How Emerging Technologies Are Shaping the Future of The Global Economy

The world is on the cusp of a digital revolution, with innovation disrupting the way we do everything, from using appliances and gadgets to performing financial transactions.

New Asset Classes

The digital economy is growing at a fast rate all over the world. The current digital economy is characterized by the creation of new asset classes and digitization of traditional assets. Emerging technologies, such as the blockchain, artificial intelligence (AI), Internet of Things (IoT) and 3D printing, are playing a pivotal rule in fueling this growth.

The new technologies feature assets that have the potential to dominate the global economy in the future. For instance, the blockchain has virtual coins and tokens whose popularity has grown exponentially in a short time period.

Big Players Entering the Game

The blockchain enables users to perform transactions securely and much quicker than traditional methods. The features of the blockchain have attracted many prominent technology and financial companies, including IBM, Oracle, JP Morgan Chase and Boeing. For instance, IBM recently teamed up with Stronghold, a financial technology company, to launch a dollar-backed cryptocurrency called Stronghold USD. This virtual currency is an example of how consumer confidence in a traditional asset (fiat-currency USD in this case) is used to support a digital asset.

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By Amber