Olivia Carter - Tech Research Online

Understanding the Dynamics of Digital Twin Technology

Olivia Carter — Wed, 28 Feb 2024 15:25:44 +0000

Digital twins are among the most sought-after business tools in the world today. One Internet-of-Things (IoT) analytics report shows that between 2020 and 2022, the digital twin technology market grew by 71%. The versatility that this technology offers, makes it attractive for varying businesses across industries. Digital twins are computer programs that utilize real-world data to develop simulations based on historical data and current conditions.

These programs can integrate with artificial intelligence, IoT, and software analytics to improve outputs. IoT sensors facilitate the transfer of real-world data needed to create virtual twins. Using the simulations, businesses can predict how a process or product will perform. But, virtual twins aren’t just about simulation. They span the entire product or process lifecycle and have service, engineering, and manufacturing use cases.

In this article, we delve deeper into the types of digital twin technology and its use cases.

What is Digital Twin Technology?

Digital twin refers to the technology that supports the creation of virtual representations of physical systems, processes, or objects. This digital twin is supported by various state-of-the-art technologies including artificial intelligence, IoT, big data, machine learning, IoT, and visualization technologies like augmented and virtual reality. Essentially, digital twins have three main components:

A virtual definition of their counterparts
Operational data of their components
Information model that gathers and presents data to inform decisions

Types of Digital Twin Technology

There are four types of digital twins namely:

1. Component Twins

Also referred to as part twins, component twins are the lowest levels of virtual twins. It corresponds with the tiniest elements within a specific part of a product or equipment like a switch or an IoT sensor. Component twins facilitate performance monitoring and allow for the simulation of real-world conditions for purposes of testing their efficiency, stability, or endurance.

2. Product/Asset Twins

Product twins feature several component twins or utilize the information that component twins generate to create complex assets like smart buildings, pumps, or engines. These twins analyze how well separate parts of a system perform and interact as part of the entire process or solution. Engineers use product twins to gather insights about equipment performance and identify potential flaws.

3. System Twins

These digital twins show how varying products combine to form functional units and duplicate product assets at the system level. They provide a large-scale view of plants or factories, allowing engineers to test varying systems for optimal effectiveness.

4. Process Twins

These constitute the highest level of virtual twins, connecting system twins into a single entity that supports synchronization and collaboration between systems. Process twins create solutions that offer a maximum view of workflows within manufacturing plants or factories for deeper and more versatile output analysis.

Key Industrial Use Cases of Digital Twin Technology

Virtual twinning has varying use cases. Below are the main use cases for this technology in businesses across industries:

1. Product Design

Digital twins allow companies to develop quality products, cities, processes, systems, or buildings. By simulating physical objects, product developers test varying designs, identify design flaws, and make adjustments to improve those flaws before commencing actual production.

2. Service Optimization

Companies can use digital twinning to identify service improvement opportunities and optimize the delivery of those services. Companies use virtual twinning to improve customer experience, optimize manufacturing processes, and improve operations.

3. Supply Chain Management

Industries can use digital twins to simulate and test scenarios that facilitate the identification of inefficiencies in supply chain management processes. This information enables them to optimize the flow of materials and products in supply chains. Digital twinning is also used to simulate supply chain disruptions like transportation problems or raw material delivery delays and their impact on the business. This allows suppliers to mitigate these issues before they occur.

4. Operations Management

In operations management, virtual twin technology facilitates real-time remote access and performance monitoring of systems, assets, and processes. This enables industries to test varying scenarios and find improvement opportunities. Digital twins also help companies identify and fix performance problems like energy consumption, uptime, and maintenance needs before they can result in production losses or downtime.

5. Entertainment

Another important digital twinning use is entertainment. Considering that mixed reality technologies are at the heart of virtual twins, the technology can be used to create immersive experiences for customers in the leisure industry.

One of the leading digital twin technology examples in the entertainment industry is the simulation of attractions and rides in amusement parks. This allows customers to experience the rides virtually even before they make actual visits to the parks. With this information, customers can plan their visits better and prioritize their preferred attractions for more satisfying experiences.

Final Thoughts

Digital twinning will continue to change the way industries build, design, and maintain systems and products. Its application will expand to new sectors beyond automobile, aerospace, health, and smart cities industries. Another trend we can expect in future is democratized access to the technology through the digital twin-as-a-service (DTaaS) model. Delivery of DTaaS via cloud-based solutions will make digital twin technology highly affordable and accessible to businesses of all sizes. Additionally, we’ll witness integration of virtual twinning technology with edge computing and the 5G network to support real-time analytics and facilitate flawless data transfer respectively.

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Hyperloop Technology: How It Can Revolutionize the Travel Industry?

Olivia Carter — Tue, 30 Jan 2024 14:20:31 +0000

The need for a fast, efficient ground transport system that connects cities and countries has been evident for a long time. The Hyperloop system promises to make this a reality by 2030. For over a decade, development of hyperloop technology has been a key topic of discussion in the transportation industry, with some companies commencing hyperloop technology tests. If commercialized, this transport system could have far-reaching economic and environmental benefits for passengers across the world.

Defining Hyperloop Technology

Hyperloop technology refers to a super-fast ground transport system that several companies are currently developing. This technology could see both cargo and passengers travel at ultra-high speeds inside floating pods either below or above ground. Electric propulsions and magnetic levitation tracks are used to move the pods through low-pressure tubes.

History of the Hyperloop

The idea of a vacuum tube transportation system has been around for at least two centuries. The earliest concept of a tunnel system was in 1799 when the idea of using air pressure to move goods via iron pipes was conceptualized.

