Impact of Emerging Technology on the Economy of Ireland (Essay Sample)

Impact of Emerging Technology on the Economy of Ireland Students Name: Institution: Course Name: Instructor: Due Date: Impact of Emerging Technology on the Economy of Ireland Define a current socioeconomic problem in Ireland (please use Low Income). Who is affected by the socioeconomic problem? Where are the affected individuals located within the country? What are the resulting socioeconomic costs of the problem to the affected individuals? The latest socioeconomic issue in Ireland that is going to be discussed is low income, which affects an outstanding portion of the population. Those who are affected by low income include those living in social housing, earning minimum wage, families with children, and those who work part-time or in insecure employment. People affected by the issue of low income are particularly those living in urban areas since the cost of living there is higher. The socioeconomic costs of low income are several and can have a long-term effect on communities and individuals. People on low incomes may struggle to access basic needs, such as healthcare, education, and adequate housing (Roantree, et al, 2021). Additionally, they may also face difficulties in obtaining important opportunities and social services, which can lead to isolation and social seclusion. Mental health and well-being can also be brought about by living on a low income due to the stress and anxiety caused. In some urban areas of Ireland especially Dublin, the cost of living can be ridiculously high which is not easy for people living on low incomes to make ends meet. Also, investigations show that there has been an increase in the number of individuals living in emergency housing as well as a rise in homelessness. This is because, in many areas within the country, people cannot afford housing costs. Those on low incomes may also struggle to access adequate healthcare, as the cost of medical care can be prohibitively expensive. This can lead to delays in seeking treatment or a reluctance to seek medical care altogether, which can have long-term impacts on health outcomes. However, the outcomes of socioeconomic costs of low income do not only affect individuals but can also impact the whole society or community. For instance, low income can lead to a lack of opportunities for advancement and economic mobility, which can have lasting implications for social stability and economic growth (Roantree, et al, 2021). Overall, the problem of low income in Ireland is a remarkable socioeconomic crisis that affects a large number of people. The resulting socioeconomic costs are many and can have a long-term effect on communities and individuals, in addition to economic and societal implications. And so, answering this problem requires a broad procedure that addresses both the immediate needs of those on low incomes and the underlying structural issues that contribute to income inequality. What global or local technology is emerging that could be used to solve the problem? What are the costs associated with implementing the technology solution? There are a lot of emerging technologies that could potentially be used to address the issue of low income in Ireland. Blockchain is one such technology because it has the potential to increase financial security and transparency, facilitate the secure and efficient distribution of resources and reduce transaction costs. Blockchain technology (Zheng, et al, 2017) is preferred because it can be used to form a decentralized system for managing financial transactions, which could reduce the need for intermediaries such as payment processors and banks. The outcome of this increased financial security for those on low incomes and lower transaction rates. Also, blockchain can be used to develop transparent and secure systems for distributing resources like emergency aid or social welfare payment. Another technology that could be used to address low income, is artificial intelligence (AI), which has the potential to reduce costs associated with service delivery. Specifically, AI could be used to create more efficient and accurate systems for processing social welfare applications, thus reducing waiting times and increasing the speed of payment delivery. Despite, these technologies offering possible solutions to low-income issues, there are also costs associated with executing them. This is evidenced by the implementation and development of blockchain systems (Zheng, et al, 2017) which require outstanding skill and investment, in addition to the development of new regulatory frameworks and government structures. Likewise, the application of AI systems requires remarkable investment in training and technology and possible job losses for people employed in managerial positions. On the contrary, potential risks associated with these technologies exist. Some of those risks include misuse of personal information or data violation. Therefore because of this, there is a need to ensure that any solutions that require the use of evolving technologies are carefully implemented and designed with proper regulation and oversight. This is done to make sure that these technologies are ethical, effective, and safe (Zheng, et al, 2017). In general, while evolving technologies offer potential solutions to the low-income crisis in Ireland, it is recommended that they are carefully implemented and considered to guarantee that they are sustainable, equitable, and effective. The fees connected with executing these technologies will need to be carefully weighed against the possible advantages, and any answers will need to be accompanied by proper regulation and oversight to make sure that they are ethical and effective. Apply the hype cycle and the 6 Ds of disruption model (also known as 6 Ds of exponential change) to the emerging technology. The Hype Cycle is defined as a graphical representation of the life cycle stages of any technology, while the 6 Ds of Disruption Model is a framework describing the stages of exponential change. In this case, I will be applying both models to the emerging technology which is blockchain. Using the Hype Cycle, the following will be considered. Technology trigger which is the initial introduction stage of any technology to the market involves a lot of excitement and buzz generation. 2009 was the year that the blockchain was first realized because it marked the launch of the first cryptocurrency (Bitcoin) to the market (Dedehayir & Steinert, 2016). The slope of enlightenment is a stage where, the technology starts to depict its real potential and value, and there is renewed interest and investment. As far as blockchain is concerned, this stage is currently ongoing as the technology is being implemented and explored in various industries beyond finance, including healthcare and supply chain management. Another stage is the peak of inflated expectations whereby the technology experiences a period of unrealistic expectations and hype. Regarding blockchain (Zheng, et al, 2017, this stage was reached around 2017 when the value of Bitcoin and other cryptocurrencies surged, and many people speculated that blockchain would transform the financial industry. The Plateau of productivity involves integrating technology into the market fully. In a blockchain, it has been discovered that the stage is still in the future since the development and implementation of the technology are still ongoing. Next, the trough of the disillusionment stage involves the aspects of feeling skeptical and disappointed since the technology falls short of the hype. In regards to blockchain, it is in 2018 that this stage was attained with the fall of cryptocurrency which led people to question how viable is blockchain technology. And then the 6Ds of disruption may include disruptive growth where the technology experiences rapid growth and begins to disrupt traditional industries. As for blockchain, this stage is currently ongoing as the technology is being explored and implemented in various industries beyond finance. Then the digitalization stage is where digitized technology is scaled and distributed fast. In relation to blockchain, this stage was attained in 2009 with the introduction of Bitcoin. Deceptive growth as a stage involves technology encountering a steady and slow growth that is unnoticed in most cases. As the value ...