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Over the past few years, the word ‘innovation’ has degenerated into something of a buzzword. In fact, according to Vijay Vaitheeswaran, US business editor at The Economist, it’s one of the most abused words in the English language.
The word is over-used precisely because we’re living in a great age of invention. But the pace at which those inventions are changing our lives is fast, new, and scary.
So what strategies do companies need to adopt to make sure technology leads to growth that’s not only profitable, but positive? How can business and government best collaborate? Can policymakers regulate the market without suppressing innovation? Which technologies will impact us most, and how soon?
At The Economist Innovation Summit in Chicago last week, entrepreneurs, thought leaders, policymakers, and academics shared their insights on the current state of exponential technologies, and the steps companies and individuals should be taking to ensure a tech-positive future. Here’s their expert take on the tech and trends shaping the future.
There’s been a lot of hype around blockchain; apparently it can be used for everything from distributing aid to refugees to voting. However, it’s too often conflated with cryptocurrencies like Bitcoin, and we haven’t heard of many use cases. Where does the technology currently stand?
Julie Sweet, chief executive of Accenture North America, emphasized that the technology is still in its infancy. “Everything we see today are pilots,” she said. The most promising of these pilots are taking place across three different areas: supply chain, identity, and financial services.
When you buy something from outside the US, Sweet explained, it goes through about 80 different parties. 70 percent of the relevant data is replicated and is prone to error, with paper-based documents often to blame. Blockchain is providing a secure way to eliminate paper in supply chains, upping accuracy and cutting costs in the process.
One of the most prominent use cases in the US is Walmart—the company has mandated that all suppliers in its leafy greens segment be on a blockchain, and its food safety has improved as a result.
Beth Devin, head of Citi Ventures’ innovation network, added “Blockchain is an infrastructure technology. It can be leveraged in a lot of ways. There’s so much opportunity to create new types of assets and securities that aren’t accessible to people today. But there’s a lot to figure out around governance.”
Open Source Technology
Are the days of proprietary technology numbered? More and more companies and individuals are making their source code publicly available, and its benefits are thus more widespread than ever before. But what are the limitations and challenges of open source tech, and where might it go in the near future?
Bob Lord, senior VP of cognitive applications at IBM, is a believer. “Open-sourcing technology helps innovation occur, and it’s a fundamental basis for creating great technology solutions for the world,” he said. However, the biggest challenge for open source right now is that companies are taking out more than they’re contributing back to the open-source world. Lord pointed out that IBM has a rule about how many lines of code employees take out relative to how many lines they put in.
Another challenge area is open governance; blockchain by its very nature should be transparent and decentralized, with multiple parties making decisions and being held accountable. “We have to embrace open governance at the same time that we’re contributing,” Lord said. He advocated for a hybrid-cloud environment where people can access public and private data and bring it together.
Augmented and Virtual Reality
Augmented and virtual reality aren’t just for fun and games anymore, and they’ll be even less so in the near future. According to Pearly Chen, vice president at HTC, they’ll also go from being two different things to being one and the same. “AR overlays digital information on top of the real world, and VR transports you to a different world,” she said. “In the near future we will not need to delineate between these two activities; AR and VR will come together naturally, and will change everything we do as we know it today.”
For that to happen, we’ll need a more ergonomically friendly device than we have today for interacting with this technology. “Whenever we use tech today, we’re multitasking,” said product designer and futurist Jody Medich. “When you’re using GPS, you’re trying to navigate in the real world and also manage this screen. Constant task-switching is killing our brain’s ability to think.” Augmented and virtual reality, she believes, will allow us to adapt technology to match our brain’s functionality.
This all sounds like a lot of fun for uses like gaming and entertainment, but what about practical applications? “Ultimately what we care about is how this technology will improve lives,” Chen said.
A few ways that could happen? Extended reality will be used to simulate hazardous real-life scenarios, reduce the time and resources needed to bring a product to market, train healthcare professionals (such as surgeons), or provide therapies for patients—not to mention education. “Think about the possibilities for children to learn about history, science, or math in ways they can’t today,” Chen said.
If there’s one technology that’s truly baffling, it’s quantum computing. Qubits, entanglement, quantum states—it’s hard to wrap our heads around these concepts, but they hold great promise. Where is the tech right now?
