Technology is moving at an incredible pace. We live in an amazing era where things like autonomous cars, personalized medicine, and quantum computing are becoming real as we speak. Artificial intelligence cryptocurrencies, Advanced automation, deep learning, and concepts like universal basic income are about to reshape our world.Innovation can be intangible as opposed to technology which is tangible. We can even apply the innovation process to our everyday life. Technology can be used to implement innovation but the technology itself doesn't produce innovation.

Technology is one outcome of innovation, not a necessary ingredient. Sometimes innovation delivers new ways of doing things that have absolutely nothing to do with technology.

Advantages 

Technological innovations bring benefits. It increases productivity and brings citizens new and better goods and services that improve their overall standard of living. The benefits of innovation are sometimes slow to materialize. They often fall broadly across the entire population. Innovation is important to the advancement of society as it solves these kinds of social problems and enhances society's capacity to act. These new technologies products and services simultaneously meet a social need and lead to improved capabilities and better use of assets and resources.
Innovation means to improve or to replace something, for example, a process, a product, or a service. The creation of value is a defining characteristic of innovation.

Disadvantages

Social media and mobile devices may lead to psychological and physical issues, such as eyestrain and difficulty focusing on important tasks. They may also contribute to more serious health conditions such as depression. The overuse of technology may have a more significant impact on developing children and teenagers. Over usage of technology damages the brain system connecting emotional processing attention and decision making. A new study links anxiety severe depression, suicide attempts, and suicide with the rise in the use of smartphones, tablets, and other devices.

Conclusion

Technology has made our society make it to the point of ignorance to the fact that there might be a day when our technology doesn't work and they can't at the moment live without it. We have grown to rely on our technology to make our lives easier.