This idea has developed over time as reflected in timeline below:

1844: A pneumatic railway station in London completed

1845: Proposal to construct a tube that propels trains at 70 miles per hour made but not implemented

1850s: Additional pneumatic railways constructed in London, Dublin, and Paris

1860s: An atmospheric railway known as Crystal Palace in South London constructed

1870s: The Beach Pneumatic Transit launched in New York City

1900s: Pneumatic Tubes adopted and used in key cities to transport mail and other
items/messages. Design of a vacuum-tube train system from New York to Boston

1910: Design of a train that would float on magnets within a vacuum tunnel developed

Early 2000s: Design of a pneumatic-maglev train with car-sized pods to travel in elevated tubes with completed

2010: Underground vacuum tube network to move food canisters, Foodtubes project unveiled in the UK

2013: A Hyperloop white paper published by Elon Musk. The design featured sealed pods whisking through vacuum tubes

2014: Hyperloop One is Launched

2016: Construction of a Hyperloop Test Track commenced in California

How Do Hyperloops Work?

A hyperloop system features three things- connecting movement hubs, a vacuum-tube network, and pods. Since hyperloops are designed to work in low-pressure environments, their energy efficiency is high due to the minimal aerodynamic drag.

Hyperloops differ from current travel options in several ways. Unlike conventional trains, hyperloop pods travel through near-vacuum tunnels or tubes. These tubes have little to no air to minimize friction. The absence of air in the tubes could cause hyperloop pods to move at speeds as high as 700 miles per hour. Unlike cars or trains, hyperloop pods don’t use wheels. They leverage magnetic levitation to float on air, which reduces friction and enhances their speed.

What is the Significance of Hyperloop Technology in the Travel Industry?

Hyperloop technologies will have a significant impact on the way passengers travel in the coming years. Here are 5 ways these technologies will change the way people travel:

1. Fast Movement of Passengers

When using conventional modes of travel like air and rail, passengers struggle with long waiting and travel times. Besides the actual travel time, they have to consider airport transfers, airport trekking, and long check-in queues when planning their trips.

Hyperloop will reduce travel time for passengers with their super-fast speeds. Their stations will be constructed in city centres. This means passengers won’t have to trek or use other means to access stations as they currently do with travel hubs like airports and rail stations. Hyperloop will utilize technology to facilitate fast loading and unloading of passengers, effectively reducing waiting time for passengers.

2. Better Travel Experiences for Passengers

Although passengers will only spend a short time in the travel pods, hyperloops are designed to provide passengers with positive travel experiences. Pod interiors feature comfortable, entertaining, and productive spaces to give passengers an office or living room feel throughout their journey.

3. Reducing the Cost of Travel

Proponents of hyperloop systems envision it as a more affordable and convenient mode of travel. The systems will have stations within city centers, which alleviates passenger costs and stress of accessing the cities.

4. Uninterrupted Travel

Hyperloops travel in near-vacuum tubes that protect them from extreme weather conditions like rain, snow, wind, ice, and fog. The construction of tubes were on pylons with adjustable dampers. In the event of an earthquake, the pylons adjust to new positions. These two aspects offer convenience to passengers, ensuring that their travel plans are not interrupted by extreme weather or earthquakes.

5. Reduced Exposure to Accidents

Compared to road, air, and rail travel, hyperloops travel at ultra-fast speeds, reducing the time that passengers spend on one journey. This reduction in journey duration significantly reduces passenger exposure to accident risks. Hyperloop pods travel in sealed tubes, which offers additional security against earthquakes and extreme weather.

Disadvantages of Hyperloop Systems

Hyperloop advancements have several downsides. The technology is still new and hasn’t been tested widely. It’ll take several years before hyperloops become a reality for passengers. Also, the risk factors associated with this transport system have not been analyzed fully. The technology is not designed to use existing infrastructure, which makes it extremely costly to set it up and launch.

Conclusion

Hyperloops are slowly gaining traction as tests begin around the world. The technology has been hailed as much safer than cars, faster than trains, and more environmentally friendly than aircraft. However, it’s still in the early stages of development and testing. Only time will tell whether the vision of revolutionizing the travel industry with this technology will be realized.

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Build Cyber Resilience Strategies for your Organization

Olivia Carter — Thu, 21 Dec 2023 11:13:48 +0000

In today’s highly interconnected world, organizations are constantly facing cyber threats.

Statistics from Marsh show that globally, 75% of businesses have experienced a cyber attack at one time or another. In quarter 3 of 2022, the rate of cyber-attacks grew by 28 percent– a strong pointer to the growing threat.

Cyber threats compromise organizational data, disrupt operations, and undermine the trust their clients have in the business. To mitigate these challenges, businesses must build a cyber resilience strategy. This means taking a more strategic approach in the way they navigate the dynamic threat landscape so they can recover from cyber-attacks quickly, if or when they occur.

In this article, we explore the concept and cyber resilience strategy your organization can adopt to strengthen its response to and recovery from cyber attacks.

But First, Let’s Define Cyber Resilience

Cyber resilience refers to the ability of an organization to foresee, respond, withstand, and recover from cyber threats while ensuring the integrity, confidentiality, and availability of its most vital information assets. It underscores the ability of a business to recover, adapt, and continue running in the event of cyber-attacks or incidents. With about 16,000 cyber-attacks (Source: Statista) being detected across the world between 2021 and 2022, having a solid strategy will help your organization recover quickly from a cyber attack and avert irreparable damages. The concept of cyber resilience transcends the conventional cybersecurity measures that focus primarily on cyber attack defense and prevention.

What’s a Cyber Resilience Plan?

A cyber resilience plan refers to a detailed strategy that highlights the critical measures your organization takes to identify, respond, and recover from cyber-attacks or threats. A cyber resilience strategy evaluates the cybersecurity context and aligns your business objectives, tolerance, risks, and regulatory requirements.

Compared to a resilience framework, a cyber resilience plan has a wider scope. It takes a strategic approach to building organizational resilience against cyber threats. By having a resilience strategy, your organization will be better prepared to deal proactively with cyber threats. This enables it to mitigate potential damage and ensure uninterrupted business operations.