Mandy Birch, head of engineering strategy at Rigetti Computing, thinks quantum development is starting slowly but will accelerate quickly. “We’re at the innovation stage right now, trying to match this capability to useful applications,” she said. “Can we solve problems cheaper, better, and faster than classical computers can do?” She believes quantum’s first breakthrough will happen in two to five years, and that is highest potential is in applications like routing, supply chain, and risk optimization, followed by quantum chemistry (for materials science and medicine) and machine learning.
David Awschalom, director of the Chicago Quantum Exchange and senior scientist at Argonne National Laboratory, believes quantum communication and quantum sensing will become a reality in three to seven years. “We’ll use states of matter to encrypt information in ways that are completely secure,” he said. A quantum voting system, currently being prototyped, is one application.
Who should be driving quantum tech development? The panelists emphasized that no one entity will get very far alone. “Advancing quantum tech will require collaboration not only between business, academia, and government, but between nations,” said Linda Sapochak, division director of materials research at the National Science Foundation. She added that this doesn’t just go for the technology itself—setting up the infrastructure for quantum will be a big challenge as well.
Space has always been the final frontier, and it still is—but it’s not quite as far-removed from our daily lives now as it was when Neil Armstrong walked on the moon in 1969.
The space industry has always been funded by governments and private defense contractors. But in 2009, SpaceX launched its first commercial satellite, and in subsequent years have drastically cut the cost of spaceflight. More importantly, they published their pricing, which brought transparency to a market that hadn’t seen it before.
Entrepreneurs around the world started putting together business plans, and there are now over 400 privately-funded space companies, many with consumer applications.
Chad Anderson, CEO of Space Angels and managing partner of Space Capital, pointed out that the technology floating around in space was, until recently, archaic. “A few NASA engineers saw they had more computing power in their phone than there was in satellites,” he said. “So they thought, ‘why don’t we just fly an iPhone?’” They did—and it worked.
Now companies have networks of satellites monitoring the whole planet, producing a huge amount of data that’s valuable for countless applications like agriculture, shipping, and observation. “A lot of people underestimate space,” Anderson said. “It’s already enabling our modern global marketplace.”
Next up in the space realm, he predicts, are mining and tourism.
Artificial Intelligence and the Future of Work
From the US to Europe to Asia, alarms are sounding about AI taking our jobs. What will be left for humans to do once machines can do everything—and do it better?
These fears may be unfounded, though, and are certainly exaggerated. It’s undeniable that AI and automation are changing the employment landscape (not to mention the way companies do business and the way we live our lives), but if we build these tools the right way, they’ll bring more good than harm, and more productivity than obsolescence.
Accenture’s Julie Sweet emphasized that AI alone is not what’s disrupting business and employment. Rather, it’s what she called the “triple A”: automation, analytics, and artificial intelligence. But even this fear-inducing trifecta of terms doesn’t spell doom, for workers or for companies. Accenture has automated 40,000 jobs—and hasn’t fired anyone in the process. Instead, they’ve trained and up-skilled people. The most important drivers to scale this, Sweet said, are a commitment by companies and government support (such as tax credits).
Imbuing AI with the best of human values will also be critical to its impact on our future. Tracy Frey, Google Cloud AI’s director of strategy, cited the company’s set of seven AI principles. “What’s important is the governance process that’s put in place to support those principles,” she said. “You can’t make macro decisions when you have technology that can be applied in many different ways.”
High Risks, High Stakes
This year, Vaitheeswaran said, 50 percent of the world’s population will have internet access (he added that he’s disappointed that percentage isn’t higher given the proliferation of smartphones). As technology becomes more widely available to people around the world and its influence grows even more, what are the biggest risks we should be monitoring and controlling?
Information integrity—being able to tell what’s real from what’s fake—is a crucial one. “We’re increasingly operating in siloed realities,” said Renee DiResta, director of research at New Knowledge and head of policy at Data for Democracy. “Inadvertent algorithmic amplification on social media elevates certain perspectives—what does that do to us as a society?”
Algorithms have also already been proven to perpetuate the bias of the people who create it—and those people are often wealthy, white, and male. Ensuring that technology doesn’t propagate unfair bias will be crucial to its ability to serve a diverse population, and to keep societies from becoming further polarized and inequitable. The polarization of experience that results from pronounced inequalities within countries, Vaitheeswaran pointed out, can end up undermining democracy.
