The Latest Technological Trends & Innovations You Should Watch (Longread – 2/3)

The future trend that many people need to keep up with will be data science because the world is moving towards digitization; a world where many users would give their data in return for better services. Therefore, Deloitte suggested that data needed to be free and shouldn’t be like Orwellian like the dystopian novel ‘1984’ that popularised the word ‘big brother’; scrutinizing everyone’s daily lives.  Even giving up on too much information could wipe out the concept of privacy which Deloitte called ‘data sovereignty,’ which encourages the government and technological companies to conserve their users and the government to protect the data privacy by freeing up data. The advantages of using data would make marketing agencies and enterprises become more competitive so they can know more about their customers. As the saying goes, ‘customer is king’ because the market will become more customer-centric and social.

Furthermore, the power of data would make products and services become more customer-centric where it allows the products and services to be customisable as sellers and buyers will be moving and incline towards marketplaces. Chelsea Rustrum once said ‘the future of economy will be the marketplaces as the economy is inclining and becoming more like a big marketplace.’  Therefore, as an employer, you need to empower your employees and give up your rights by giving rights them to your employee. This kind of trend was known as the “sharing economy” or “sharing capitalism” because of Airbnb and Uber, which pioneered giving and sharing. Also, the second generation of startups fully utilised the crowds for funds to kickstart a project  known as crowdfunding.  I still remember my short mentorship with the founder of Crowdsourcing Week, Epi, who showed me the future of crowd-basedbecause of the sharing economy like Airbnb and Uber and the p2p money network, Bitcoin, and its heart of technology that powered Bitcoin and other cryptocurrencies, blockchain, really revolutionised the status quo so that we can do things at a lower-cost and eliminate fixed costs.

This type of trend would disrupt traditional supple-chains where it used to be based on pickup and transporting goods. However, a data-driven supply chain would make things easier and sufficient as customers would pay for goods and services through online payment since there are many financial technologies like Venmo and PayPal (the company that pioneered online payment system), but with the blockchain, which could revolutionise the internet into the internet 2.0, it would make payment systems safer and more trusted by consumers as it would be more safe and unable to be compromised by hackers. Also, blockchain would possibly make huge disruptions to health services. A good example will be Estonia, a real futuristic e-Governance in the making and attracted many digital nomads and global citizens with their e-residency. It was a real inspiration for the Singaporean, Australian and New Zealand governments to have their own e-passports being issued by the government. At the end of the day, data and the cyberspace will be democratised and citizens would fully own their own data and the cyberspace through its decentralised framework of the blockchain.

 

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