Let’s look over the last 3 D’s: Demonetized, Dematerialized, and Democratized.
As technology continues to digitize, it also breaks away from the restrictions of taking a physical form or dematerializes.
As products shift to online versions, they become more affordable to create and distribute. This demonetization then allows for democratization, extending the accessibility of these technologies to the general population.
Let’s take a further look into how 3 D’s are helping modernize and digitize industries across the board in a simpler, cheaper, and more accessible way.
As technology continues to take over, products become demonetized, meaning they are being offered at little to no cost.
Because software is less expensive to produce than hardware, products, and services that have made the digital shift start to become free. This puts the money back in consumers’ pockets.
Instead of going and buying records at the store, a cheaper and portable option is made available online.
Instead of relying on the fluctuating market prices at the local store, consumers can rely on sites such as eBay or Etsy to purchase products at a more affordable price. This allows the people to take back the power and utilize their money in ways that are useful and respective to their time, comfort, and convenience.
As we demonetize, we also dematerialize. The original version of products such as the mobile phone, boombox, and the video camera was created as individualized innovations. Now, as we become more technologically advanced, the features of each of these products are combined into smaller, multi-use devices such as smartphones.
No longer will society have to accommodate the bulky physical form of these products because technology is gradually becoming smaller and more elaborate in its software capacity. We are increasingly using fewer materials.
Why does this matter?
These condensed products become effectively free. Instead of having to pay for each item, they are now offered free through applications on our smartphones (demonetization).
Smartphones have replaced the camera, video camera, stereo, calculator, flashlight, and hundreds more, providing ways to complete daily activities such as paying bills, depositing checks, scheduling appointments, and sending emails all from one portable device.
Now that products are being digitized, anyone online can access them. As we continue to make services available virtually, products become more affordable and the powerful technologies/software are made accessible to the general public rather than just larger corporations or government entities.
Democratization is the final key indicator that the exponential growth of technology has reached its peak. With guaranteed access to a service for a large part of society, consumers are given the endless power to create, innovate, and push the limits toward modernized growth.
Written by Zuzu Pasch