We’ll also need to walk the line between privacy and utility very carefully. As Dan Wagner, founder of Civis Analytics put it, “We want to ensure privacy as much as possible, but open access to information helps us achieve important social good.” Medicine in the US has been hampered by privacy laws; if, for example, we had more data about biomarkers around cancer, we could provide more accurate predictions and ultimately better healthcare.
But going the Chinese way—a total lack of privacy—is likely not the answer, either. “We have to be very careful about the way we bake rights and freedom into our technology,” said Alex Gladstein, chief strategy officer at Human Rights Foundation.
Technology’s risks are clearly as fraught as its potential is promising. As Gary Shapiro, chief executive of the Consumer Technology Association, put it, “Everything we’ve talked about today is simply a tool, and can be used for good or bad.”
The decisions we’re making now, at every level—from the engineers writing algorithms, to the legislators writing laws, to the teenagers writing clever Instagram captions—will determine where on the spectrum we end up.
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In recent years, the media has sounded the alarm about mass job loss to automation and robotics—some studies predict that up to 50 percent of current jobs or tasks could be automated in coming decades. While this topic has received significant attention, much of the press focuses on potential problems without proposing realistic solutions or considering new opportunities.
The economic impacts of AI, robotics, and automation are complex topics that require a more comprehensive perspective to understand. Is universal basic income, for example, the answer? Many believe so, and there are a number of experiments in progress. But it’s only one strategy, and without a sustainable funding source, universal basic income may not be practical.
As automation continues to accelerate, we’ll need a multi-pronged approach to ease the transition. In short, we need to update broad socioeconomic strategies for a new century of rapid progress. How, then, do we plan practical solutions to support these new strategies?
Take history as a rough guide to the future. Looking back, technology revolutions have three themes in common.
First, past revolutions each produced profound benefits to productivity, increasing human welfare. Second, technological innovation and technology diffusion have accelerated over time, each iteration placing more strain on the human ability to adapt. And third, machines have gradually replaced more elements of human work, with human societies adapting by moving into new forms of work—from agriculture to manufacturing to service, for example.
Public and private solutions, therefore, need to be developed to address each of these three components of change. Let’s explore some practical solutions for each in turn.
Figure 1. Technology’s structural impacts in the 21st century. Refer to Appendix I for quantitative charts and technological examples corresponding to the numbers (1-22) in each slice.
Solution 1: Capture New Opportunities Through Aggressive Investment
The rapid emergence of new technology promises a bounty of opportunity for the twenty-first century’s economic winners. This technological arms race is shaping up to be a global affair, and the winners will be determined in part by who is able to build the future economy fastest and most effectively. Both the private and public sectors have a role to play in stimulating growth.
At the country level, several nations have created competitive strategies to promote research and development investments as automation technologies become more mature.
Germany and China have two of the most notable growth strategies. Germany’s Industrie 4.0 plan targets a 50 percent increase in manufacturing productivity via digital initiatives, while halving the resources required. China’s Made in China 2025 national strategy sets ambitious targets and provides subsidies for domestic innovation and production. It also includes building new concept cities, investing in robotics capabilities, and subsidizing high-tech acquisitions abroad to become the leader in certain high-tech industries. For China, specifically, tech innovation is driven partially by a fear that technology will disrupt social structures and government control.
Such opportunities are not limited to existing economic powers. Estonia’s progress after the breakup of the Soviet Union is a good case study in transitioning to a digital economy. The nation rapidly implemented capitalistic reforms and transformed itself into a technology-centric economy in preparation for a massive tech disruption. Internet access was declared a right in 2000, and the country’s classrooms were outfitted for a digital economy, with coding as a core educational requirement starting at kindergarten. Internet broadband speeds in Estonia are among the fastest in the world. Accordingly, the World Bank now ranks Estonia as a high-income country.
Solution 2: Address Increased Rate of Change With More Nimble Education Systems
Education and training are currently not set for the speed of change in the modern economy. Schools are still based on a one-time education model, with school providing the foundation for a single lifelong career. With content becoming obsolete faster and rapidly escalating costs, this system may be unsustainable in the future. To help workers more smoothly transition from one job into another, for example, we need to make education a more nimble, lifelong endeavor.
Primary and university education may still have a role in training foundational thinking and general education, but it will be necessary to curtail rising price of tuition and increase accessibility. Massive open online courses (MooCs) and open-enrollment platforms are early demonstrations of what the future of general education may look like: cheap, effective, and flexible.
