10 Exciting Technological Innovations This Year And Their Implications - Forbes

The rate of technological advancement has seen the world almost entirely change in just a single decade. In such a short space of time, humanity has managed to develop advances that people only 50 years ago would have been unable to fathom.

The march of tech forward isn't slowing anytime soon, either. From fully connected homes to self-driving cars, we are in an age where technology has changed the way we interact with the world around us and each other. Each year, we get even more tech to experiment and play with. We asked 10 members of Young Entrepreneur Council what technological advances they were excited to see this year and their immediate implications, as well as why they think these advances are so significant.

Members of Forbes Young Entrepreneur Council share what new technology is sure to have a major impact.

Photos courtesy of the individual members.

1. Libra

This was a great launch for digital currency by Facebook. It is very different from Bitcoin and can transform the way we do business. Facebook has the user base to make it popular and can also overcome the political hurdles other digital currency companies face. By having the same currency model, social networks can change the payment industry. - Piyush Jain, SIMpalm

2. Cardless Payments

The changes to credit cards and cardless payment methods are an exciting shift in the consumer financial world. Not only is this transitioning the security of card payments to a more positive place, it is changing the way consumers make their purchases and view transactions. Instead of pulling out a card and typing in your card info, you can simply push a button on your phone. - Jared Weitz, United Capital Source Inc.

3. Out-Of-The-Box AI Technology

A lot of companies are creating AI platforms that will work for other companies and projects out of the box. This makes the proliferation of AI technology much more possible than in years prior, so you'll see plenty of businesses able to integrate AI technologies more this year than ever before. AI is going to have a major impact on how products or services deliver more value to customers. - Andy Karuza, FenSens

4. 5G Networks

Introducing 5G networks means businesses need to speed up their processes to cater to consumers better. This includes upload speeds, download speeds, website speeds, mobile speeds and more. You can take your business up a notch by providing a better user experience for your website visitors and encourage conversions. - Stephanie Wells, Formidable Forms

5. Natural Language Generation

Natural language generation is an AI technology that lets companies transform large amounts of data into readable language in an instant. This can help marketers reduce the time they spend on creating content and it can also help them create more personalized content for many different customer personas. - Thomas Griffin, OptinMonster

6. NewSQL

We've been closely tracking the advancements of NewSQL: a classification of relational database technology with nearly unlimited horizontal scalability and extremely high availability. This type of database technology is being actively developed by cloud leaders such as Amazon, Google, Microsoft and others, and will allow for more fault-proof and resilient web applications in the coming years. - Brandon Ginsberg, ApparelMagic

7. Data Science

As many people have said recently, data is the new oil. The emerging field of study known as data science is fascinating because it provides businesses and software developers with the ability to harness this data for powerful purposes. I predict a number of exciting business ventures based around the field of data science in the year 2020 and onward. - Bryce Welker, The Big 4 Accounting Firms

8. Zapier

Zapier has been around for seven years, but critical integrations are being introduced every day. Automation saves time and makes businesses run more efficiently. Zapier is a great tool that continues to expand its integrations into various software. Essentially, Zapier allows software, databases and ad platforms to communicate with one another seamlessly with no human interaction. - Chase Williams, Market My Market

9. Extended Reality

Extended reality is an umbrella term that includes different technologies used to create in-depth, realistic experiences. Imagine playing with digital objects or being so immersed in a video game that it feels like you're really there experiencing it all. This deeper step into technology will see digital aspects transformed in ways they haven't been before. - Jared Atchison, WPForms

10. AI Assistants

Voice assistants like Google Home and Alexa are common in homes now. AI is becoming a familiar part of our landscape. One of the most exciting applications for businesses will be better communication with customers. As AI becomes more effective, we'll be able to help customers faster and more accurately. Imagine a customer completing a purchase using only a voice command. It's not far off. - Syed Balkhi, WPBeginner

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