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If data are new gold, governance can safeguard society

If data are new gold, governance can safeguard society

China Daily Global in an article titled ‘If data are new gold, governance can safeguard society’, perhaps domestically, but says it all about what to expect in the future relationship of China with say countries of the MENA region.

If data are new gold, governance can safeguard society

By Liu Xiaochun | China Daily Global | Updated: 2021-01-18

The Central Economic Work Conference held in December outlined certain key tasks in eight major aspects for this year. These include strengthening efforts in antitrust and preventing the disorderly expansion of capital.

It was clearly pointed out in the meeting statement that the collection, usage and management of data shall be improved.

With robust growth of the “new infrastructure” sector, particularly the application of 5G and the internet of things, digital technology will find applications in all walks of society and will bring significant change to people’s way of living.

While appreciating the positive effect that digital society may bring, it is important to fully acknowledge and evaluate the risks that interconnectivity of data may bring and pay attention to data governance.

As digital technology is highly penetrative and spreads widely, the risk of digital technology can be widely disruptive and can go beyond personal privacy. It thus requires precautionary regulatory measures to manage or pre-empt such risks.

There are key issues and risks in data connectivity, and it is important to strike a proper balance between breaking the information silo and data security.

On the one hand, it is important to clarify which part of the society will guide the connectivity of data, be it the government, technology firms or other institutions. For example, the building of smart cities will require data collection from a great number of sectors and departments. It is crucial to make clear who will be responsible for collecting and managing them.

On the other hand, how data can be categorized and managed is another emerging issue. In governing smart cities, new data of all kinds emerge every second. The idea of smart city construction, building industrial internet and digital China cannot be realized without data from all departments and organizations going online.

Yet, with all these key data openly accessible online, inadequate or improper management of these data may pose a possible threat to public security, the police, or even to social and national security.

Both governance and the internet of things across all industries should take the management of public data into account. At the same time, the arithmetic model, a key technology in artificial intelligence, may amplify potential risks in information spreading with no targeted audiences.

There is also the risk of giant internet and technology companies adopting a winner-takes-all approach in data collection. Conventional monopoly usually means taking monopoly of one particular type of products or at most, a certain industry. The new winner-takes-all approach would mean exclusive owning of all data on one particular platform by a certain enterprise.

Online platforms in fields such as e-commerce, digital payments, and delivery services may even gain access to huge amount of social data in the name of innovation or breaking up information silo. Such data may be related to personal, business or even government information.

Should such platforms or online behemoths land in major trouble, or face some unforeseen risks, massive systemic disruptions could unsettle or destabilize society. And with the growth of 5G, the number of such businesses is expected to grow.

A number of steps will likely be taken to strengthen data governance. Control of data risks should be raised as part of State governance efforts. Any arbitrary collection of personal information and data should be prohibited.

The issue of data categorization needs to be resolved through legislative efforts in this field. A number of suggestions have been made in legislation regarding personal information protection, which is very necessary.

Categorization should be made for data under digital economy.

First, special attention should be given to managing data regarding public security, finance and people’s livelihood, and how they can be made accessible on internet platforms and how such data can be used.

Second, the responsibility of data management should be specified, and ownership and usage rights to data clarified.

Third, legal liability in data use and transaction must be made clear.

Fourth, as data management is a new and emerging sector yet closely related to national security, social stability and a steady running of economic activities, a special regulatory department or mechanism should be set up with powers of oversight.

At the same time, a category-specific, more proper oversight on artificial intelligence is also needed, particularly a more targeted regulatory model for algorithms developed by various businesses.

An overhaul of personal data already collected once all the aforementioned systems are in place would be in order.

Mechanism for the oversight and management of super-giant data platforms should be set up. On the one hand, objective views are needed about the monopolies taken by super-giant digital platforms.

These platforms also bear public service functions, differentiating them from industrial or commercial monopolies. Concentration of platforms may also help add on commercial competitiveness and social efficiency.

Take third-party payments as an example. To ensure unimpeded payments, various market participants tend to gather on one payment platform. If communications across different telecom companies cannot be realized, only one telecom platform will eventually survive.

Such logic also applies to third-party transactions, which explains why even though the regulators concerned issued a number of licenses, only a few survived. And there are reasons behind why only those few did manage to survive.

First, the survivors are those that are supported by the banks’ unified payment services. Second, the companies specialized in integrated payment services has become a solution for third-party payment platforms banning one another.

Super-giant platforms will likely continue to increase as digital society grows. Concentration of multiple services in a single platform may make business sense for market share-minded companies. But it is debatable if this is the right path to digital transformation of society.