Georgia Tech’s online Engineering Master’s program (a fraction of the cost of residential tuition) is an early example in making university education more broadly available. Similarly, nanodegrees or microcredentials provided by online education platforms such as Udacity and Coursera can be used for mid-career adjustments at low cost. AI itself may be deployed to supplement the learning process, with applications such as AI-enhanced tutorials or personalized content recommendations backed by machine learning. Recent developments in neuroscience research could optimize this experience by perfectly tailoring content and delivery to the learner’s brain to maximize retention.
Finally, companies looking for more customized skills may take a larger role in education, providing on-the-job training for specific capabilities. One potential model involves partnering with community colleges to create apprenticeship-style learning, where students work part-time in parallel with their education. Siemens has pioneered such a model in four states and is developing a playbook for other companies to do the same.
Solution 3: Enhance Social Safety Nets to Smooth Automation Impacts
If predicted job losses to automation come to fruition, modernizing existing social safety nets will increasingly become a priority. While the issue of safety nets can become quickly politicized, it is worth noting that each prior technological revolution has come with corresponding changes to the social contract (see below).
The evolving social contract (U.S. examples)
– 1842 | Right to strike
– 1924 | Abolish child labor
– 1935 | Right to unionize
– 1938 | 40-hour work week
– 1962, 1974 | Trade adjustment assistance
– 1964 | Pay discrimination prohibited
– 1970 | Health and safety laws
– 21st century | AI and automation adjustment assistance?
Figure 2. Labor laws have historically adjusted as technology and society progressed
Solutions like universal basic income (no-strings-attached monthly payout to all citizens) are appealing in concept, but somewhat difficult to implement as a first measure in countries such as the US or Japan that already have high debt. Additionally, universal basic income may create dis-incentives to stay in the labor force. A similar cautionary tale in program design was the Trade Adjustment Assistance (TAA), which was designed to protect industries and workers from import competition shocks from globalization, but is viewed as a missed opportunity due to insufficient coverage.
A near-term solution could come in the form of graduated wage insurance (compensation for those forced to take a lower-paying job), including health insurance subsidies to individuals directly impacted by automation, with incentives to return to the workforce quickly. Another topic to tackle is geographic mismatch between workers and jobs, which can be addressed by mobility assistance. Lastly, a training stipend can be issued to individuals as means to upskill.
Policymakers can intervene to reverse recent historical trends that have shifted incomes from labor to capital owners. The balance could be shifted back to labor by placing higher taxes on capital—an example is the recently proposed “robot tax” where the taxation would be on the work rather than the individual executing it. That is, if a self-driving car performs the task that formerly was done by a human, the rideshare company will still pay the tax as if a human was driving.
Other solutions may involve distribution of work. Some countries, such as France and Sweden, have experimented with redistributing working hours. The idea is to cap weekly hours, with the goal of having more people employed and work more evenly spread. So far these programs have had mixed results, with lower unemployment but high costs to taxpayers, but are potential models that can continue to be tested.
We cannot stop growth, nor should we. With the roles in response to this evolution shifting, so should the social contract between the stakeholders. Government will continue to play a critical role as a stabilizing “thumb” in the invisible hand of capitalism, regulating and cushioning against extreme volatility, particularly in labor markets.
However, we already see business leaders taking on some of the role traditionally played by government—thinking about measures to remedy risks of climate change or economic proposals to combat unemployment—in part because of greater agility in adapting to change. Cross-disciplinary collaboration and creative solutions from all parties will be critical in crafting the future economy.
Note: The full paper this article is based on is available here.
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The plethora of bacteria and other tiny organisms that live in your gut, often referred to as the gut microbiome, don’t just help you digest food and fight disease. As detailed in a new study, they also provide a very accurate biological clock that shows your physical age—a fact that may open up wide-ranging possibilities for health and longevity studies.
Combining Machine Learning and Your Gut
The link between the gut biome and age is described by longevity researcher Alex Zhavoronkov and a team of his colleagues at Insilico Medicine, an artificial intelligence startup focused on drug discovery, biomarker development, and aging research.