10 Cyber Resilience Strategies for Your Organizations

The plans that organizations develop should highlight the various strategies they will implement to address the cyber threats. These cyber resilience strategy allow businesses to create the multiple layers of defense systems they need to detect and respond to cyber threats, address vulnerabilities, and recover swiftly from attacks. Below are 10 important strategies to help you build resilience in your business:

1. Craft a Cyber Resilience Framework

The first cyber resilience strategy on an organizational level is developing a solid cybersecurity framework. A framework identifies specific processes and actions an organization takes to maintain resilience. A good framework should indicate preventive measures, cyber threat detection capabilities, and the response protocols to be followed in the event of a threat.

It addresses a wide range of issues including business risk assessments, continuity plans, incident response plans, as well as continuous monitoring and evaluation of cyber threats. Some of the specific measures businesses include in their frameworks include antivirus, firewalls, and systems for detecting intrusion. Others are penetration tests and vulnerability assessments to identify and fix system weaknesses.

2. Implement Controls in Data Access and Management

When it comes to preventing unauthorized access to organizational data, establishing and implementing strict controls is critical. Limit access privileges and give access only to staff who are authorized to handle specific data. User permissions should be reviewed and updated regularly to ensure that access rights are based on individual responsibilities and roles. You should also implement strong password policies across the organization and use multi-factor authentication to improve data security.

3. Prioritize Cybersecurity Education/Training

Another cyber resilience strategy for an organization is educating employees. When it comes to cybersecurity, the actions that people take pose the highest cybersecurity threat. Educating your staff about the best data protection practices like identification of phishing attempts, use of strong passwords, and safe browsing is vital to curbing cyber threats. Schedule training sessions regularly to keep your employees updated on emerging cyber threats and equip them with the skills they need to strengthen resilience in your organization.

4. Execute Patch Management Procedures

Cybercriminals can use security loopholes in outdated software to gain unauthorized access to your systems. To prevent this, ensure the applications, software, and operating systems in your organization are updated with the latest security updates and patches. Reduce system vulnerabilities by implementing a patch management process to run timely updates across your organization’s IT infrastructure.

5. Gather Cyber Threat Intelligence

Another cyber resilience strategy building in your business is to keep abreast of emerging threats by gathering information and intelligence on cybersecurity. An excellent way to gather these insights and intelligence is to collaborate with government departments, industry peers, and cybersecurity communities. The collective knowledge shared in these interactions can help you improve your organization’s cyber resilience plan and framework.

6. Use Secure Backup Solutions

Regular backup of essential systems and data in cloud platforms or offsite locations is another strategy for building organizational resilience to cyber-attacks. Opt for secure backup solutions and test them periodically. The backups should also be reliable to minimize downtimes. Consider accessibility as well. Your backup solution should be easy to access to allow for quick data recovery and business continuity following a cyber incident.

7. Run Cyber Attack Simulations

Another way to build organizational cyber resilience to cyber-attacks is to simulate cyber-attack incidents. This involves taking employees through the different steps they need to take in the event of a cyber attack. Simulations should cover the entire response process, including identifying threats, investigating their cause, and reducing their impact on the business.

8. Monitor Cyber Threats Regularly

Regular monitoring of cyber threats helps in early detection and proactive response to thwart attack attempts. You can identify potential threats by deploying advanced threat monitoring detection tools. Identify anomalies or suspicious behavior in your system by keeping tabs on your network’s traffic, user activities, and systems logs regularly. Consider investing in a security information and event management system (SIEM) for your organization. A SIEM system gives you a comprehensive view of your network so you can detect and respond to cyber incidents promptly.

9. Have an Incident Response Plan

Cyber resilience recognizes the reality of cyber threats and ensures that organizations are prepared to respond in the event attacks occur. An important aspect of this preparation is the development of incident response plans that clearly show steps that should be taken when a threat materializes.

Set up a team to respond to incidents and assign each member specific roles and responsibilities. Establish clear communication channels for the response team for easy coordination. Your incident response plan should be tested and updated frequently to ensure that it remains effective and well-aligned to the evolving nature of cyber threats.

10. Assess Systems for Vulnerabilities

Cybercriminals exploit system vulnerabilities to launch attacks. An important part of strengthening your organization’s resilience is understanding the weaknesses in your systems and addressing them early. Assessing your system regularly is the best way to identify and fix system vulnerabilities. To do this, hire a cybersecurity professional to inspect your system and provide a comprehensive report. Alternatively, invest in vulnerability scanning tools to help with the assessment.

Conclusion

In today’s digital environment, cyber resilience strategy cannot be overlooked. With cyber-attacks becoming more prevalent and sophisticated, organizations must adopt a more strategic approach to avoid disruptions, data breaches, and revenue losses. Building threat resilience can reduce the impact of cyber-attacks on your business significantly. Implement the 10 strategies discussed above to safeguard your organization’s competitive advantage and ensure operations continue smoothly in case an attack occurs.

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Exploring 5G Technology: 7 Innovative Use Cases

Olivia Carter — Wed, 29 Nov 2023 15:10:50 +0000

The launch of fifth-generation mobile technology (5G) has brought a new era of connectivity that continues to change the way businesses operate and how people live.

The shift from 3G to 4G was about faster connections, that’s not the case with 5G. The latter combines speed with low latency, higher reach, reliability, flexibility, and responsiveness, offering the mix necessary to support mission-critical applications.

Across the world, businesses are positive about the potential of 5G technology. Existing studies show that globally, 80% of companies believe that 5G networks will impact their operations significantly.

In this article, we explore 7 innovative use cases of 5G technology you need to know.

But first, What’s the Difference Between 4G and 5G?

5G technology is the latest wireless network that improves on 4G technology. The main difference between 4G and 5G is in radio frequencies. 4G uses less than 6GHz while 5G uses 30GHz or more. This high radio frequency gives 5G networks higher capacity and faster speeds.

The other major difference between the two networks is in wavelengths. Compared to 4G, 5G technology uses shorter wavelengths. The shorter wavelength means a single 5G base station can hold a big number of directional antennas. This feature alone allows 5G networks to support 1000+ more devices per meter than what 4G can support.

