Disruptive innovation is said to be an innovation creating the undiscovered market and the value network, which eventually disrupts an existing market and displace the market-leading firms, alliances, and products. Clayton Christensen, one of the renowned American scholars, coined this term in 1995, and it is known to be one of the powerful concepts in the 21st century.
Going further, we will discuss the examples of disruptive technology to know about the concept at its core.
Famous examples of Disruptive Innovation are here:
1. Artificial Intelligence:
The artificial intelligence is known to be a particular type of intelligence, exhibited by machines and computers. AI is a kind of flexible agent which works further by taking every possible action desired for the success of the phenomenon.
Artificial Intelligence is implied when the machines copy the cognitive functions of human brains. The AI is applied for solving problems and learning that the devices tend to become more capable while removing other facilities from the list.
The companies demonstrate the willingness to adopt Artificial intelligence and similar tools. For example, machine learning to reduce administrative task, automate processes, and collection of data. Artificial intelligence serves as a practical solution by understanding the vast amount of information which is vital in the era.
Although media has vilified the AI as the enemy for jobs, many centers have undergone the transformation in their processes and view AI as an enhancement, rather than proving to threaten the human workforce.
Many organizations established across the sectors are experimenting with the blockchain technologies for building trust networks, reducing cost and friction, and improving transparency. Despite a lot of chaos, the invested interest in cryptocurrency is said to be powered by blockchain is quite strong.
More and more commercial businesses are endorsing payments through cryptocurrency, including Ethereum and Bitcoin. Going forward the industrial applications will expand and encompass the financial as well as innovative solutions for healthcare, trade, security, energy, marketing, and other sectors.
The blockchain technology security is found to be assured with the sophisticated cryptographic process. Although the immediate effect of the blockchain technology is not bright for the non-technology eyes, it will leave a significant impact on existing systems at large.
3. Renewable Energy in Disruptive Innovation:
As the efficiency of solar panels and wind turbines are increasing, the cost of renewables is plunging much faster than expected. The increasing demand for renewable energy will require considerable advances in the field of energy storage, in turn, will see a massive decline in the availability of fossil fuels. The incumbent businesses like BP and shell are said to be shifting their core expertise in opting for renewable options as the clients are increasing demand for clean energy options. The manufacturing of economically viable electric vehicles and building the infrastructure to support them is one of the perfect examples of renewable energy.
The energy generation from various renewable sources like wind and solar is found to be quite disruptive on comparing to the traditional energy sources. The experts in the domain suggest the application of renewable energy can minimize pollution and climate change on a global scale.
The renewable energy is comprising of various technological innovations like photovoltaic cells, geothermal energy, wind turbines, concentrated solar power, ocean wave power, etc. For sustainable development, renewable energy can be called as the perfect example of disruptive technology.
4. Space Colonization for Disruptive Innovation:
Gone are the days when only selected and highly trained astronauts are allowed to leave for space. Based on material availability, the human population tends to increase by a trillion in today’s century. The space colonization is when the settlers occupy the large planet or spacecraft and moons. The human advancements are already into existence with many projects like International space station. The organizations like NASA have already come up with the space colonization projects known as the International Space Development Conference and National Space Society, which allows the students to participate in the creation of content.
There are many enterprises employed in private sector, for example, Virgin Galactic, SpaceX, Stratolaunch Systems, and Blue Origin which are already working in space-exploration and are funded by Paul Allen, Jeff Bezos, Elon Musk and Richard Branson.
The space colonization serves as a perfect example of disruptive technology which allows inventing of many macro disruptive technologies as a result.
5. Internet of Things:
The IoT refers to virtual representations and identifiable objects through the internet. Implying to all purposes, by using the machine-readable identifiers or various minuscule identifying device will change lives for many.
The IoT devices can be used in many sectors like mining, manufacturing, and health. The Internet of Things will allow users to build relationships with the things around. New connections can be seen between people and things, things and other things, people and other people and will make the lives more comfortable, effective and efficient.
One of the best examples which are being used widely in households is smart thermostats through our mobiles which sets the suitable temperature for your home once you return. The other developments can be found when we see our vehicles synchronizing with our calendars to know about the navigation automatically for our respective destinations. Our refrigerators are ordering groceries when significant food items depletion is detected.
With our lives depending upon emerging technologies, we are also aware of the various vulnerabilities finding their path through storing the user’s data in their servers or private enterprise databases. The digital society is being developed, but as the same poses a lot of development in human lives, it can also put you up in high risk as a single hack can have drastic implications. The opinions can be different as mentioned by many experts as some of them can see it as increasing efficiency, driving productivity, increasing the human longevity period while others find them as a destructive catalyst which will fracture the society if applied as a whole. Driving innovations can result in a great future keeping in mind about the backdrop of the technological advancements.