I have been reading Sapiens by Yuval Noah Harari in which he talks about the evolution of mankind from foragers to 21st-century techie. He states that man’s imagination has far outstripped his genetical evolution. This according to the author is due to the birth of cognitive abilities in Homo Sapiens.
One of the key aspects of the power to imagine is a disruption. According to Cambridge Dictionary Disrupt: to prevent something, especially a system, process, or event, from continuing as usual or as expected.Our history is filled with such disruption.When electricity disrupted Kerosene lamps it was the empire of Rockefeller , Standard Oil which was challenged by Edison and Tesla. Like Rockefeller, we can block the disruption in its infancy by claiming that it is untested and uncontrollable. But sooner or later it’s going to engulf the world around us. In our current era, there are Three major disruptions taking place:
1. BlockChain: Lets Tokenise Finance
Imagine going to an art gallery and admiring a $30 million art-piece or going down the alley and coming across a real estate for sale worth $30 million. For most of us, it is out of our budget. Here is where BlockChain comes in imagine 100,000 of small pieces of the same asset.Now a piece is worth $30 well under our budget. This is what BlockChain offers it is bringing Liquidity to a market which has no liquidity. This is just a small example with enough modifications you can fund college fees, buy a house all with the tokens thus rendering banks obsolete.
Another area in Finance where Blockchain is being heavily used is Audit. Today, account reconciliations, trial balances, journal entries, sub-ledger extracts, and supporting spreadsheet files are provided to a CPA auditor in a variety of electronic and manual formats. Each audit begins with different information and schedules that require a CPA auditor to invest significant time when planning an audit. In a blockchain world, the CPA auditor could have near real-time data access via read-only nodes on blockchains. This may allow an auditor to obtain information required for the audit in a consistent, recurring format.
2 Virtual Reality: Making Workplace Safer
Imagine you are working for a construction company.You are hanging from a skyscraper and you feel a sudden jerk.Now you are hanging on your safety belt 100’s of meter above ground. Most of the workers are not that fortunate.According to the Bureau of the labor of statistics “Slips, trips, and falls killed 800 workers, contact with objects and equipment 722” in 2014. The construction industry last year recorded the highest number of workplace fatalities since 2008 with fatalities in the private construction industry increasing 4 percent, from 899 to 927 between 2014 and 2015.
Virtual reality is gaining traction as a training tool in occupational health and safety. The technology provides a virtual environment that causes the user to suspend disbelief and immerse themselves in a virtual world. It uses sight, sound and sometimes motion to provide a realistic experience.
The appeal of virtual reality in the occupational health and safety space is that it provides a method of training workers on their actual job tasks in a safe environment.
3 Augmented Reality: Looking inside the HoloLens
The world was taken aback by Bing and everyone shifted from Google to Bing. Well, that didn’t happen but over the years Microsoft has become a titan and wants to maintain the status as we move into the future.HoloLens according to Microsoft is “A new vision for computing, built on a history of innovation”.It is in-fact shaping the world around it. Recently it had landed a $480 Million deal with the army. Here are the essential details on the military contract from Bloomberg.
Here are the essential details on the military contract from Bloomberg.
With the contract, the Army immediately becomes one of Microsoft’s most important HoloLens consumers. It expects devices to vary from their consumer-grade counterparts in a handful of key respects. In a document shared with companies bidding on the contract, the Army said it wanted to incorporate night vision and thermal sensing, measure vital signs like breathing and “readiness,” monitor for concussions and offer hearing protection. It said the winning bidder would be expected to deliver 2,500 headsets within two years, and exhibit the capacity for full-scale production.
It’s not just the military contracts they are everywhere.FDA has approved Augmented reality system(HoloLens) for surgical use.OpenSight specifically utilizes the Microsoft HoloLens headset that allows simultaneous visualization of the 3D patient images in AR and the actual patient and their real-world surroundings. The technique may decrease operative times and improve surgical planning and the understanding of anatomic relationships.
“This is transformative technology that will unite preoperative imaging with augmented reality to improve the precision, speed, and safety of medical procedures,” Wendell Gibby, MD, Novarad CEO and co-creator of OpenSight, said in the release. “This internal visualization can now be achieved without the surgeon ever making an incision, improving outcomes in a world of more precise medicine.”
The world belongs to the disrupters but in our era the disrupters are the Titans.As Google, Microsoft, Amazon and Facebook become too big to fall one must ask the question “Is there any probability that the David vs Goliath will ever come to be in our era?”. “If all the fishes are eaten by the sharks will we even have an ecosystem ?”.I leave you with a glimpse into the future and some food for thought.