The 5 revolutions that changed the business world over the last 15 years. Part 2.
The last 2 revolutions that are changing our world are less obvious, and slightly misunderstood as the underlying technology is more difficult to grasp. But they are here to stay.
4 — The digital currency revolution: Bitcoin, Ethereum, NFT and the technology behind all of it, Blockchain.
The Blockchain technology is going to change the way everything is going to be done, within 3 to 5 years. Imagine a public ledger, where any transaction can be recorded, remain secure across servers located around the planet, can never be corrupted, and is available to be retrieved at any time. It is used to record and track digital currency creation and transactions at this time. Needless to say, the ability to conduct financial exchanges across the globe without going through a third party (meaning a bank or another financial institution) is a revolution in itself. Someone in Paris can purchase an apartment in New York and complete the payment through a simple Bitcoin transfer. A couple of countries have decided to invest their reserves in Bitcoin currencies to try and shield themselves from world currency manipulation. These cryptocurrencies are not pegged on the dollar, not pegged on gold. It a simple and secure way to bypass the oversight and the authority of central banks. It looks like a rebellion, but I believe it is much more than that. It is a way for citizens of the planet to organize themselves and create a system of trust that cannot be corrupted. The art world will be transformed too. The beauty behind a Non Fungible Token (NFT) is the fact that a piece of art can be recorded as unique, and its author and his owner authenticated. Let’s take it one step further. The application of Blockchain technology will change record keeping, in every field. Aviation comes to mind. If Boeing had had a Blockchain system to record the fact that some bolts were removed but never put back on the Boeing 737 from Alaska Airlines which lost a door in plain flight recently, that aircraft could have been grounded and fixed before taking off. If tomorrow, medical interventions were recorded on a Blockchain ledger with automatic cross checking between a patient’s data and the drugs he or she is supposed to receive, it would reduce mistakes, and nefarious drug interaction. The system would know what has been done, when it has been done and by whom. It could even record comments from the medical staff to explain why it has been done. Hospitals and medical facilities already do that, but the future is a system which cannot be penetrated, destroyed or perverted. Cybersecurity companies would be able to reconstitute hospital records, even after a ransom attack. Integrity built in.
5 — The artificial Intelligence revolution: OpenAI ChatGPT, Midjourney, machine learning.
Artificial intelligence might not be the right term. It is really about machine learning. How we can program computers to collect, access and analyse data, so that it can come up with its own results and solutions without any further human input. What an incredible tool! It will change every industry that relies on extracting information to create something else, something apparently new. Creation is the key word here. It is turning the world of art upside down. Can an AI generated painting based on classic master pieces be considered new and original? Is there something ethically wrong about writing a novel with the help of Sudowrite or ChatGPT? What about copyright? Who owns what? It challenges the fair use doctrine which allows some creative works to be used by others. Let’s take the controversy about the famous Warhol painting which used a photo of music legend Prince and transformed it. Andy Warhol used it without the permission of photographer Lynn Goldsmith. The case went all the way to the Supreme Court. The court confirmed that it was indeed a violation of Goldsmith’s rights. What will happen to the unlimited use of every original artist work around the world when other artists will use it to create even more art?
But AI goes beyond the art world. What about financial and legal professions? ChatGPT 3.5 is rumored to have failed the US Certified Public Accountant exams, but ChatGPT 4 passed them. Legal firms don’t have to rely on interns, paralegals and junior lawyers anymore to put together their case with jurisprudence information. But, as in all cases, it needs to be reviewed (and checked for accuracy) by another human expert. Just because a machine can pass an exam does not make it proficient in a specific field of expertise. But it can provide background and offer advice. It is just the beginning. The use of AI in the medical field is surely going to improve diagnosis and treatment. Already, machines are better than medical practitioners at detecting issues. Doctors were already using Google Search to evaluate symptoms, the impact of drugs or the interaction between medications. In the near future, they will go one step further, once the world’s medical data is made available to them from one giant data base. AI will be there to sift through it and help. The promise is there.
Conclusion:
The real question is, should we be afraid? Should we be excited? The answer is somewhere in between. Technology and innovation is the cornerstone of our future lives. I am an optimist. I believe. I trust that we will face the challenges of tomorrow thanks to our creative spirit and brilliant feats of engineering. As long as we remember, as humans, to care for each other.