So, proper regulatory measures and oversights are needed in helping such platforms to grow with society in a responsible manner. This is why, oversight mechanisms are needed, as platform enterprises can’t achieve this on their own through self-regulation.

Meanwhile, all data collected by platform businesses are related to society’s various publics and therefore should not be treated as commercial assets.

The article is a translation of a comment from the Bund Summit by Liu Xiaochun, the deputy dean of the Shanghai Finance Institute.

Smart cities, e-governance help urban resilience

Smart cities, e-governance help urban resilience

Posted on January 15, 2021 by Manila Standard is about how Smart cities, e-governance help urban resilience and how this latter is visualised as from the Philippines.

Smart Cities are fast becoming one of the world’s most critical industries as more countries invest in technologies to improve the delivery of government service. 

Smart cities, e-governance help urban resilience
Smart cities, e-governance help urban resilience Smart cities, e-governance help urban resilience By 2025, smart city development worldwide is estimated to create business opportunities worth $2.46 trillion.

In its simplest essence, a smart city is all about providing people a better quality of life by using different types of electronic methods and sensors to collect data. The insights gained from that data are utilized to manage assets, resources, and even services efficiently, helping governments to improve their operations across the city. It also enables e-governance or the integration of Information and Communication Technology (ICT) in all the processes to enhance the government’s ability to address the needs of the public. 

By 2025, smart city development worldwide is estimated to create business opportunities worth $2.46 trillion, as revealed by a report released by tech research firm Frost and Sullivan. This trend is driven by the uncertainties of the post-pandemic work, which will compel cities to focus more on developing collaborative, data-driven infrastructure to provide healthcare and public security, as well as resilience to natural disasters.  

Laying the Groundwork 

In the Philippines, the national government has been pushing the adoption of smart city technologies. For instance, the Department of Information and Communications Technology (DICT), being the country’s primary agency promoting the adoption of eGovernment Services (ICT-ES), has developed the E-Government Masterplan (EGMP) 2022.  

This plan outlines DICT’s intent of developing the country’s e-government systems through the digital transformation of services, such as public health, education, and other programs that cut across the whole of government. By doing so, DICT aims to create a networked and collaborative environment for improved public service delivery. 

Additionally, as the ongoing pandemic accelerates innovation, some local governments have laid their plans for their smart city initiatives, especially on e-governance. Baguio City, for instance, has recently announced its investments to transform into e-government using Information and Communication Technologies (ICTs) and other web-based telecommunication technologies, such as crowd density monitoring and real-time weather prediction, to improve the delivery of public service. 

Aside from Baguio, the New Clark City in Pampanga, Davao, Cebu, and Manila have also previously laid the groundwork to make their areas smarter through the adoption of e-governance technologies.  

The need for the adoption 

For Vertiv, a global provider of critical digital infrastructure and continuity solutions, the digital transformation and e-governance initiatives of all the cities in the country, just like the other smart cities across the globe, provide an opportunity to make the entire Philippines more resilient challenges like the current public health crisis or natural calamities.  

Last year, the country was identified as one of the most vulnerable to climate change by the Global Peace Index of the Institute of Economics and Peace (IEP) due to its high exposure to natural hazards, such as typhoons, landslides, floods, and droughts, as well as its heavy reliance to its climate-sensitive natural resources. 

The Philippine Atmospheric Geophysical and Astronomical Services Administration (PAG-ASA) also noted that more tropical cyclones are entering the Philippine Area of Responsibility (PAR) than anywhere else in the world. Recently, the Philippines experienced five typhoons in a row—Quinta, Rolly, Siony, Tonyo, and Ulysses—which all made landfall in the country within at least a month. All these typhoons left trails of devastation, which include physical injuries, casualties, and damages to agriculture and other properties.  

“Following this devastation, preparedness for typhoons and other calamities has never been more important, for instance, in getting necessary data where they can draw insights to efficiently conduct pre-evacuation of residents in flood-prone and vulnerable areas. And as IT becomes integral, government agencies must have a ready infrastructure in place to ensure that services go on unhampered and citizens have access to services they need,” said Jason Lim, country manager of Vertiv Philippines. 

To help local governments in tackling these IT infrastructure challenges, Vertiv brings together cutting-edge E-Governance Solutions to ensure uninterrupted operations, optimal performance, and scalability of data centers, communication networks, and other critical IT facilities needed in creating smarter and more resilient cities.  

To learn more about how Vertiv supports the continuity of today’s vital business and government applications, visit Vertiv.com.   

