The world we live in is in constant change, new technologies and innovations give us new possibilities and change the way we live. Disruptive innovations or technologies are those kinds of innovations that changes the way a whole industry works and disrupt the common way of doing things. A historical example is the telephone replacing the telegraph, and a more recent is streaming services such as Netflix and Spotify replacing CDs and DVDs.
Listen to this; it has ben less than ten years since the first version of the iPhone was released, can you imagine a time without smartphones? A time without social media and instant access to the internet with all of its glory? Over the last 20 years with the breakthrough of internet, our way of living has certainly changed drastically. And what can we expect of future and present innovations and how are they going to change the way we live? Let us have a look at five possible game changers of new technology that will revolutionize the way we live and the world we live in.
- 3D printing
With the ability to print in three dimensions the production process will completely change; with a 3D printer every household will be able to print their own products. Production will be democratized, moving from big factories or workshops to individual households. And rather than buying physical products, e.g. a pair of sneakers, you will buy a blueprint of the product instructing the printer what to print. This will eliminate storage and transportation costs, and thus the environmental costs as well.
- Energy storage
More efficient batteries pave ways for more energy storage and opportunities for renewable energy to be more influential. The use of renewable energy, is one of the main keys of fighting the climate crisis and with the ability to store energy, we separate the use and the generation of power. We can generate power from solar cells in the day and store it to use it in the night. Potentially this would create zero household net consumption of energy, and with the pioneering Tesla Powerwall, the progress has already started.
- Automatized knowledge work
What happens when humans get outsmarted by computers and robots? We know that machines already have come to dominate much of the manufacturing industry, but it has not yet come to more skilled employment. However, in the future the demand for labor will look different than it does now. What happens with labor demand with computers that can handle much more information than humans and that can intellectually place it in a context? In the US, recent studies show that computers are more successful than lawyers in predicting court decisions. So, there are reasons to think one more time about future career decisions as Artificial intelligence is getting bigger.
- Blockchain & Bitcoin
Will the Bitcoin become the new dollar and be the dominating currency of the world? Maybe not, but the blockchain technique may very well disrupt the traditional banking industry. With the blockchain, all you need in order to transfer money is an internet connection and the transfer is immediate and safe. In addition to not having to wait days for transactions to be verified, the transaction cost is significantly lower, which is preferential in international transactions, especially in the case of remittances to developing countries where fees and uncertainty is high for traditional transactions. Financial institutions are eager to develop and implement the blockchain technology into their business operations.
- Internet of things
As if the internet did not already dominate our lives today, it is expected to become even more present in our lives in the future. In fact, according to McKinsey Consulting, 99% of physical objects and devices today are disconnected from the “internet of things”. Clearly there is more potential to it. The concept refers to the connectivity between objects through the internet, collecting information and sharing it between objects and devices making them “smarter” and customized to the way we live. In the future, things as vehicles, watches, TVs, refrigerators, everything you can imagine, will be interconnected and collect and share information about you, your preferences and your habits. Sounds like a sci-fi movie? Well, it might be the case sooner than you think…