Technology has proven to be a worthwhile endeavor for businesses that want to stay relevant despite the ongoing historic inflation or negative economic growth in the last two quarters. The US Chamber of Commerce notes that 93 percent of business owners leverage at least one tech platform to drive operational processes.

But what are the top 3 technology trends that will enhance productivity and boost customer experiences in 2023 and beyond?

Artificial intelligence (AI)

The concept of artificial intelligence has been making leaps into the retail market for a while now. For instance, online stores use AI-driven algorithms to recommend relevant products and services to customers based on their tastes, sizes, or even unique preferences.

In 2023, AI will be making full inroads into organizations, impacting real change. A worthwhile AI trend to keep tabs going forward is ChatGPT, a pre-trained language model by openAI. As a next-gen chatbot, users can customize ChatGPT AI to fulfill multiple tasks, such as data provision, conversation engagement, or answering complex questions.

Unlike traditional chatbots, ChatGPT can adapt to the conversation at hand and customize a specific response, enabling businesses to communicate more clearly with their customers. As a result, this tech can help cut employment costs in customer care departments when implemented.

The fascinating side of this AI application is that its use cases are endless. Besides assisting with SQL queries, ChatGPT can also spearhead tech education between organizations and employees to develop time-consuming content efficiently.

The metaverse

The Metaverse concept will drive a persistent and immersive internet space for working, playing, or socializing in 2023. Industry experts forecast that this technology will account for an additional $5 trillion in the global economy by 2030.

Complementary technologies that will pick up alongside this trend include augmented reality (AR) and virtual reality (VR). At the same time, more people will be able to access Metaverse experiences from the comfort of devices they are already accustomed to, such as smartphones and TVs.

In fact, LG Electronics recently announced a partnership to bring interoperable Metaverse experiences to TVs. When the project is complete, users will be able to launch “super high fidelity interconnected virtual worlds” on their LG TVs and interact amongst themselves.

An all-in approach towards the Metaverse will also see the rise of advanced avatar technology in 2023. Avatars will expand on the basis of digital expression and identities to form new social interactions in the virtual worlds.

Digital assets mining

Despite the crypto markets having a rough year in 2022, the underlying blockchain networks supporting digital assets have grown in terms of network security. Measured by the total hash rate provided by network miners, Bitcoin’s security for instance has reached an all-time-high earlier this year.

“Digital assets network computation provides an unparalleled opportunity to tech-based investors in terms of diversification and upside beta exposure to the digital assets space,” says Lin Cheung, CEO of JKL Group.

Digital assets are increasingly becoming difficult to mine, a factor that turns out to be a positive sum in terms of the network hash rate. For Proof of Work based networks like Bitcoin, this means that the blockchain network becomes increasingly more secure.

“On one hand, Bitcoin mining delivers a stable future cash flow dictated by the algorithm of the Bitcoin blockchain, which provides a solid baseline for valuation. On the other hand, the ROI of digital assets mining mostly depends on 4 variable factors: price of equipment, electricity rates, digital asset output, and price of the mined asset,” says Cheung.

The transparent mining algorithm in the world’s most decentralized and secure computational network makes Bitcoin mining a unique model that aligns the technical, as well as economic incentives, for network participants. That’s why companies such as Riot and JKL Mining are enabling tech investors to seize opportunities in digital assets mining businesses, situated in strategic locations with affordable electricity.

2023 is the era of a highly tech-driven world

“Technology is at the epicenter of economic growth and development and central to the process of creative destruction of firms,” says the Chief Economist of the World Bank Group. Bridging the technology divide by exploring the highlighted trends in 2023 and beyond is a precursor for competitive development policies. While true innovation isn’t an easy challenge, the opportunities it presents are enormous.

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