What are 5G Technology Use Cases?

Here are 7 innovative use cases of 5G wireless networks:

1. Industry-based Internet of Things (IIoT)

Manufacturing firms were among the first businesses to implement private 5G networks, and they are reaping huge benefits. With the high cost of machine replacement, industries can’t afford downtimes. Manufacturers use Internet of Things (IoT) sensors to monitor machine performance and get alerts on maintenance issues that may be coming up. IIoT sensors can only work in the presence of wireless connections.

5G technology allows industries to set up the wireless network they need to support these sensors. By offering low latency and high capacity, 5G provides reliable support for thousands of robotic machines and IIoT sensors in highly complex industrial environments. Strategic planning of wireless networks allows industries to ensure that service levels for plants are always met and that machines remain free of dead zones. Other leading industry use cases for 5G technology include performance and product monitoring and connection of legacy machines.

2. Augmented Reality in Sports

Another innovative 5G use case is in the streaming and viewing of sports events. Connectivity has become an integral part of sporting events. Fans not only want to watch sports events, they also want to check video highlights, get details about events, and share content on social media.

4G and Wi-Fi networks don’t have the connectivity capacity to keep densely populated spaces like stadiums connected. The 5G network is changing this experience. With this network, sports event organizers can give fans access to real-time data insights. For instance, fans can watch how fast a player is running by leveraging augmented reality.

3. Supporting Healthcare Operations

Healthcare is another area of 5G-enabled innovation. Hospitals are highly complex spaces featuring numerous machines, applications, patient sensors, and monitoring devices. All these equipment operate in huge spaces. Medical devices must always be secure and accessible. Patient information must also be accessible to the right staff and confidential.

IoT sensors are used to monitor the location and performance of critical IT infrastructure like ventilators, insulin pumps, EKG machines and many others. These sensors ensure proper maintenance and detect repair needs in these equipment. 5G technology provides reliable connection in hospitals to support the running and maintenance of all devices and machines.

Other use cases of 5G wireless communication in the healthcare sector include inventory management, automatic creation of work orders and secure service for patients and staff.

4. Outdoor and Indoor Entertainment

Outdoor venues and theme parks need a reliable network to support the numerous devices deployed to give users and visitors positive entertainment experiences. The speed, wide reach, and reliability of 5G makes it ideal for this purpose.

Since 5G has a huge capacity to support network devices, entertainment companies can place cell towers across parks to keep their staff and visitors connected without overwhelming the network. Other 5G technology applications in the entertainment industry include proactive maintenance of equipment through IoT sensors and providing guests with reliable and secure connections via neutral host services.

5. Shipping and Transport Management

Another innovative 5G technology use case is in shipping and transportation. In the shipping industry, huge warehouses must be connected for managers to have real-time updates. 5G is used to support IoT sensors fitted on shipping containers and pallets to share departure and arrival data automatically. This data helps businesses to track performance and accurately predict arrival times for new shipments .

In public and transport sectors, 5G supports fleet tracking and provides companies with real-time data to help them understand utilization and efficiency of vehicles. Additional 5G use cases in shipping and transportation include inventory management and automated time-stamping on shipments.

6. Driverless Vehicles

Autonomous vehicles rely on data to make changes within very little time. The 5G network can be used to support the operation of remotely operated vehicles by providing real-time data on traffic, weather, and safety updates. Although these cars are not widespread, 5G’s high capacity, ultra-low latency, and wide coverage is increasingly being leveraged to support their functionality by sharing data with each other to reduce congestion, prevent accidents, and improve safety. Increasingly, vehicle manufacturers are updating their patch security, and firmware, and upgrading vehicle features to utilize 5G technology.

7. Building Smart Cities

The concept of smart cities may sound far-fetched, but it’s currently happening. Already, some city governments are leveraging 5G technology to keep tabs on public utilities, give better services, and proactively monitor infrastructure. Innovative 5G use cases in smart cities include monitoring garbage trucks and dumpsters to determine waste levels and identify areas with high accumulation. Other cities use 5G networks to track highway congestion, conduct video surveillance, and provide secure internet for city residents.

Final Thoughts

The 5G mobile network is designed for high-speed transmission, higher network capacity and super-low latency. These features give high potential to support use cases that have not been explored before. From supporting Internet of Things devices in healthcare facilities, industries, and shipping facilities to facilitating real-time data access for autonomous vehicles, 5G is set to change the way businesses operate and how people live.

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5G Network: A Comprehensive Resource for Consumers

Olivia Carter — Tue, 21 Nov 2023 10:04:02 +0000

The year 2023 is almost on the verge of ending and users and readers are keen on learning about the fine print of advancing technologies and critical topics like cyber resilience, Internet of Things and so much more. One other thing that is a hot topic is the 5G network and why are we delving into it.

5G is the fifth generation of wireless cellular data providing users with greater upload and download speed, coherent connections, and enhanced capacity than previous networks. 5G networks have the capacity to completely change the way we use the internet to access applications, social networks, and information. It is seen time and time again that 5G is better than 4G. But we would like to demonstrate it for clarity.

Difference Between 4G and 5G Network

Aspects	4G Networks	5G Networks
Latency	10-100 ms	Less than 1 ms
Download Speed	1 Gbps	20 Gbps
Frequency Channels	1.4-20-100 MHz	Upto 800 MHz
Mobility (Km/h)	350	500
Frequency Band	Below 6 GHz	30 GHz to 300 GHz
Multiple Access	CDMA	CDMA, BDMA
Network Design	Base Station (Macro/ Micro)	Heterogenous Networks

Top Benefits of 5G Network to Consumers

So now you know the subtle difference between 4G and 5G networks. It is time to know the advantages of it.

