Today's Tech for Beginners: Bitcoin, Blockchain, AI & VR

The latest hype in tech trends and how small businesses can get involved

You’ve probably heard about blockchain, 360-degree video and other technologies that may seem hard to understand. What you might not know is that incorporating them into your business can be a game changer, and it isn’t as difficult as you may think.

AR, VR and 360-degree video

More than one million people acquired VR headsets in the first quarter of 2017. Emily Smith is tapping into this trend and innovating in the augmented reality (AR) and virtual reality (VR) fields. As the CEO of *no campfire required, she combines technology and art to help companies promote their brands.

“Tech like VR and AR (augmented reality) are tools,” says Smith. “Entrepreneurs should learn about these tools because it can help them level up how they meet the needs of their customers.”

Around the world, dentists are using VR to alleviate pain during treatment and doctors are using it to treat PTSD. Travel agents are using it to show customers what their next destination looks like, and companies are using it to recruit their employees.

“In the future, VR will become more social. It will be used to simulate real-life situations in more and more fields,” says Smith. “But there will also be increased opportunities for human-to-human communication, including across long distances.”

In a similar way, businesses are using 360-degree video, a type of recording that uses an omnidirectional camera that takes panoramic shots of whatever environment they’re run in. Business owners are using 360-degree video to create immersive content that makes users feel like they are really present for distant experiences and events.

Whether they are used for advertising, recruitment or training purposes, VR and 360-degree video offer a world of possibilities for all types of businesses and entrepreneurs.

Artificial Intelligence

When you’re browsing your favourite shops on Facebook and a message pops up asking if you need assistance, you’re engaging with a chatbot powered by artificial intelligence. AI is part of our everyday lives as consumers, as we’ve transformed from mall-goers to digital shoppers.

As its name suggests, AI is a form of technology that allows computer systems to perform tasks that would normally require human intelligence. Some of these tasks include language translation, speech recognition and the ability to reflect on past experiences and decisions.

Starbucks’ Digital Flywheel program is an interesting example of how businesses are integrating this form of technology to optimize customer experience. Their AI system suggests orders and special product combinations after analyzing customer trends, schedules and even weather conditions (offering you lemonade instead of hot chocolate on a sunny day). Theoretically, any business can use AI to connect with their audience and suggest purchases after analyzing their customers’ needs.

Understanding and embracing AI could be a determining factor for businesses and entrepreneurs looking to establish a positive relationship with their customers. If you have any further questions, don’t hesitate to ask Siri or Alexa (everyone’s favourite forms of AI) about it.

Bitcoin and blockchain

Bitcoin is the famous digital cryptocurrency that has been attracting attention due to its breathtaking rise in value. But how does this type of currency work, and where is it stored?

Simply put, cryptocurrencies are payment systems which don’t need bills or coins to work. It is decentralized, which means that there are no governments, banks or institutions that control it. Cryptocurrency owners are anonymous and connect with buyers through encryption keys. The currency travels over an online network where people mine (confirm transactions) and secure them into blockchains.

What’s a blockchain, you ask? A blockchain is an online public (as opposed to private, like transactions completed in a traditional financial institution) ledger where cryptocurrency transactions are recorded. Furthermore, a block is simply a record of data in the form of a file similar to a page of a financial record book.

Companies around the world have started using digital currency as a way to improve efficiency in numerous processes, avoid dealing with foreign transaction fees and create new business opportunities. Bitcoin's format makes for faster and cheaper exchanges of cash, from which many small businesses may start to benefit. We can’t say for sure if 2018 will be the year of small businesses adopting cryptocurrencies; but if they do, the benefits include $0 exchange fees if you trade internationally, zero payment disputes and finally, a lucrative investment plan for tech enthusiasts.

According to Smith, staying up to date with the newest tech trends can “help B2C entrepreneurs make their customers’ day-to-day lives better, and help B2B companies add value to their customers’ businesses.”

However, not everyone in the business and tech worlds is convinced that cryptocurrencies are useful or valuable. Due to being new and disruptive, the uncertainties around cryptocurrencies and potential government regulation pose risk for early investment.

Going into the future, it’s important for small businesses and entrepreneurs to remain curious and continue to evaluate how these technology trends can help you better interact with audiences in 2018.