms of exchange value and banking.
It is self-governing and there is equality and shared ownership among the members. There is no need for an intermediary therefore it reduces the transaction cost (Prussi, 2020). It is less vulnerable to cybercrime and fraud than banks because of the algorithm used in verifying and validating accuracy.
Unanticipated Consequences
The blockchain can be used to record sensor and human input from the real world, but it is difficult to determine if the data reflects the real world. The systems might malfunction and record inaccurate data and humans can record wrong information either intentionally or unintentionally (Prussi, 2020). There is also an issue of trust concerning the third party to certify the transactions. Trust should be an issue in the blockchain network. There could be flaws in the cryptographic mechanisms, loopholes in the trust of bug-free and correct operation (Prussi, 2020). The developers produce bug-free software and also ensuring the users in the blockchain are not colluding secretly.
Empowerment
It helps business people to avoid counterfeit products. High-value items such as diamonds rely on certificate papers which might be tampered with or get lost (Xu et al., 2019). It is hard to determine whether the certificate is fake or genuine. In using the blockchain, the buyer can easily know if the seller is the actual owner of the product. It is also essential in processing paperwork in ocean freight. International sailors have many trails of paperwork. It increases the cost of paperwork processing and some might be subjected to fraud (Xu et al., 2019). Blockchain was a solution since it connects many sailors in a global network of ports, shippers, carriers, and customs.
Disempowerment
The banking sector is highly affected by blockchain technology. There is a high negative impact on the development and adoption of the technology. Banks act as the third party and paid a commission for their purpose but blockchain hinders the opportunity since there is no third party. The transactions are made between the users with ownership (Xu et al., 2019). Another part that is disempowered is the government since the money cannot be traced. It is difficult to collect taxes and trace malicious activities in the country.
Impact on Human Condition
Blockchain can be used to manage solid waste by changing the mode of payment and replace the current system of using paper. The system used green coins which have effects on human health. Blockchain avoids waste through the use of social currency. It saves time by avoiding paper trail and improves the quality of life (Prussi, 2020). It also improves clinical trials because of transparency.
Artificial Intelligence
Purpose
Artificial intelligence (AI) is a branch of information technology that is focused on building machines that can perform tasks that require human intelligence. It is a technology that tries to replicate human intelligence. Its purpose is to enable machines and computers to perform intelligence tasks such as problem-solving, communicate and understand with humans, perception, and decision making (Vinuesa et al., 2020). AI serves different industries such as healthcare and finance. It helps the healthcare in treatment and prescribing dose for patients and surgical procedures. AI mimics humans’ cognitive activity in doing both simple and complex tasks.
Effectiveness
AI helps the industry to improve the efficiency in manufacturing, therefore, improving performance and promote productivity. It helps managers to make complex and critical business decisions (Vinuesa et al., 2020). Automated machines produce quality products efficiently and faster. They are capable of forecasting the demand of a product by testing the mathematical models of production and possible failures. They can easily predict maintenance therefore the organization can plan for the maintenance procedure (Vinuesa et al., 2020). It is economical in many ways since it is essential in saving money since many operations are performed by machines and computers.
Unanticipated Consequences
AI acquires knowledge from the data incorporated and there is no other way. Human beings are prone to mistakes and any inaccuracy will reflect in the results. Any additional knowledge will be incorporated separately (Zawacki-Richter et al., 2019). The AI system is trained to perform a specific task, they are specialized on a single task and they are far from acting like human beings.
Empowerment
It is essential in the medical sector since it can provide X-ray readings and personalized medicine. They can be programmed to act as personal assistants to act as life coaches, to remind you to take pills and eat healthier (Zawacki-Richter et al., 2019). In retails, there is virtual shopping that offers recommendation and purchase options for consumers. The site layout and stock management can be improved with AI.
Disempowerment
AI is disadvantageous to some employed people because it takes their job. It is labor and capital intensive. The level of unemployment continues to rise globally. AI can be dangerous when it involves the task of creativity and sympathy (Zawacki-Richter et al., 2019). Some people may suffer since their demands may be unattended due to programmed machines. The small manufacturing companies are facing stiff competition since they have to improve the technologies but the cost is too high.
Impact on Human Condition
Many technologies are invented to serve human beings but they later turn against us. It has improved the immunity of humans and has enhanced productivity, efficiency, and accuracy in daily activities (Zawacki-Richter et al., 2019). AI has helped in saving people’s life because it is to detect cardiac arrest. It is capable of assessing the emergency call voice and determine the medical state.
Conclusion
In conclusion, cutting-edge technology has improved human’s life and made it easier. Many things can now be done efficiently with minimum time. In blockchain technology, cryptocurrency can be used in the future as a common currency since it is used in all operations. It has helped to reduce the cost in the mode of payment and fraud. Although it harms banks and the government it is better to serve the interest of many. In AI, it has helped industries to save their cost in terms of employment. Machines have been seen to produce quality tasks compared to human beings. The level of accuracy is high depending on how it was programmed.
References
Leible, S., Schlager, S., Schubotz, M., & Gipp, B. (2019). A Review on Blockchain Technology and Blockchain Projects Fostering Open Science. Frontiers in Blockchain, 2. Web.
Prussi, M. (2020). Special Issue on Cutting-Edge Technologies for Renewable Energy Production and Storage. Applied Sciences, 10(3), 837. Web.
Vinuesa, R., Azizpour, H., Leite, I., Balaam, M., Dignum, V., & Domisch, S. et al. (2020). The role of artificial intelligence in achieving the Sustainable Development Goals. Nature Communications, 11(1). Web.
Xu, M., Chen, X., & Kou, G. (2019). A systematic review of blockchain.Financial Innovation, 5(1). Web.
Zawacki-Richter, O., Marín, V., Bond, M., & Gouverneur, F. (2019). Systematic review of research on artificial intelligence applications in higher education – where are the educators?International Journal of Educational Technology in Higher Education, 16(1). Web.