1. Smartphones

5g technology will impact smartphones widely in the coming time and 5g devices will become a norm in our day-to-day lives. The advantage of 5g over any other network is the reach and connectivity. So every nook and corner of the world will have an improved network. Even the hard-to-reach places will have a connection guaranteed as part of service plans. Moreover, users will have a high-quality experience on their devices with downloads having to face no delays like before

2. Entertainment and Streaming

5G provides an unprecedented advantage over other technologies with virtually unlimited capacity and reduced lag time. With high-quality and comparatively faster streaming, 5G also assures revolutionary immersive experiences.

So you can have the perception of being a part of the world you are viewing or streaming. This includes multisensory digital content due to its increased capacity that can support virtual reality and augmented reality. So the experience you will receive is new ways of communication, smarter working, and smooth and reliable immersive gaming.

3. Virtual Reality

A report predicted that 90% of 5G traffic will be video by the year 2028 and instead of using an average of 11.7 GB of bandwidth per month, we’ll each use 84.4 GB. With 5G’s speed and latency, we will not only stream videos in 4k but also get a virtual reality becoming reality experience.

At the moment, VR and AR are restricted to fixed locations of the devices that operate them. 5G in collaboration with the cloud will help us spread information onto the environment around us using VR headsets.

4. Edge Computing

Edge computing is a distributed information technology architecture that brings organization applications closer to the data sources in order to reduce latency and bandwidth use. So you have the advantage of creating high-performance applications that can process and store data close to where it is generated, providing ultra-low latency, smartness, and real-time responsiveness.

With the changing edge computing trends use cases and data requirements, it requires high-speed networks to achieve that near real-time responsiveness. 5G networks provide that support for complex edge computing infrastructure and specialization.

5. Internet of Things

The Internet of Things is enhancing our lives in many ways and stretching beyond laptops and smartphones. These devices include thermostats, weather monitors, traffic systems, light bulbs, and industrial sensors. The low latency of 5G could benefit a wide variety of connected devices, including self-driving cars.

It’s going to affect how we buy our product or service. The IoT will enable the things we use every day to make payments. you could pay for small expenses too by just pressing a button. So it will not only make things convenient but will also save a lot of time.

4 Ways 5G Will Alter Business and Consumer Technology

Considering the benefits of 5g for consumers, there are certain aspects that will change in the technology for businesses and customers. They are,

1. Virtual Access to Most Business

In the coming year, 5G will speed up the availability of IoT devices with greater capabilities and effectiveness in multiple industries like e-commerce, tech, fashion, and shopping. Entertainment and education will improve too with 5G technology.

So, this will benefit customers boostly as they will be able to witness more impactful services and immersive experiences from the enterprise. This applies to all industries and sizes of enterprises. Customers can enjoy personalized services along with frontline workers and employees. So video, virtual, and augmented reality will enhance consumer experience as businesses will provide virtual access.

2. Exclusive Gaming Experience Across All Devices

As we discussed above in the advantages that 5G will improvise the gaming arena. The reason behind this is 5G is beneficial due to its latency and not its bandwidth. The most-used app for that is cloud gaming among Gen Z and millennial gamers. With 5G in place, you will be able to play AAA games on your phones that would normally require a gaming laptop.

On 5G, the game itself is running on a high server so the lag between the server, cloud, and mobile phones will be unnoticeable. The gaming experience around all devices will be exclusive.

3. Improved Capabilities for Smart Appliances

The smart appliance industry will witness a boom all thanks to AI and 5G. Your needs will be fulfilled by truly smart devices as the 5G networks come with high speed and low latency. These appliances can determine the material, procedures, and even the finished product.

So in the coming expect a life-changing environment from 5G and smart appliances as they will continuously go through various advancements and the catalyst will be 5G.

4. Augmentation of the Metaverse

Consumers can rely on 5G technology to deliver and receive high density of data including videos, images, and more. So the expansion of the metaverse and everything around it is definite. As the metaverse highly depends on VR, the improvements in VR will also benefit it. Also, everything in the metaverse will be highly connected and the digital world will include robots, systems, and machines with little to no human involvement. Therefore, this virtual space will flourish and reach its full potential in no time.

Will Consumers Explore the 5G Experience to its Fullest?

In 2024, significant technology trends and continuous upgrades in AI have created a need for quality networks. With 5G advancements and technology immersing, now is 5G’s time to shine. In every sector from technology to marketing and VR to education, 5G networks will change the course of how most industries work.

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Top 10 Edge Computing Trends Shaping the Digital Landscape in 2024

Olivia Carter — Mon, 30 Oct 2023 14:05:26 +0000

Data is generated extremely fast in today’s digital world. This pace is pushing cloud computing to the edge and resulting in data processing inefficiencies. By bringing data computation and storage closer to the source, edge computing technology offers benefits like higher performance, speedy response, and scalability. With the emerging cloud computing trends, edge computing will continue to transform the digital landscape in 2024.

Here Are Top 10 Edge Computing Trends We Can Expect to See in 2024:

1. Emergence of Edge-as-a-Service

One of the critical edge computing trends that will be witnessed in 2024 is the evolution of edge computing into a service. Edge computing companies will leverage edge-as-a-service (EaaS) to scale their resources without investing in costly infrastructure. EaaS can facilitate edge-to-edge collaborations, provide edge autonomy and resource elasticity while managing a wide range of cross-node resources for users.

End users can use EaaS to deploy services, intelligence, and computation from edge computing platforms with a lot of flexibility. Some of the areas where EaaS will open new possibilities for businesses in 2024 include asset recovery, predictive analysis, edge device management, and tracking, as well as software and operation automation.

2. Rise of Cloud-Edge Integration

Edge computing improves real-time processes and reduces latency by pushing computation closer to data sources. Cloud computing offers businesses economies of scale and flexible resources by giving them access to computing services like storage, networking, analytics, and databases via the Internet.

In 2024, we’ll see growing integration between edge and cloud computing to facilitate efficiency in the processing and analysis of data. Cloud and edge computing integrations will be crucial in supporting a wide range of applications including the Internet of Things (IoT), autonomous vehicles, and smart cities.

