See Wise Security in Spain Teachers will soon be able to innovate by owning and marketing their online content, without being bound to a specific platform or service provider. Hybrid identity systems that use blockchain will soon allow football fans in Spain to enjoy special perks at their games. Enterprise applications ranging from aircraft maintenance to food safety use tokenized real-world assets and smart contracts to manage them, and reap benefits that are starting to materialize. We are witnessing gradual improvements using blockchain technologies. It’s just a matter of time before it does. For example, wouldn’t it be helpful if you had a car accident, that you received your insurance payment for the damage within ten minutes? That could conceivably happen with the combination of Web3 and other technologies, like AI and IoT. They need to leapfrog over current applications in terms of making our lives better. In the meantime, other than cryptocurrency trading, we still have not seen killer use cases yet. It takes time for the ‘good use cases’ to catch up and it takes even more time for fraud and security controls to be deployed. In fact, bad guys experiment with new technologies much faster and earlier than the good guys do. Smart contracts and tokens are just computer code and are independent of the greed and corruption of the ‘centralized’ bad actors that took advantage of them. It’s easy to throw the baby out with the bath water so it’s important for market observers to untangle the facts and recognize the value of blockchain innovations – as described in our Hype Cycle – that have not heretofore existed. You could reasonably argue that the market crashes caused by corrupt players would have been avoided had everyone been using decentralized finance where no single party had control. In contrast, DeFi protocols did not crash – the smart contracts closed automatically when the collateral was insufficient or when other terms were met. The recent cryptocurrency crashes were in large part caused by corrupt players who lied to customers or lenders about what they were doing with their money. A tipping point in adoption will soon be reached, as risks are managed proactively. Consumer apps like NFT games and commerce are driving innovation as enterprises gradually begin to realize business value. Finally it plateaus into the daily reality of our jobs as marketers.We just published our Hype Cycle for Blockchain and Web3, 2022 Crypto and token prices crashed in 1H22, but coin prices should not be conflated with technology value. And it's effectively abled to be applied into a business setting. This is when businesses are having success with it - the technologies are understood and the skills and capabilities can be found in the market. Then, we find it coming out of the trough and climbing the slope of enlightenment. Many marketers have adopted it but are finding it's not really delivering on the promise that it's made to believe. Then comes the fall of reality as it slides into the trough of disillusionment. And the application of the newfound technology peaks with inflated expectations. It starts with what is triggering for that technology, and that creates a lot of hype - we see this in the industry news, we hear about it in conferences. Now if you've never seen it before, the Gartner Model maps new technologies across a variety of niches using this innovation curve. Simone Blakers: So let's start by exploring Gartner's Hype Cycle for Digital Marketing in 2021. ![]() It is a blend of on-demand lectures and tutorials that you unpack each week with Simone and during weekly tutorials which features some of Australia's top CMOs. The 10-week course runs twice per semester and is available online through ADMA's IQ Learning Lab. This video is an excerpt from one of her lectures. Simone Blakers is the subject matter expert who facilitates Digital Marketing Certificate. So with emerging technologies and innovations, how can we ensure product viability? The Gartner Hype Cycle visualises the perceived value of a new technology trend or innovation, assisting your understanding of the product life cycle.Īs a marketer, understanding innovation lifecycles is the first step to getting insight into the opportunities and challenges that may arise. We've seen the rise and falls of NFTs, machine learning and even regulating the Cloud. In a fast-paced environment, hype plays a huge role in technological innovation, and the potential that can come from it.
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