The term "Disruptive Technology" often refers to new inventions or, in fact, technologies. Behind their creation is the idea of changing how people live, work, and interact with one another. As a broad concept, it encloses both tangible and intangible concepts. While a smart car lies on the factual side, the Internet is an example of a supernatural tech. Today, we'll navigate its history and learn more about this incredible subject. Jump in!
What is Disruptive Technology?
Disruptive Technology refers to a product or service that offers something new to the market. Yet, it also has an enormous impact on the way people do things. Beyond an idea with potential, it considers how it will affect society and people will adopt it. Further, it's an innovation that core-modifies how customers, industries, and enterprises function. A remarkable highlight is that disruptive technologies sweep aside their predecessors. This change lies in unmistakably superior features compared to the systems it replaces.
How does Disruptive Technology work?
Clayton M. Christensen was the first to introduce the concept. The Harvard Business School professor discusses it in his best-seller, "The Innovator's Dilemma." In 1997, he divided new tech into sustaining and disruptive. In this context, innovations depend on little adjustments to existing and maintained technology.
The core lies in Disruptive Technology replacing outdated procedures or practices. Yet, a massive part of the disruptive adjective lies in developing new things. Hence, these can have performance issues in the early stages. It also appeals to small audiences and may still need to prove practical application. Due to the prior, and more often than not, startups are the ones to produce Disruptive Technology. That distinction draws a line from well-established businesses. Some examples enclose Digital Transport Devices (Uber, Lyft), Music Streaming (Spotify, Apple Music), Video Streaming (Netflix, Apple Tv, Hulu), Virtual Reality (Samsung Gear VR, MetaQuest 2, Pansonite), and Cross-Platform Instant Messaging (Whatsapp, Telegram)
Pros and Cons of Disruptive Technology
Pros of Disruptive Technology
1. Innovative Advantages. One of Disruptive Tech’s core pros is its ability to give customers noticeable benefits. Thus, industries tremble when these techs hit the market. For instance, the Internet changed how people gather knowledge. Its impact encloses newspapers, libraries, and social interactions.
2. Startup Opportunities. Startups have the potential to arise in established industries thanks to Disruptive Technology. Furthermore, early adopters can position themselves as thought leaders in untapped markets.
3. Businesses Growth. Established companies can adopt disruptive technology too! There's a lot of room for growth, and it can extend the business advantages. Plus, this approach applies to both its existing and any new industries.
Cons of Disruptive Technology
1. Unrefined Inventions. New technology is often unproven and unpolished during its early stages. What's more, its development can last for years. As a result, businesses may find it challenging to promote cutting-edge products. This obstacle can extend even to fundraising, stakeholding, and investment rounds.
2. Early Performance. Almost all innovations go through a problem-solving phase. Users in modern times often see this happen when using newly created software. Hence, there's an almost constant need for updates and patches to fix bugs and errors. Any disruptive technology goes through the same procedure. In turn, it might make early adoption more difficult.
3. Unproven Applications . Disruptive Technology may need some time to establish itself in the market. This challenge occurs because the innovation's projected application is yet to be proven. Users can question their ability to use the product to replace its forerunners.
Yet, we can assume this doubt applies to every invention we now take as mainstream. Let's put compact kitchen gadgets as an example. When rising, chefs may have asked if these tools could achieve the same level as their work. You can translate this example to every industry and field. In all cases, innovation brings concern about the system or process it's replacing.
The Role of Blockchain in Disruptive Technology
The Blockchain is a decentralized, public ledger of all cryptocurrency transactions. It's continually growing by adding "completed" blocks with a new set of recordings. Blockchain owes its name to how it maintains transaction data. That is, in blocks connected by links to form a chain. Moreover, the Blockchain expands as its transactions number grows. Transactions' time and order get a record and confirmation in blocks. Said blocks add to the Blockchain and regulate themselves by network users' rules.
Furthermore, the Blockchain is a decentralized database readable and updatable by anyone. Plus, it's public and transparent. As a result, all parts can see what is happening within the system. Whenever someone wants to add info to it, they must solve challenging math problems. This problem-solving process receives the name Blockchain Mining. If successfully solved, people can add blocks to the Blockchain for members to see and use.
In general terms, the Blockchain is a decentralized distributed ledger. One of its leading missions is to keep track of transactions between two parties. Here, transactions go from central, server-based systems to decentralized, open-source cryptography networks. This disruptive technology uses peer-to-peer consensus to record and verify transactions. So, this approach replaces manual verification processes.
Financial institutions like banks and stock brokerages are using Blockchain's Disruptive Technology. For instance, brokerage businesses can perform peer-to-peer trade confirmations on the Blockchain. By doing so, they cut the need for custodians and clearinghouses. In turn, it lowers the cost of acting as a financial intermediary. Plus, it speeds up transaction times. Needless to say, these practices already have a significant impact.
What is an Examples of Disruptive Technology
Disruptive Technologies present themselves as something new and improved. But in reality, they may be an updated version of an older product. Let's see some examples:
1. Windows OS interface and costs contributed to the 90s growth of personal computing. Even the TV industry suffered from massive access to computers for personal purposes!
2. In the enterprise world, cloud computing has been a vast Disruptive Technology. Further, it replaced resources hosted in-house or offered as hosted services.
3. And, of course, social networking. This concept changed how we interact, particularly for personal uses. Yet, it has interfered with event planning and phone companies' businesses.
What is the Future of Disruptive Technology?
The concept of Disruptive Technology is not a new idea. In the past, many people have predicted what the future holds for us and how our society will change. Yet, only a few technologies will definitely disrupt our community as we know it. One of these techs is AI-assisted copywriting and designing.
Artificial Intelligence has had many uses throughout recent history. In the last couple of years, it has become even more integrated into our everyday lives. AI has become an integral part of our lives, from smart cars to smart homes. Now, Artificial Intelligence is making its way into the writing world. If mainstream, AI writers could create content on any topic without human input.
Our Thoughts on Disruptive Technology
"I believe the next disruptive technology will be AI because it is growing fast nowadays and can do many interesting things. There are code-source assistants like Copilot for developers. For designers, there are image generators like DallE2, Stability, etc. Also, there are content generators that can even make videos and images of people that don't exist! It lies on image databases, sounds, and lots of AI. This New York Times article is a great example." Pablo Restuccia, Tech VP @ Capicua
Conclusion
Disruptive Technology is the future for both large and small companies. What's more, it's an evergreen opportunity to be the first to acknowledge a specific need or desire. This approach can improve both businesses' prosperity and users' daily lives. If it sounds attractive, you should try it and dive into the latent next Disruptive Technology!