3. Stronger Focus on Data Security

A report by IBM showed that in 2023, the average cost of managing a data breach stood at $4.45 million globally. With several companies planning to invest more in cybersecurity, the focus on data security for edge computing is increasing.

As such, we’ll see edge computing focus more on implementing better hardware security features such as trusted platform modules to give edge devices robust security foundations. Edge computing will also be used to enhance booting security to ensure that edge devices only execute trusted firmware. To improve data security, both at rest or in transit, we’ll see improvements in encryption algorithms.

4. Higher 5G Adoption

Edge computing can boost performance and offer users better digital experiences through 5G networks. 5G offers users high bandwidth, low latency, and higher data transfer speeds. Globally, 5G mobile uptake is set to hit 1.5 billion subscribers by the close of 2023.

In 2024, we’ll see higher adoption of the 5G network. This adoption will lead to the emergence of new use cases for edge computing technologies that were initially restricted by connectivity limitations. Combined with edge computing, 5G networks will change the way businesses operate, enabling them to deliver new data experiences from different data centers.

5. Rise in Deployment of Edge Containers

Edge containers refer to decentralized computing resources that save bandwidth, reduce latency, and improve digital experiences for users. By decentralizing computing, edge containers help companies to decentralize services by shifting critical components to the edge of a network to reduce network costs and improve response time. They also help in redistributing traffic to other containers using a single IP. As companies seek to meet customer demands, we’ll see increased deployment of edge containers in 2024.

6. Application of Edge Data Analytics

In 2024, we’ll see increased adoption and application of edge data analytics. Edge data analytics leverage intelligent clustering and real-time stream processing to generate comprehensive reports on edge items. These analytics help companies to overcome bandwidth, lengthy data transmissions, and latency. Edge analytics also offer companies contextual insights to support decision making and identify anomalies, patterns, and optimization opportunities to boost operational efficiency.

7. The Edge-AI Integration

2024 may be the year when Edge AI becomes a reality. As edge computing decentralizes data processing, AI could make it easier for companies, governments, and organizations to handle huge amounts of edge data through AI models and machine learning algorithms. This will lead to real-time data analysis and processing and reduce bandwidth requirements and latency.

8. More IoT Edge Computing Solutions

2024 will be the year when more intelligent, high-performing, IoT edge computing solutions launch. IoT facilitates data exchange and efficient interconnection between multiple devices, allowing for efficient collection of data at edge. IoT also enables edge computing devices to interact and respond to actual conditions and events for better decision-making. 2024 will see increased deployment of edge-based platforms in IoT platforms.

9. Blockchain-Edge Solutions

More digital solutions leveraging blockchain technology and edge computing will emerge in 2024. Blockchain maintains data integrity while offering security and immutability within distributed edge environments. This alleviates fears of data counterfeiting and unauthorized access. Decentralized economies, asset tokenization, and digitization are some of the new opportunities blockchain will facilitate in edge environments.

10. Growth in Edge Computing Data Centers

Data centers continue to pioneer the development of novel architectures that adapt to edge computing demands. Agile, scalable, and robust solutions that integrate seamlessly with the growing data landscape are continually being developed.

For this reason, edge computing will continue to transform data centers in 2024. Data centers leverage edge computing to build tech infrastructure that can handle the influx in data traffic to facilitate quick, efficient, and seamless data processing close to data generation points.

Final Thoughts

Edge computing has been shaping the digital landscape in the past. This will continue in 2024 as the edge computing trends above take center stage. By decentralizing data processing, this technology will continue to provide foundational capabilities that will underlie business strategies that rely on AI, cloud computing, blockchain, and data in the coming year.

The post Top 10 Edge Computing Trends Shaping the Digital Landscape in 2024 appeared first on Tech Research Online.

Next-Gen Finance with 7 Exciting FinTech Innovations in 2024

Olivia Carter — Wed, 18 Oct 2023 12:34:48 +0000

FinTech is at the forefront of modern technological developments. With the FinTech space being worth over $179 billion, startups and innovators are all finding the next big thing in finance and banking. This article goes over 7 of those FinTech innovations in 2024.

Some of these innovations build upon existing trends that we’re seeing in the finance industry while some are completely revolutionary. That being said, here’s the list:

#1. Open Banking

A modern consumer in 2023 likes full control over their finances and banking. This includes payments, checking their credit scores, applying for loans, etc. FinTech startups are working on unique solutions to enable innovative experiences for these consumers. This is only possible thanks to open banking.

Open banking is a FinTech practice where banks and finance institutes grant third-party providers access to consumer data. This data may or may not include the user’s account details, transaction history, spending habits, credit scores, etc. Using this data, third-party providers enable unique finance applications that offer unique solutions for users. Since open banking involves sharing user data, the users have to consent to it.

This growing FinTech innovation is helping the industry by supporting new companies while providing better services to consumers. As a result of this, the value of open banking transactions worldwide reached $57 billion in 2023. Furthermore, experts believe it will grow even more in the coming years.

#2. Blockchain Applications

Cryptocurrency and blockchain have become highly controversial things to talk about these days. Some people are pro-crypto and will give you examples of people who’ve become rich overnight thanks to crypto-trading. While others who don’t like it will explain the absurdity of these currencies.

Regardless of your opinion on cryptocurrency, blockchain has huge potential to improve FinTech as it’s doing already. The blockchain enables distributed ledger technology (DLT) that allows you to record and share data across multiple data stores. Furthermore, blockchain enables other recent FinTech innovations like digital wallets, digital assets, decentralized finance (DeFi), and non-fungible tokens (NFT).

Things like smart contracts, digital wallets, and the blockchain make cross-border payments have faster settlement times, access to newer markets, lower costs, increased security, and greater transparency compared to traditional payment methods.