5G and edge: unlocking new possibilities

5G and edge: unlocking new possibilities

In Manama, 5G and edge: unlocking new possibilities could have been perceived by all elites of the Gulf media as a reassuring means to help reach landscapes of a better future.

With 5G we’ll see an entirely new range of applications enabled by low latency of 5G and the proliferation of edge computing – transforming the art of the possible, said professional services firm Accenture in a new report.

“5G standards have been finalized late last year. We’ll soon start to see a growing number of devices rolling out across the regions. By 2025, it’s estimated that there will be 1.2 billion 5G connections covering 34% of the global population,” said Tejas Rao, Managing Director – Technology Strategy & Advisory, Growth Markets at Accenture in the company’s Business Functions Blog.

From digital to augmented consumer

The evolution of the consumer is one major leap forward. 3G and 4G helped to create the digital consumer, always connected to the internet through their mobile devices. But with 5G we’ll see an entirely new range of applications enabled by the low latency of 5G and the proliferation of edge computing – transforming the art of the possible.
Rather than simply experiencing digital through their devices, consumers will have their experience of the world around them enhanced and augmented through real time data and the technologies such as augmented reality/virtual reality (AR/VR) that it enables through edge computing.

The edge cloud forms

The evolution of the network in this context is synonymous with the evolution of the cloud.  So rather than what we typically see today in the public cloud, which is services residing in centralized data centers, those cloud services will move to the edge of a mobile network – the ’edge cloud’ – to drive real time cloud computing capabilities. And that development will support a wide range of new use cases across every industry, with network connectivity itself becoming the platform on which others can build new services and solutions.

From capacity and coverage to network as a platform

Accordingly, we are starting to see the strategic intent of maximizing capacity and coverage that informed network build in the 3G/4G world shift. Instead the focus is now on how to unlock 5G to deliver innovative solutions and services.

With networks no longer having to be the same everywhere, they can be built or sliced to support new use cases and opportunities for specific industries. Today’s web platform companies are already exploring this and making investments in order to capitalize on the transformational changes that 5G’s low latency can offer.

Low latency–currency for the 5G world

Ultra-reliable low latency is the new currency of the network world, underpinning new capabilities in many industries that were previously impossible. And these are not in the realm of science fiction. They are becoming possible today, ranging from real-time language translation to remote robotics and from autonomous logistics to AR-enabled industrial maintenance.

As they plan their future networks, operators need to understand how to intelligently direct 5G network investments from just pure coverage and capacity, and towards unlocking new revenue streams and business value. This is a significant departure from previous generations of network deployment. The network has moved from being a pipeline to instead becoming a platform and gateway for solution innovation and real-time connectivity services.

Partnering and collaboration will become more important than ever as operators sit at the center of new ecosystems developed around the ultra-reliable low latency, real time data at scale and responsiveness that the ‘edge cloud’ delivers.

New landscape of opportunity–and challenge

This emerging landscape of mobile edge networks can unlock many new opportunities to create value. These consist of new services to drive revenue and new possibilities for managing network costs. But the new networks also pose some novel challenges to preserving margins.

Today’s cloud world is characterized by the presence of a limited number of mega data centers in remote locations with data travelling from device to cloud and back again in order to execute a computational process or data analysis. Data typically makes the round trip travelling at 50 to 100 milliseconds over today’s 4G mobile networks.

Data travelling over 5G at less than five milliseconds facilitates the edge cloud and the ability to create new services that it empowers. But achieving that requires a proliferation of micro data centers numbering in the tens of thousands. To support edge capabilities, these will need to be deployed closer to the consumers and enterprises that use them and densely installed in urban settings.

They will need to handle the progression from millions to billions of connected devices. And move from remote connectivity to providing ultra-reliable, low-latency capabilities at the edge as data flows accelerate to real-time in order to execute time-sensitive services, from autonomous vehicles to real-time visual analytics.

Deciding where and how to play

As they create these capabilities, operators need to understand where they want to locate the edge and what the operational implications of their choice will be. That means understanding the likely demands of the territories they cover and the use cases for specific industries that are likely to be most relevant.

The one-size-fits-all approach of the 3G/4G world is no longer useful. Instead, operators need to take a more targeted view of where they want to play and the likely returns they can generate from placing much more specific bets than in the past.

Qatar Now Ranked 2nd in MENA Region for . . .

Qatar Now Ranked 2nd in MENA Region for . . .

CROWDFUNDINSIDER By Omar Faridi reported that Qatar Now Ranked 2nd in MENA Region for . . . Early-Stage Entrepreneurial Activity as Fintech Sector Expected to Grow Rapidly as the MENA Region Is Poised To Be The Next Fintech Hub.

