How the Digital Revolution is Transforming the World Economy

Just think about how many times you have heard older people talk about how different the modern age is from what they are used to. When you take a look at all the factors, you will agree that this makes perfect sense. Compare the times when you were a kid to what we have now, and you will see some crucial differences. Therefore, nobody should be surprised by the fact that seniors don’t fit in today’s trends.

We can compare the 21st century with a lot of similar movements that have occurred back in the 17th and 18th centuries. Basically, it happened that new technologies have disrupted the current system, and a lot of people needed to reeducate themselves and adapt to the new surroundings. The latest technology, that will probably mark the 21st century, is the digital revolution.

At the same time, we can see that this term is much more than common folk believes it is. For instance, there are a lot of sub-categories like virtual reality and artificial intelligence just to name a few. Today, we would like to focus only on those that will affect the future of the world economy. Without further ado, let’s take a look at some of the most relevant technologies that will make this change possible.

Cryptocurrencies

Source: finance-monthly.com

Probably the most obvious part of the digital revolution that will change the world of business completely is the concept of cryptocurrencies. For those who didn’t hear about it, while we doubt that there are a lot of people who haven’t, we are talking about digital currencies. Surely, Bitcoin has introduced over a decade ago. That’s why people are aware of its existence.

But BTC is not the only part of the story. If you take a look at the cryptocurrency market, you will see that many other cryptos have appeared over the years. The second best-known is Ethereum. A lot of experts from this field believe that ETH’s full potential is yet to be fulfilled. The recent adoption of BTC in El Salvador is a precedent that shows an example of how other countries will do it in the future.

So, you can see that this concept has become much more in the last couple of years. For instance, there are many shops and online gambling sites where you can use them as a method of payment. In case you would like to take a look at one that’s powered by blockchain technology, you should pay a visit to oschain.io. Without any doubt, many similar ones will follow in the 2020s.

Online Shopping

Source: unsplash.com

The next aspect of the digital revolution we think it’s worth mentioning is the concept of online shopping. We can see that this is not something we would describe as new. Nevertheless, there are a couple of newly-developed methods that have made it much more efficient. Practically, you can purchase anything that comes to your mind, no matter where is the location of the shop.

When this was made possible and was updated to the point where it is developed more now than ever, it became an efficient option for people who want to sell their merchandise to foreigners. The dynamic of these trades and transactions has been made much more efficient. Not to mention that a high percent of e-shops is at the point where we can describe them as being almost perfect for today’s standards.

Methods of Payment

Source: blog.magestore.com

Methods of payment come hand-in-hand with e-shops. There is no way you can conclude this sort of deal if you don’t have at least one of many methods of payment. When you take a look at all of them, you will see that they are very versatile. For instance, we are all aware that you can buy anything online with your credit cards. But there are other ways, which are more digital, to put it that way.

PayPal is one of the most popular solutions in this regard. You will certainly agree that a vast majority of e-shops out there provide it as a possibility for their customers. Next, cryptocurrencies have made a significant impact in this regard in the last couple of years. Besides these two, you can opt for those methods like a pioneer. All-in-all, you can see that pretty much all of them are significant these days.

Accelerated Pace of Change

Source: nbcnews.com

We’ve mentioned that the digital revolution has slowly started to transform many current jobs. Some experts say that roughly 1/3 of all the job positions in the United States will undergo some sort of the change in the years to come. When you translate this figure to an actual number of people, you will see that it is roughly 45 million workers. You will certainly agree that this is a serious number, right?

Sure, this process will start slowly. We can even see some parts of this process have been undergoing for some time. Naturally, these changes will be much more fast-paced in the future. When it comes to the job positions that will be completely replaced with modern technologies, pretty much everyone agrees that taxis and delivery services are the first ones that will suffer a major change in concept.

Global Economy’s Recovery

Source: thestatesman.com

Not only digitalization will represent a major shift in the global economy, but it could also be one of the ways of its recovery. We all know that the global economy has been suffering since 2008. In 2020, the global pandemic of COVID-19 has caused a lot of financial damage to a wide array of different industries. Many think that cryptocurrencies and other digital aspects will play a crucial role in financial recovery.

Summary

Even though the digital revolution will play a significant role in the global economic transformation and recovery, this is not the only aspect that it will be responsible for. We can see that there are some voices that digitalization is about to change the whole of humanity’s perception. We will just have to wait and see how this will play out in the future.