Relatively little is known about how our gut biomes transition from one stage to another as we age, or about links between our age and the state of our gut biomes. In their paper, which is awaiting peer review but can be found on the preprint server bioRxiv, the team describes how they examined 3,663 curated samples of gut bacteria from 1,165 healthy people, aged 20-90, from countries in Europe, Asia, and North America. Roughly a third of samples came from the 20-39 age group, a third from individuals between 40-59, and a third from people between 60-90 years old.
A deep learning algorithm was then trained on data on 1,673 different microbial species from 90 percent of the samples. The AI was then tasked with predicting the ages of the remaining 10 percent of participants solely from data on their gut bacteria.
The Accurate Bacterial Clock
The results, described as the first method to predict a human’s chronological age via gut microbiota analysis, showed that the system was able to predict age to within four years based on the gut bacteria data. Furthermore, the results seem to indicate that 39 of the microbial species analyzed are particularly important in relation to accurately predicting age.
The study also showed that our gut microbiomes change over time. While some microbes’ numbers dwindle as we age, others seem to become more abundant. Age is not the only factor that influences the prevalence of different types of bacteria in a person’s digestive system. What you eat, how you sleep, and how physically active you are are all thought to be contributing factors.
Science Magquotes Zhavoronkov as stating that the study could lay the foundation for a “microbiome aging clock” that could serve as a baseline in future research on how a person’s gut ages and how medicine, diet, and alcohol consumption affect longevity.
Living Longer, Better
Studies of our microbiome’s influence on longevity add another dimension to our understanding of how and why we age. Other avenues of study include looking at the length of telomeres, the tips of chromosomes that are believed to play an important role in the aging process, and our DNA.
The same can be said of the role microbiomes play in relation to illnesses and conditions including allergies, diabetes, some types of cancer, and psychological states such as depression. Scientists at Harvard are even developing genetically engineered ‘telephone’ bacteria that would be able to gather precise information about the state of the gut microbiome.
A positive side effect of many of the studies is that alongside dedicated microbiome data collection efforts, they add new data—the food of AI. While we are already gaining a better understanding of the gut biome, it is not a large leap of logic to predict that AI will feast on the new data and assist us in getting an even keener understanding of what is going on in our gut and what it means for our health.
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It’s hard to avoid the prominence of AI in our lives, and there is a plethora of predictions about how it will influence our future. In their new book Solomon’s Code: Humanity in a World of Thinking Machines, co-authors Olaf Groth, Professor of Strategy, Innovation and Economics at HULT International Business School and CEO of advisory network Cambrian.ai, and Mark Nitzberg, Executive Director of UC Berkeley’s Center for Human-Compatible AI, believe that the shift in balance of power between intelligent machines and humans is already here.
I caught up with the authors about how the continued integration between technology and humans, and their call for a “Digital Magna Carta,” a broadly-accepted charter developed by a multi-stakeholder congress that would help guide the development of advanced technologies to harness their power for the benefit of all humanity.
Lisa Kay Solomon: Your new book, Solomon’s Code, explores artificial intelligence and its broader human, ethical, and societal implications that all leaders need to consider. AI is a technology that’s been in development for decades. Why is it so urgent to focus on these topics now?
Olaf Groth and Mark Nitzberg: Popular perception always thinks of AI in terms of game-changing narratives—for instance, Deep Blue beating Gary Kasparov at chess. But it’s the way these AI applications are “getting into our heads” and making decisions for us that really influences our lives. That’s not to say the big, headline-grabbing breakthroughs aren’t important; they are.
But it’s the proliferation of prosaic apps and bots that changes our lives the most, by either empowering or counteracting who we are and what we do. Today, we turn a rapidly growing number of our decisions over to these machines, often without knowing it—and even more often without understanding the second- and third-order effects of both the technologies and our decisions to rely on them.
There is genuine power in what we call a “symbio-intelligent” partnership between human, machine, and natural intelligences. These relationships can optimize not just economic interests, but help improve human well-being, create a more purposeful workplace, and bring more fulfillment to our lives.
However, mitigating the risks while taking advantage of the opportunities will require a serious, multidisciplinary consideration of how AI influences human values, trust, and power relationships. Whether or not we acknowledge their existence in our everyday life, these questions are no longer just thought exercises or fodder for science fiction.
In many ways, these technologies can challenge what it means to be human, and their ramifications already affect us in real and often subtle ways. We need to understand how
LKS: There is a lot of hype and misconceptions about AI. In your book, you provide a useful distinction between the cognitive capability that we often associate with AI processes, and the more human elements of consciousness and conscience. Why are these distinctions so important to understand?
