Bitcoin, Smartphones and IoT – are among “the hottest” topics in the startup world. How will they transform our lives? How can we apply technology to disrupt traditional industries? Paul Brody, Technology Sector Strategy Leader in EY, discussed these and other questions during EY Exceptional Entrepreneur Event in Malta.
Our world in not perfect and that presents limitless opportunities for inventors and entrepreneurial minds. During his talk Mr. Brody touched upon some of them:
- Underutilised assets
From the notion of “owning things” modern economy is slowly moving towards “sharing things”. What Airbnb, Uber, Getaround, TransferWise have in common? These companies focus on “putting assets to work” and disrupt traditional industries via smartphones.
We extremly underutilise our assets, for example lawnmower is used only 1 time per month, private cars run around 4% of the day, offices are occupied for 20% of the time, even the busiest taxis in NY are caring a passenger only 50% of times.
Potential for better resources utilisation is huge with ROI reaching 1000%.
- Process orchestration
While Henry Ford revolutionised mass production industry, services sector remained more than traditional until IoT. Smart things may not be as smart as we want them to be yet, but the fact that one can have each and every device or machine connectable, tractable and responsive – opens up new opportunities for services industries.
The main difficulty in services is to coordinate all resources, equipment, outsourced services etc, today we can map all of them and coordinate with a process orchestration software.
The latest achievement – 57 storey building built in 19 days in China.
- Transactions processing in a Block chain
There are millions of connected devices in the world, each of them having lots of un-utilised storage and CPU space. Failure to figure out, how to use this available space in a secure and seamless way – forces companies to invest millions in datacentres and individuals to spend money on expansive cloud storage.
Bitcoin seems to find a way to utilise block chain and create a network that is trustworthy in general, even if not every single participant is. Security thus lies in distribution, not centralisation.
If one can find a way how to utilise the concept further, all application can run in a block chain on shared devices for free. What else if not this is a disruption?
New technology, new way of thinking and change in behaviour – that is next industrial revolution on our doorsteps. This time structural changes will hit not only “blue”, but “white collars” as well. Future jobs would be for people, who are good with people, and for people, who are good with machines. Jobs, where people have to behave like a machine, will most probably be overtaken by machines.
Tech revolutions create winners and losers and our society has to have a compelling safety net if we continue disrupt markets with technology.
by Anastasiia Linnas, based on the talk by Paul Brody, 6 October 2015, Malta
See more presentations from Paul Brody: http://www.slideshare.net/pbrody