How Emerging Technologies Are Shaping the Future of The Global Economy
The world is on the cusp of a digital revolution, with invention disrupting how we do everything, from using appliances and gadgets to doing financial transactions. The digital economy is growing at a quick rate all around the world. The current digital market is characterized by the introduction of new asset classes and the digitization of conventional assets. Emerging technologies, like the blockchain, artificial intelligence (AI), Internet of Things (IoT), and 3D printing, are playing a pivotal rule in fueling this growth. The newest technologies feature assets that have the potential to control the global market in the future.
As an example, the blockchain has virtual coins and tokens whose popularity has grown exponentially in a brief period of time. The blockchain empowers users to execute transactions securely and much faster than conventional procedures. The qualities of this blockchain have attracted much notable technology and financial firms, such as IBM, Oracle, JP Morgan Chase, and Boeing. As an example, IBM recently teamed up with Stronghold, a financial technology firm, to establish a dollar-backed cryptocurrency named Stronghold USD. This virtual currency is a good example of how consumer confidence in a conventional advantage (fiat-currency USD in this instance ) can be used to support a digital advantage.
Additionally, there are examples where firms are combining two new technologies to provide solutions for your future. Aerospace giant Boeing recently announced a cooperation with artificial intelligence firm SparkCognition to create blockchain-using traffic management solutions for unmanned air vehicles. The tokenization of assets is not confined to traditional assets such as monies. The new market can use the intrinsic value of a huge array of assets to give security tokens. The blockchain can be a distinguishing factor between security tokens and conventional securities.
The usage of smart contracts on the blockchain removes the need for a middleman, thus reducing transfer costs. This usability of this blockchain has the potential to greatly influence the conventional banking system. It could also eliminate the demand for cash as a medium exchange, as all assets are liquid, instantly available and divisible. Automation and artificial intelligence have already made their mark in several niches. In the manufacturing industry, machines have taken lots of jobs previously performed by people. In this rapidly changing market, it is no longer feasible to rely on conventional models and ways of making decisions.
To stay informed about new developments, such as DAO, AI, VR, P2P, and M2M, it is imperative that we develop a new frame. To put it differently, we will need to move beyond the Munger’s Mental Models and concentrate on digital models, such as community theories and exponential growth models. The digitization of our economy is happening at a fast pace. I’m an avid writer that has a keen interest in blockchain, IoT, and sustainable development, among other subjects. Apart from writing for my own enjoyment, I also write for a website, companies, and researchers.