OG & MN: Could machines take over consciousness some day as they become more powerful and complex? It’s hard to say. But there’s little doubt that, as machines become more capable, humans will start to think of them as something conscious—if for no other reason than our natural inclination to anthropomorphize.
Machines are already learning to recognize our emotional states and our physical health. Once they start talking that back to us and adjusting their behavior accordingly, we will be tempted to develop a certain rapport with them, potentially more trusting or more intimate because the machine recognizes us in our various states.
Consciousness is hard to define and may well be an emergent property, rather than something you can easily create or—in turn—deduce to its parts. So, could it happen as we put more and more elements together, from the realms of AI, quantum computing, or brain-computer interfaces? We can’t exclude that possibility.
Either way, we need to make sure we’re charting out a clear path and guardrails for this development through the Three Cs in machines: cognition (where AI is today); consciousness (where AI could go); and conscience (what we need to instill in AI before we get there). The real concern is that we reach machine consciousness—or what humans decide to grant as consciousness—without a conscience. If that happens, we will have created an artificial sociopath.
LKS: We have been seeing major developments in how AI is influencing product development and industry shifts. How is the rise of AI changing power at the global level?
OG & MN: Both in the public and private sectors, the data holder has the power. We’ve already seen the ascendance of about 10 “digital barons” in the US and China who sit on huge troves of data, massive computing power, and the resources and money to attract the world’s top AI talent. With these gaps already open between the haves and the have-nots on the technological and corporate side, we’re becoming increasingly aware that similar inequalities are forming at a societal level as well.
Economic power flows with data, leaving few options for socio-economically underprivileged populations and their corrupt, biased, or sparse digital footprints. By concentrating power and overlooking values, we fracture trust.
We can already see this tension emerging between the two dominant geopolitical models of AI. China and the US have emerged as the most powerful in both technological and economic terms, and both remain eager to drive that influence around the world. The EU countries are more contained on these economic and geopolitical measures, but they’ve leaped ahead on privacy and social concerns.
The problem is, no one has yet combined leadership on all three critical elements of values, trust, and power. The nations and organizations that foster all three of these elements in their AI systems and strategies will lead the future. Some are starting to recognize the need for the combination, but we found just 13 countries that have created significant AI strategies. Countries that wait too long to join them risk subjecting themselves to a new “data colonialism” that could change their economies and societies from the outside.
LKS: Solomon’s Code looks at AI from a variety of perspectives, considering both positive and potentially dangerous effects. You caution against the rising global threat and weaponization of AI and data, suggesting that “biased or dirty data is more threatening than nuclear arms or a pandemic.” For global leaders, entrepreneurs, technologists, policy makers and social change agents reading this, what specific strategies do you recommend to ensure ethical development and application of AI?
OG & MN: We’ve surrendered many of our most critical decisions to the Cult of Data. In most cases, that’s a great thing, as we rely more on scientific evidence to understand our world and our way through it. But we swing too far in other instances, assuming that datasets and algorithms produce a complete story that’s unsullied by human biases or intellectual shortcomings. We might choose to ignore it, but no one is blind to the dangers of nuclear war or pandemic disease. Yet, we willfully blind ourselves to the threat of dirty data, instead believing it to be pristine.
So, what do we do about it? On an individual level, it’s a matter of awareness, knowing who controls your data and how outsourcing of decisions to thinking machines can present opportunities and threats alike.
For business, government, and political leaders, we need to see a much broader expansion of ethics committees with transparent criteria with which to evaluate new products and services. We might consider something akin to clinical trials for pharmaceuticals—a sort of testing scheme that can transparently and independently measure the effects on humans of algorithms, bots, and the like. All of this needs to be multidisciplinary, bringing in expertise from across technology, social systems, ethics, anthropology, psychology, and so on.
Finally, on a global level, we need a new charter of rights—a Digital Magna Carta—that formalizes these protections and guides the development of new AI technologies toward all of humanity’s benefit. We’ve suggested the creation of a multi-stakeholder Cambrian Congress (harkening back to the explosion of life during the Cambrian period) that can not only begin to frame benefits for humanity, but build the global consensus around principles for a basic code-of-conduct, and ideas for evaluation and enforcement mechanisms, so we can get there without any large-scale failures or backlash in society. So, it’s not one or the other—it’s both.