#3. Voice-Enabled Payments

Voice assistants are becoming a part of daily lives. Regardless of the brand of your smartphone, there will be a smart assistant to help you navigate the phone and the web. Voice-enabled payments is a FinTech innovation that allows users to make payments using voice commands. This can be done through a variety of devices, such as smartphones, smart speakers, and even point-of-sale (POS) systems.

To make a voice-enabled payment, you need to have a linked payment method, such as a credit or debit card, or a mobile wallet. When you initiate a payment, the voice assistant will verify and authenticate it using your linked payment method.

Voice-enabled payments offer a number of benefits to both users and merchants. For users, voice-enabled payments are convenient and hands-free. They can be made without having to type or enter any information, which can be especially useful when users are multitasking or in situations where they cannot use their hands, such as when driving or cooking. Voice-enabled payments can also be more secure than traditional payment methods, such as credit cards, as they use biometric authentication to verify the user’s identity.

For merchants, voice-enabled payments can help to improve the customer experience and increase sales. They can also help to reduce fraud and improve operational efficiency.

#4. Virtual/Online Cards

Cashless payments have been the primary mode of transaction for consumers. It is by and large better, faster, and easier than handing over cash. Some primary modes of cashless payments include online payments, debit cards, and credit cards.

The use of virtual cards is an emerging FinTech innovation that is making it easier for consumers to apply for new cards and use them conveniently. Since online shopping has become common, users relying on it completely don’t need to use their physical cards at all. Which begs the question, what if new users don’t ever need a physical card?

Virtual cards bring more to the table than just the convenience of applying and using them. They’re great for protection against fraud by limiting the amount of information shared during a transaction. They also offer spending control features like setting amount limits and choosing specific vendors only. As online shopping becomes even more mainstream than it already is, virtual cards will become better.

#5. Robotic Process Automation

Automation is a major trend this decade in every industry. Businesses want to maximize efficiency and reduce labor costs using automation in every possible part of the process. Robotic Process Automation (RTA) uses AI, computers, or any machine to perform specific tasks. These tasks can range from copy and paste to filling or moving forms.

Now, this isn’t exactly a ground-breaking FinTech innovation. However, it solves mundane problems and improves general tasks. In FinTech, RPA promises to improve customer experience, increase productivity, and make the accounting process better.

Some other important applications of RPA are KYC and AML procedures where RPA automates manual tasks and helps with abnormal activity detection. It also supports banks with tedious processes like mortgage lending and loan underwriting.

Some people fear that RPA is a major threat to many jobs. That concern has its merits but the fact remains; If banks and finance institutions want to offer better customer services, they need RPA in some capacity.

#6. Machine-Learning and AI

Machine learning (ML) and artificial intelligence (AI) are two of the most transformative technologies of our time, and they are having a major impact on the FinTech industry.

ML and AI are being used to develop new and innovative financial products and services, as well as to improve the efficiency and security of existing financial systems. Here are a few specific examples:

Fraud detection: It helps you analyze large amounts of data to identify patterns and anomalies that may indicate fraud. This can help banks and other financial institutions to detect and prevent fraud more effectively.
Credit scoring: It helps you develop more accurate and predictive credit scoring models. This can help lenders to make more informed lending decisions and reduce the risk of defaults.
Investment management: Access robo-advisors and other investment management tools that can help investors to make better investment decisions.
Risk management: Develop more sophisticated risk management models. This can help financial institutions to better manage their risk and protect their customers.

In addition to these specific examples, AI in banking is also being used to improve the customer experience in a variety of ways. For example, they can be used to develop chatbots that can answer customer questions and provide support 24/7. AI can also be used to personalize the customer experience by recommending products and services that are relevant to each individual customer.

#7. Mobile-Only Banks

Mobile-only banks are a type of fintech innovation that has revolutionized the way people bank. These banks operate exclusively through mobile apps, offering a convenient and affordable way to manage finances without having to visit a physical branch. They offer a wide range of banking services, including checking and savings accounts, debit cards, loans, and investment products. They also typically offer features that are not available at traditional banks, such as mobile check deposits, peer-to-peer payments, and budgeting tools.

One of the biggest advantages of mobile-only banks is their convenience. Customers can bank from anywhere, at any time, with just a few taps on their smartphone. This is especially appealing to younger generations who are increasingly using their smartphones for all aspects of their lives.

Another advantage of mobile-only banks is their affordability. Because they do not have the same overhead costs as traditional banks, mobile-only banks are able to offer lower fees and more competitive interest rates. This can save customers a significant amount of money over time.

Some of the most popular mobile-only banks in the USA that are nailing neo-banking are Moneylion and Upgrade.

Final Words

When it comes to FinTech innovations, these trends don’t just reflect the commercial space that affects businesses. They also dictate how consumers interact with finance and advancements in their banking experiences.

The post Next-Gen Finance with 7 Exciting FinTech Innovations in 2024 appeared first on Tech Research Online.

Israel-Palestine War’s Impact on Israel’s Tech Sector

Olivia Carter — Mon, 09 Oct 2023 11:31:09 +0000

On October 9, the investors and analysts said, the tech companies running in Israel are expected to reinforce security as they could face disruptions. The tech sector is on alert after Hamas gunmen from Gaza killed hundreds of Israelis and abducted an unknown number of people.

Stock and bond prices of Israeli companies plunged and many organizations were closed on Sunday as the Palestinian group Hamas rampaged through the towns of Israel on Saturday. In addition, militants also fired thousands of rockets in a surprise attack in Israel some of which reached Tel Aviv and led to airlines suspending their flights.

Jack Ablin, chief investment officer and founding partner at Cresset Wealth Advisors said, “It is a huge disruption to business as usual.” He also added that in a short while, resources can be redirected if the conflict expands, such as employees at tech companies being called up as military reservists.

Thoughts of World Leaders on Rising Conflict

Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina, said there will likely be a “tremendous effort” to safeguard physical installations for companies based in Israel from attacks because some technology spending is tied to the military.

