As new technology catapults us into the future, the nature of work continues to change. The days of big pensions and long tenure are over, as the sharing economy and advancing technologies like Artificial Intelligence(AI), automation, and Machine Learning(ML) are rolled out.
While some argue that automation and AI will replace most jobs, others argue that these technologies will bring about new jobs that we haven’t even thought of yet.
A Gartner Study recently stated that “1.8 million jobs will be eliminated by 2020, but 2.3 million new jobs will be created by then.”
Fourth Industrial Revolution
Innovation is the growth engine of competitive advantage. In a way, AI is an innovation catalyst. If one looks back at innovation history, a pattern emerges. After a significant innovation, it is followed by transitionary job loss, recovery, and then a plethora of opportunities sprout up.
We wouldn’t be where we are today without emergent technologies. While the 1st industrial revolution was powered by Steam, the 4th is powered by Data.. and lots of it!
“90% of the data on the internet has been created since 2016," according to an IBM Marketing Cloud study.
Sharing Economy on Steroids & P2P(Peer to Peer)
The “Sharing Economy” is also called collaborative consumption, in which owners rent something they aren’t using to a third party using P2P Services. For example, Uber, AirBnB, TaskRabbit, DogVacay are all examples of companies that have capitalized on the sharing economy business model, as a result of new technology.
These platforms act as middlemen to bring customers together. However, BlockChain and Digital Currencies are shaking the game up and removing unnecessary middlemen. We are moving towards a purely Peer to Peer economy. From me to you.. Why would I need a piece of software(protected by insane Intellectual Property Rights) to bring us together?
For example, if Uber(the middleman) was removed from the ride-sharing fleets - it would allow drivers to receive almost all of the proceeds they make. In addition, the data that these companies collect from US are SOLD to advertisers and other data hungry organizations.
Much like Steam vs. Facebook. On Facebook, you are the product. If I am creating the content and data to fuel the sharing economies why shouldn’t I receive the profit from the content and data I create? It’s a valid question, and is starting to gain Steam.
Cities, Cities, Cities!
As we continue to evolve at frightening rates, there are less jobs in the rural and suburban areas. Even though the cost of living is cheap, the rural areas are not driving growth or creating value.
With the internet of things(IoT) and 5G taking smart objects to the next level, we will soon see integrated ‘Smart Cities.’ As more people migrate into cities, they face increasing rent, longer commutes, and fewer opportunities.
At SideWalk Labs, a startup in Toronto spearheaded by Google’s Parent Company ‘Alphabet,’ they are introducing Smart Cities, which “blend people-centered urban design with cutting-edge technology” to increase sustainability, affordability, and overall opportunity.
Creative Endeavors & Entrepreneurship
AI and automation will allow us to focus on more things that matter to us. Our lives may have a lot more leisure time because we will share more, use less, and continue to innovate and integrate technologies. People will work less, take up more hobbies, education, and developing skill sets.
Universal basic income(UBI) is another controversial future idea that would alleviate extreme poverty and promote entrepreneurial pursuits. If UBI was distributed in a non-threatening, equitable way without governmental strings attached - I believe it would allow us to usher in an age of rapid value creation at a local and global level. By giving people a little bit of a safety net, in terms of cash flow, it would encourage people to make investments and take risks. 64% of small business owners start with less than $10,000. With cryptocurrencies and blockchain applications, we are able to scale globalization by solving previous accounting differences, ensure safe transactions, and giving power to the people.
Cryptocurrencies foster decentralized financial systems in which there are few layers of intermediate players i.e. Banks. Cryptocurrencies coupled with blockchain will ‘allow the developing world to leapfrog the developed world.’
Take a small third world country like Ethiopia. If everyone has phones, internet access(via Google’s Balloons and a universal payment tracking system (@Graft) and are given a form of digital currency that they believe has value, they can immediately start creating a stable economy in which they can buy and sell goods and services from one another.
CareGiving & Emotional Intelligence
As the baby boomers continue to age and people are living longer as a result of better health care and R&D, there will be an increasing demand for caregiving. There will also be an increased demand for emotional intelligence(EQ) in which you can actively listen and empathize with people. Unfortunately, our average attention spans have fallen to about 8 seconds.. that of a goldfish.
Conclusion
If there’s one thing for certain, technology isn’t going anywhere. The rate at which we are progressing as a society through technology is a little frightening. To think in less than 50 years, we’ve progressed from playing Pong on the Atari to experimenting with Augmented Reality and Virtual Reality, which will soon be indistinguishable from our ‘reality.’
Exciting Times, Thanks for Reading!