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How we work and play is about to transform.
After a prolonged technology “winter”—or what I like to call the ‘deceptive growth’ phase of any exponential technology—the hardware and software that power virtual (VR) and augmented reality (AR) applications are accelerating at an extraordinary rate.
Unprecedented new applications in almost every industry are exploding onto the scene.
Both VR and AR, combined with artificial intelligence, will significantly disrupt the “middleman” and make our lives “auto-magical.” The implications will touch every aspect of our lives, from education and real estate to healthcare and manufacturing.
The Future of Work
How and where we work is already changing, thanks to exponential technologies like artificial intelligence and robotics.
But virtual and augmented reality are taking the future workplace to an entirely new level.
Virtual Reality Case Study: eXp Realty
I recently interviewed Glenn Sanford, who founded eXp Realty in 2008 (imagine: a real estate company on the heels of the housing market collapse) and is the CEO of eXp World Holdings.
Ten years later, eXp Realty has an army of 14,000 agents across all 50 US states, three Canadian provinces, and 400 MLS market areas… all without a single traditional staffed office.
In a bid to transition from 2D interfaces to immersive, 3D work experiences, virtual platform VirBELA built out the company’s office space in VR, unlocking indefinite scaling potential and an extraordinary new precedent.
Real estate agents, managers, and even clients gather in a unique virtual campus, replete with a sports field, library, and lobby. It’s all accessible via head-mounted displays, but most agents join with a computer browser. Surprisingly, the campus-style setup enables the same type of water-cooler conversations I see every day at the XPRIZE headquarters.
With this centralized VR campus, eXp Realty has essentially thrown out overhead costs and entered a lucrative market without the same constraints of brick-and-mortar businesses.
Delocalize with VR, and you can now hire anyone with internet access (right next door or on the other side of the planet), redesign your corporate office every month, throw in an ocean-view office or impromptu conference room for client meetings, and forget about guzzled-up hours in traffic.
As a leader, what happens when you can scalably expand and connect your workforce, not to mention your customer base, without the excess overhead of office space and furniture? Your organization can run faster and farther than your competition.
But beyond the indefinite scalability achieved through digitizing your workplace, VR’s implications extend to the lives of your employees and even the future of urban planning:
Home Prices: As virtual headquarters and office branches take hold of the 21st-century workplace, those who work on campuses like eXp Realty’s won’t need to commute to work. As a result, VR has the potential to dramatically influence real estate prices—after all, if you don’t need to drive to an office, your home search isn’t limited to a specific set of neighborhoods anymore.
Transportation: In major cities like Los Angeles and San Francisco, the implications are tremendous. Analysts have revealed that it’s already cheaper to use ride-sharing services like Uber and Lyft than to own a car in many major cities. And once autonomous “Car-as-a-Service” platforms proliferate, associated transportation costs like parking fees, fuel, and auto repairs will no longer fall on the individual, if not entirely disappear.
Augmented Reality: Annotate and Interact with Your Workplace
As I discussed in a recent Spatial Web blog, not only will Web 3.0 and VR advancements allow us to build out virtual worlds, but we’ll soon be able to digitally map our real-world physical offices or entire commercial high-rises.
Enter a professional world electrified by augmented reality.
Our workplaces are practically littered with information. File cabinets abound with archival data and relevant documents, and company databases continue to grow at a breakneck pace. And, as all of us are increasingly aware, cybersecurity and robust data permission systems remain a major concern for CEOs and national security officials alike.
What if we could link that information to specific locations, people, time frames, and even moving objects?
As data gets added and linked to any given employee’s office, conference room, or security system, we might then access online-merge-offline environments and information through augmented reality.
Imagine showing up at your building’s concierge and your AR glasses automatically check you into the building, authenticating your identity and pulling up any reminders you’ve linked to that specific location.
You stop by a friend’s office, and his smart security system lets you know he’ll arrive in an hour. Need to book a public conference room that’s already been scheduled by another firm’s marketing team? Offer to pay them a fee and, once accepted, a smart transaction will automatically deliver a payment to their company account.
With blockchain-verified digital identities, spatially logged data, and virtually manifest information, business logistics take a fraction of the time, operations grow seamless, and corporate data will be safer than ever.
Or better yet, imagine precise and high-dexterity work environments populated with interactive annotations that guide an artisan, surgeon, or engineer through meticulous handiwork.