Nvidia, the world’s largest manufacturer of chips used in AI and computer graphics said, it had canceled an AI summit scheduled for Tel Aviv next week, where its CEO Jensen Huang was due to speak.

A spokesperson from Intel Corp. said on Sunday that the company was “closely monitoring the situation in Israel and taking steps to safeguard and support our workers.” However, he refused to say if the chip production was affected by the conflict.

Other tech giants like Microsoft, Amazon, Google, Meta, and Apple gave no response when requested for their thoughts.

Increasing Artificial Intelligence Use in the Military

There are 500 MNCs operating in Israel most of them are research and development centres after acquiring Israeli start-ups. These MNCs include Intel, IBM, Apple, Microsoft, Google, and Facebook. Especially with the coming AI regulations, the RnD needed to bolster up.

Prime Minister Benjamin Netanyahu in June said Intel was planning to invest $25 billion in a new factory in the southern city of Kiryat Gat. In his words, it is the largest-ever international investment in the country that can employ thousands of people and would add to its chip plants and design centers there.

Quincy Krosby said, “In the longer term, the tech and AI sector, where Israel has been a leader, could see increased investment because of the industries’ close tie-in with military spending.” “They will probably increase the investment in AI. When a country is caught literally off guard the first thing they look at – besides the obvious problems with intelligence – is what was missed within the security systems.”

He further added, “It could bolster support for more financial resources for tech for the military, which then ultimately transitions to the private sector tech companies.”

The tech sector in the past has shown perseverance in overcoming a number of conflicts with Hamas in Gaza. Apjit Walia the Managing Director at DVN Capital said, “The Israeli tech sector has historically bounced back from geopolitical tragedies.” If the conflict prolongs, that may not be the case this time.

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Say Goodbye to Instagram and Facebook Ads With a $14 Monthly Ad-Free Plan

Olivia Carter — Tue, 03 Oct 2023 12:51:47 +0000

Meta platforms are introducing a plan involving users in the European Union shell to pay as much as $14 to access ad-free versions of Instagram or Facebook. Additionally, the users can agree to personalized ads for the free versions, The Wall Street Journal reported on Monday.

Under the plan, Meta can charge roughly 10 euros a month on a desktop for a Facebook or Instagram account, and around 6 euros for each additional linked account, as per the report. For mobile devices, the price for a single account would go up to 13 euros roughly as Meta would cover commissions charged by Apple and Google’s app stores. The users only have the option to buy this ad-free plan or agree to the personalized ads.

A Plan to Cover the 390 Million Euros Fine

Earlier this year, the social media giant was imposed a fine of 390 million euros by Ireland’s Data Privacy Commissioner. They also told Meta that it cannot utilize the so-called ‘contract’ legal basis to send users ads on the basis of their online activity.

Meta indicated its intention to ask users for their consent in the EU before allowing businesses to target advertising. This was a step to address multiple evolving regulatory requirements in the region.

Meta has now informed European Regulators that it is hoping to initiate an ad-free plan which is named subscription no ads (SNA), for European users in the coming months. A Meta spokesman told the Journal that the company believes in ‘free services which are supported by personalized ads’ but is experimenting with ‘options to ensure we comply with evolving regulatory requirements’.

One thing that is not clear is if the regulators in Ireland or Brusells will find the Meta’s new SNA plan in compliance with the European Union regulation. Moreover, as per the Meta estimates, the company has around 258 million Facebook users and 257 million Instagram users in the first six months of 2023. If the company charges $14 to all the Instagram and Facebook users the returns they will receive through this plan are daunting.

With rising compliances and the resulting paid plans, we will need to see if the users are intimidated by the new strategy. Will they be buying the SNA plan or agree to personalized ads?
What are you planning to do let us know in the comments.

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Now You Can Have Voice Chats With ChatGPT

Olivia Carter — Tue, 26 Sep 2023 13:36:53 +0000

Open AI, on Monday, 25th September, announced a new feature that’ll let you have a voice chat with ChatGPT. This feature will allow users to speak aloud to ChatGPT and hear the chatbot talk back.

Open AI shared a demo of the new update showing the feature in action. In it, the user asks ChatGPT to create a story about “the super-duper sunflower hedgehog named Larry.” The chatbot then presented a story out loud with a human-sounding voice that could also respond to questions, such as, “What was his house like?” and “Who is his best friend?”

This new voice feature is similar to those currently offered by Amazon Alexa or Apple’s voice assistant Siri.

How You Can Enable the Voice And Image Features?

OpenAI unveils ChatGPT’s latest feature to Plus and Enterprise users which is coming in the next two weeks. Voice will be available on iOS and Android and images will be available on all platforms.

To enable the voice feature, you can go to Settings, then tap on New Features on the mobile app and opt-in for voice conversations. Then, tap the headphone button located in the top-right corner of the home screen and choose your preferred voice out of five different voices.

The new voice capability works using a new text-to-speech model, capable of generating human-like audio from just text and a few seconds of sample speech. The company added that it is uniting with professional voice artists to create the five different voices. They are also using Whisper, an open-source speech recognition system, to transcribe spoken words into text.

Chat About the Images

You can now show one or more images to ChatGPT and inquire about your problems. Users can also use the drawing tool in the app to focus on specific parts of the image.

To get started, tap the photo button to click or select an image. If you’re on iOS or Android, tap the plus button first. You can also discuss multiple images or use the drawing tool to guide the assistant.

The understanding of the images is generated by multimodal GPT-3.5 and GPT-4. These models apply their language reasoning skills to a wide range of images, such as photographs, screenshots, and documents containing both text and images.

Who Will Win the AI Race?

In the previous week, Microsoft presented its unified AI assistant and Google updated Bard to its Applications. Furthermore, Amazon also made a deal with Anthropic. It is noteworthy to see how these updates are coming out in the same timeline. The race continues and new features keep adding up for users to enjoy and employ in their daily lives.

Tell us your thoughts on the latest features from OpenAI and whether you will be using the features in your daily tasks.

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