Heraclitus, the Greek philosopher, determined 'nothing endures but change.'
As we continuously evolve, the pace of technology disrupting the business models and the global economy at large will only continue to accelerate. Leaders in technology and innovation will find ways to use the existing technology that we work on today to completely change the future markets, revenue models and economy.
Let’s have a look at how some of the existing technology like Blockchain and VR might completely change the future of enterprises and consumers alike.
The Blockchain technology has immense capability to empower users with decentralized systems that are highly transparent and authentic. From gaining better control over digital identities to standardizing future transactions in 4D printing, the possibility and relevance of this distributed ledger technology is immense. Because of its capability to record transactions in real-time that are secure, trusted and irreversible, it could be highly effective in future standardization. Also, with the current state of automation and the exponential rate of developments in Artificial Intelligence, 10 years down the line when AI is giving real predictive insights, a debate around how to determine what is the work of man and what is the work of a machine would arise. Blockchain will give complete traceability and reproducibility of the experiment.
IBM CEO, Ginni Rometty believes that Blockchain will do for transactions what the internet did for information. Various leading organizations have already successfully experimented with use cases in industries like real estate, finance, travel, and healthcare for faster and more transparent dealings with data at every level. The effort to expand and commercialize the technology is ongoing and by establishing trust in an increasingly connected world, we can enable and enhance the value for all the stakeholders involved. Since blockchain can take inputs from a variety of different sources without tampering any information, the flexibility and security it provides to the participants also allows for accommodating the constantly evolving data needs and business models.
Consider this excerpt from an article from The Guardian - “Content studio Rewind and the space industry experts at In-Space Missions have launched SpaceTime Enterprises. They plan to launch multiple satellites that will broadcast real-time immersive video of the entire Earth. To plug into this view, the only thing needed will be a set of virtual reality goggles.”
Virtual reality offers the type of immersive experiences that we always longed for. It is already enabling organizations to experiment with new approaches to product & service development. IDC forecasts that Virtual Reality headsets will grow to 39.2 million by the end of 2022. Add to it the ease of accessibility, especially for tasks that need life-threatening circumstances like medical emergencies or war training – the technology seems to be magical! In fact, one of the next big things, that virtual reality can do to not only help you understand that reference material someone is pointing to but experience it.
Funding into the Future
According to a report by Ernst and Young (E&Y), many corporates are looking for innovative new ideas that could fund projects and businesses that have the potential to offer new opportunities.
One such example of the funding is by a private organization called SpaceX for a project like Rocket to Mars reside. With the involvement of private companies in big-ticket projects like these which were earlier the domain of govt. agencies only, the scope and speed of research are set to accelerate innovation to new heights. Successful explorations could offer completely new markets, colonies, industries and economies. This could redefine the meaning of ‘ownership’ on earth and potentially create a more peaceful world. Starting from long term employment via space missions and space-based R&D activities to new industries such as space-based building and construction through to autonomous mining of asteroids- the opportunities could be limitless.
Envisioning ‘Our Future’ in the Future
With an increasing ability to envision the future decades from now, we will see the realization of things that today seem to be in the realm of science fiction. Manufacturing viable structures from new materials like graphene will likely be commonplace opening a wealth of possibilities. With such highly energy efficient and super strong structures, we could be manufacturing ultra-light cars, space exploration devices or mining robots for space depending on what course the future takes in technology advancement and adoption. For Example, new frontiers for entertainment are likely to open up as space exploration and vacationing becomes mainstream. Companies like HARMAN could find a whole new sector to explore and leverage its technology expertise and innovation capabilities.
Predicting the future is always a tough game that has to take into consideration the fear of the unknown. But, as author Simon Sinek aptly puts in his book ‘the Infinite game’, it is important for leaders to embrace an ‘infinite mindset’ to build stronger, more innovative, more inspiring organizations. Whatever the case may be, with HARMAN’s continued focus on innovation and striving for new opportunities, I believe we will continue to lead the technology roadmap in the future.
What are your thoughts on the game-changing technology of the future? Do drop me a note here. You could also access the report from ELSEVIER and Ipsos MORI research where I share my thoughts on the drivers in research future here.