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The World in 5-10 Years: Tech trends from the Singularity University Global Summit 2017

DIGITAL VENTURES August 31, 2017 6:41 AM

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Technology is not only about the present but it will alter mankind in the next 5-10 years. There is excitement and curiosity while, on the other hand, there is the need to quickly learn and adapt for survival. Therefore, technologies of the future are very interesting. Recently, the Digital Ventures team got a chance to join the Singularity University Global Summit 2017 in San Francisco during August 13-15.

The event’s concept is “Be Exponential” which highlights technologies that will have leaping effects such as innovating higher-quality technology at a cheaper cost. Several topics were covered ranging from FinTech, energy, medicine, and even food.

In 3 years, AI will become the key to business competitiveness.

Undeniably, the future involves AI as Artificial Intelligence is driven by data that can learn, remember patterns, solve problems, and, when compared to human, possess identical or superior abilities. It is forecasted that by 2020, incorporating AI in the service sector may become the main technology that entrepreneurs use to increase competitiveness. However, there are still several aspects that will need to be addressed in parallel. Moreover, it is predicted that 80% of customer service may be replaced by Chatbot, both for text and voice communication.

Disruptive technology such as robotics may gradually eliminate decade-old companies causing the average lifespan of a company to slowly decrease. In 10 years, it’s predicted that 40% of the Fortune 500 companies will no longer exist.

In 8 years, Blockchain will penetrate every type of financial service and ICO is trending.

Blockchain is often mentioned alongside FinTech. It is predicted that Blockchain will be found in every type of financial service within 8-10 years. It is believed that this technology is a breakthrough for financial institutions and will increase access to various financial services as service fees will reduce. Moreover, the government may increase support for Cryptocurrencies such as the US’s Fedcoin, China coin, and Russian Ethereum Smart Contracts.

Image from Numerai.ai

Following Blockchain, we often hear about ICO or Initial Coin Offering. ICO is crowdfunding that trades Cryptocurrencies or Token with actual money that will be used for the projects. We begin to see more ICO in FinTech such as with, Numerai, a hedge fund startup that was funded by ICO on the Ethereum Blockchain. ICO is currently spotlighted and is predicted to become even more popular in the future.

10 years of unsolvable problems may be unlocked by startups.

Several innovative startups are showcased at the event such as FinTech startup, Golden, which is a software that allows family members to manage personal finance for elders via an online system. Every year in the United States, over 10 million senior citizens are unable to manage their own financial matters. This includes miscellaneous expenses or medical bills for sickness such as Alzheimer which amounts to over 350,000 USD. The application also contains information on welfare benefits for elders. This is an innovation which originated from actual pain points of the citizens.

If we wanted to help people suffering from lack of food, we would think of donating food. Interestingly, the WFP thinks otherwise. The World Food Programme (WFP) is a humanitarian organization helping people in over 80 countries worldwide. WFP address hunger and malnutrition but instead of donating food to the people in Pakistan, they choose to provide them with access to cash. With it, people can pay for food via a platform on Blockchain which is said to increase speed, lessen the cost, and better control financial risks in the area. Moreover, biometrics technology is also used to verify identities meaning the people can pay the stores by a retina scan instead of cash.

The seminar showed us that our everyday lives may completely change with these tools and ideas. Not only will we be more comfortable but everyone may experience drastic changes and have better quality lives. Yet on the other hand, as technologies develop and robots replace human, some may ask “Will human lose their jobs?” This is why adapting and preparing for change is crucial for every industry. They need to be mindful and always learning in order to keep up.

We wish to thank Ananda Development for inviting Digital Ventures to update these great tech trends.

Images from the FB page SUGlobalSummit and SingularityHub