Hardly anyone can disagree with the fact that modern technology has fundamentally transformed a common man’s lifestyle. Not only that, it has played a crucial role in reshaping our world and the way we do business. From artificial intelligence to blockchain technology, the solutions and possibilities presented by today’s technology are immeasurable. Simple tasks have been made more efficient and information has never been so conveniently accessible before. It has definitely added more comfort and luxury in our lives and has made people more productive in the workplace. Its applications in the fields of education and health as well have contributed significantly towards enabling humans to perform better.
But with its innumerable benefits, modern technology has a number of drawbacks to its existence as well. It has made humans more isolated and dependent on modern technology and has aided in developing advanced weaponry that is deadlier than ever before. There is also the matter of loss of many labour intensive jobs as systems and robots are available that can perform repetitive tasks more efficiently than humans.
This article, therefore, goes in depth to explain the advantages and disadvantages of modern technology.
Advantages of Modern Technology
1. Enhanced Imagination and Innovation
The development of modern technology including AI, Virtual and Augmented Reality, driverless cars and blockchain has, after all, required human intelligence to come to reality. Even now, these technologies require human capabilities to become more enhanced and deliver more applications for the real world. Hence, it is not difficult to understand that rather than hindering our abilities, technology has actually encouraged imaginativeness and innovation for individuals. There is a reason why companies with the highest net worths in the world are tech giants. People like Steve Jobs, Bill Gates, Mark Zuckerberg, Jeff Bezos, Elon Musk, Larry Page and Sergey Brin – the list is endless – all came up with innovative and unique ideas and managed to turn them into multibillion-dollar businesses.
These examples are just the tip of the iceberg. Almost all latest more novel startups have, in some way or the other, leveraged technology to their advantage to create creative as well as worthwhile offerings. Whether it is Etsy or Airbnb or Bitcoin. All innovations have modern technologies at their core. The potential for creativity and innovation that is enhanced through technologies like AI or blockchain, could not have been predicted fifty years ago.
2. Technology Aided Education
The field of education has been immensely assisted through the progressions in technology. It has enabled students to access books and resources at the click of a button. Numerous mobile applications help them study more efficiently and keep their study schedules more organised. Moreover, tutorials and online courses are available on YouTube or other websites. Other than that, classrooms have also become more technology driven through projectors and visual aids. Instructors are able to explain concepts in a better way through technology aids. They can also engage in a better way with each of their students and keep a track of their performance.
3. Increased Productivity and Accuracy
There is no second opinion to the fact that technology has lent increased productivity and accuracy to humans in their daily lives as well as in businesses. It has automated a number of manufacturing procedures and has enabled businesses to cut their costs significantly. AI-powered tools are available for businesses to digitise their customer support procedures entirely. Chatbots can respond to customer queries and complaints in an instant. This has not only allowed brands to increase their customer satisfaction levels but have also established trust among them. Technology has also allowed enterprises to increase their security and develop more sound payment systems.
In our personal lives, modern technology has given rise to smart homes, wherein the entire houses are built around AI-based systems. Everything from security to the lighting and systems is operated electronically and remotely. Virtual assistants have allowed us to streamline our daily tasks and manage our time in a better manner.
4. Improved Financial Services
The financial sector has benefitted immensely from advances in technology. With business models centred around complex data structures and advanced data processing, systems like AI and machine learning have allowed banks to streamline their processes. Through behavioural analytics, companies can analyse consumer spending patterns and are able to provide them with customised services. Tech has also enabled banks to establish faster and more secure payment channels and has lent better security to existing payment structures as well. Since the finance sector is a stringently regulated one, technology has also helped banks and financial institutions to meet their legal and compliance obligations more effectively. Through real-time monitoring of transactions, they can establish the risk associated with a client. Instant background checks have enabled them to screen individual clients through global watch lists and thus meet their anti-money laundering or AML compliance requirements more effectively. Banks can now also provide financial and asset management through automated systems and virtual assistants.
Disadvantages of Modern Technology
1. Isolation of Humans
As the younger generation becomes more and more dependent upon technology and is relying on social networking platforms to connect with people, they have isolated themselves from the real world. Children and teenagers spend more time playing video games and using social media, that their social interactions have become minimal at best. They have started to give preference to making over a hundred friends online rather than making 10 in the real world.
2. Increased Dependency
Where modern technology as assisted human capabilities, it has increased our dependency on such systems as well. Tech tools like calculators and spell-check software have contributed towards diminishing our capabilities to perform even the simplest sums mentally and spelling words correctly. We may rely on the internet to search for a simple book but without it, we would be struck dumb while searching for it in a library.
3. Development of Destructive Weapons
As countries look to advance their defence and security systems, they have ended up developing weapons of mass destruction. Where technology has aided in developing precision targeting systems, it has also allowed us to develop chemical and nuclear weapons. While countries may be responsible while using them if such technology ends up in the hands of criminals and terrorists, they can end up wreaking havoc on humanity.