Take, for instance, AR service 3D4Medical, which annotates virtual anatomy in midair. And as augmented reality hardware continues to advance, we might envision a future wherein surgeons perform operations on annotated organs and magnified incision sites, or one in which quantum computer engineers can magnify and annotate mechanical parts, speeding up reaction times and vastly improving precision.
The Future of Free Time and Play
In Abundance, I wrote about today’s rapidly demonetizing cost of living. In 2011, almost 75 percent of the average American’s income was spent on housing, transportation, food, personal insurance, health, and entertainment. What the headlines don’t mention: this is a dramatic improvement over the last 50 years. We’re spending less on basic necessities and working fewer hours than previous generations.
Chart depicts the average weekly work hours for full-time production employees in non-agricultural activities. Source: Diamandis.com data
Technology continues to change this, continues to take care of us and do our work for us. One phrase that describes this is “technological socialism,” where it’s technology, not the government, that takes care of us.
Extrapolating from the data, I believe we are heading towards a post-scarcity economy. Perhaps we won’t need to work at all, because we’ll own and operate our own fleet of robots or AI systems that do our work for us.
As living expenses demonetize and workplace automation increases, what will we do with this abundance of time? How will our children and grandchildren connect and find their purpose if they don’t have to work for a living?
As I write this on a Saturday afternoon and watch my two seven-year-old boys immersed in Minecraft, building and exploring worlds of their own creation, I can’t help but imagine that this future is about to enter its disruptive phase.
Exponential technologies are enabling a new wave of highly immersive games, virtual worlds, and online communities. We’ve likely all heard of the Oasis from Ready Player One. But far beyond what we know today as ‘gaming,’ VR is fast becoming a home to immersive storytelling, interactive films, and virtual world creation.
Within the virtual world space, let’s take one of today’s greatest precursors, the aforementioned game Minecraft.
For reference, Minecraft is over eight times the size of planet Earth. And in their free time, my kids would rather build in Minecraft than almost any other activity. I think of it as their primary passion: to create worlds, explore worlds, and be challenged in worlds.
And in the near future, we’re all going to become creators of or participants in virtual worlds, each populated with assets and storylines interoperable with other virtual environments.
But while the technological methods are new, this concept has been alive and well for generations. Whether you got lost in the world of Heidi or Harry Potter, grew up reading comic books or watching television, we’ve all been playing in imaginary worlds, with characters and story arcs populating our minds. That’s the nature of childhood.
In the past, however, your ability to edit was limited, especially if a given story came in some form of 2D media. I couldn’t edit where Tom Sawyer was going or change what Iron Man was doing. But as a slew of new software advancements underlying VR and AR allow us to interact with characters and gain (albeit limited) agency (for now), both new and legacy stories will become subjects of our creation and playgrounds for virtual interaction.
Take VR/AR storytelling startup Fable Studio’s Wolves in the Walls film. Debuting at the 2018 Sundance Film Festival, Fable’s immersive story is adapted from Neil Gaiman’s book and tracks the protagonist, Lucy, whose programming allows her to respond differently based on what her viewers do.
And while Lucy can merely hand virtual cameras to her viewers among other limited tasks, Fable Studio’s founder Edward Saatchi sees this project as just the beginning.
Imagine a virtual character—either in augmented or virtual reality—geared with AI capabilities, that now can not only participate in a fictional storyline but interact and dialogue directly with you in a host of virtual and digitally overlayed environments.
Or imagine engaging with a less-structured environment, like the Star Wars cantina, populated with strangers and friends to provide an entirely novel social media experience.
Already, we’ve seen characters like that of Pokémon brought into the real world with Pokémon Go, populating cities and real spaces with holograms and tasks. And just as augmented reality has the power to turn our physical environments into digital gaming platforms, advanced AR could bring on a new era of in-home entertainment.
Imagine transforming your home into a narrative environment for your kids or overlaying your office interior design with Picasso paintings and gothic architecture. As computer vision rapidly grows capable of identifying objects and mapping virtual overlays atop them, we might also one day be able to project home theaters or live sports within our homes, broadcasting full holograms that allow us to zoom into the action and place ourselves within it.
Increasingly honed and commercialized, augmented and virtual reality are on the cusp of revolutionizing the way we play, tell stories, create worlds, and interact with both fictional characters and each other.
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