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Emerging technologies such as blockchain, 5G, Internet of Things (IoT) and cryptocurrencies have already transformed the way we communicate and exchange information.
But how these ‘frontier technologies’ will play out in the years to come will depend on overcoming the fundamental barriers to change and mitigating the potential risk of unfettered access to technology, a recent study by Dell Technologies and the Institute for the Future (IFTF) has observed.
The study, based on in-depth research into the next era of human-machine partnerships, also explored how mankind’s relationship with exponential technologies will further shape the society and business by 2030.
“Digital transformation is virtually everywhere today. Take high-speed connectivity — we leapfrogged 3G. Connectivity, adoption and affordability have created many applications and driven a lot of inclusion. AI is being rapidly adopted in the country. India ranks third, next only to Singapore and Hong Kong in the Asia-Pacific region,” says Rajesh Janey, President and Managing Director, Enterprise-India, Dell Technologies, citing a PwC study.,
“We could be a leader in blockchain in the next five years,” he added,. According to the study, these changes will take deeper roots in the next 10 years.
Three shifts...
The findings point to three shifts in the next era of human-machine partnerships such as autonomous commerce — a situation where machines will not only transact with humans but also with other machines — driven to a large extent by the ongoing advances in blockchain and cryptocurrencies.
The second shift envisaged is anticipatory production. As advances in production continue, businesses will need increasingly flexible technology-driven approaches. And the third shift will lead to unlocking of inclusive opportunities.
“In recent years, this kind of ‘leapfrog development’ has been most apparent in the adoption of mobile phones. This will continue as emerging economies embrace frontier technologies. However, there are a number of dependencies. Currently, nearly 4 billion people lack network access. Opportunities will emerge as the access to net expands globally,” Janey explained.
...and the many hurdles
The findings note that many hurdles need to be overcome to achieve a friction-free economy by 2030, such as security threat, data privacy, trust and transparency, governance, job creation and continuous education, and new kinds of climate and resource risk.
On a concluding note, the study states that laying the foundations for a friction-free economy will depend on a combination of technical understanding, innovative leadership and a sense of vision and determination to encourage an ecosystem of innovation.
“Leaders who engage with these possibilities could be reshaping the economy of 2030 for greater good. Organisations will need to accelerate their IT to get to the next level, and the need to start is now,” says Janey.
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