June 26, 2020

Qatar Now Ranked 2nd in MENA Region for . . .

Randy Rivera, Executive Director of FinTEx, a member-led community focused on promoting innovation and collaboration within Fintech in Qatar and the MENA region, has said that his organization continues to work with international financial services industry participants.

During a June 23, 2020 virtual panel discussion (hosted by the US-Qatar Business Council) on “Qatar’s Growing Fintech Sector & Business Opportunities,” Rivera stated:

“We [aim to] … match talent with opportunity and what is going on in Qatar fits as an attractive platform not just for the Fintechs involved but for the Qatari market and the Middle East overall.”

He added:

“The design of these programs reflects thoughtfulness, broad participation and commitment of the right mix of leaders who can affect change and attract the talent to make that change uniquely impactful, not just to the market, but to the regional fintech community as well.”

Qatar is now a major financial hub in the Middle East. The country’s human development index (HDI) value is around 0.85, which puts it in the “very high” human development (and quality of life) category.

Qatar is ranked at 41 out of 189 countries and territories. Its HDI value has increased from around 0.75 to 0.85 in the past two decades – which indicates that the living standards of its residents may have improved significantly due to its booming economy.

As mentioned in a release shared with CI, Qatar aims to further support and develop a strong business community and a competitive environment that will help local SMEs while also attracting foreign SMEs.

The release revealed:

“Qatar has advanced 18 spots in the national level of entrepreneurial activity, securing the 15th rank globally and the 2nd in the MENA region for the Total Early-Stage Entrepreneurial Activity (TEA) index, according to the Global Entrepreneurship Monitor (GEM) Report 2019/2020.”

Amy Nauiokas, founder and CEO at Anthemis, a VC investment platform with over 100 portfolio firms, believes Qatar provides “a promising environment and set of opportunities for Fintech growth.”

Nauiokas, whose company supports an ecosystem of over 10,000 investors, incumbents, and high-potential Fintech firms, globally, stated:

“We look forward to solidifying some key relationships in Qatar as Anthemis further builds our MENA strategy.”

Mohammed Barakat, MD of US Qatar Business Council, who also attended the webinar, said:

“Considering Qatar’s large payment processing and remittance market and its strategy to become a regional gateway for a huge market, I foresee rapid growth in Qatar’s FinTech sector.”

The US-Qatar Business Council aims to support trade and investment between the two nations and to also build strategic business relationships.

As noted in the release, there are over 120 wholly-owned US firms operating in Qatar, and over 700 U.S.-Qatar joint projects currently active in the Middle Eastern nation.

As reported recently, the Qatar Financial Center will launch “Fintech Circle,” a co-workspace for qualifying financial technology firms free of charge for a year.

17 ways technology could change the world by 2025

17 ways technology could change the world by 2025

In its series Future shocks: 17 technology predictions for 2025, the World Economic Forum came up with 17 ways technology could change the world by 2025 as follows. But Human Brilliance, Ingenuity and Skills will always be needed.

  • We asked our 2020 intake of Technology Pioneers for their views on how technology will change the world in the next five years.
  • From quantum computers and 5G in action to managing cancer chronically, here are their predictions for our near-term future.
Image: Getty Images/iStockphoto
1. AI-optimized manufacturing

Paper and pencil tracking, luck, significant global travel and opaque supply chains are part of today’s status quo, resulting in large amounts of wasted energy, materials and time. Accelerated in part by the long-term shutdown of international and regional travel by COVID-19, companies that design and build products will rapidly adopt cloud-based technologies to aggregate, intelligently transform, and contextually present product and process data from manufacturing lines throughout their supply chains. By 2025, this ubiquitous stream of data and the intelligent algorithms crunching it will enable manufacturing lines to continuously optimize towards higher levels of output and product quality – reducing overall waste in manufacturing by up to 50%. As a result, we will enjoy higher quality products, produced faster, at lower cost to our pocketbooks and the environment.

Anna-Katrina Shedletsky, CEO and Founder of Instrumental

Image: Getty Images/iStockphoto
2. A far-reaching energy transformation

In 2025, carbon footprints will be viewed as socially unacceptable, much like drink driving is today. The COVID-19 pandemic will have focused the public’s attention on the need to take action to deal with threats to our way of life, our health and our future. Public attention will drive government policy and behavioural changes, with carbon footprints becoming a subject of worldwide scrutiny. Individuals, companies and countries will seek the quickest and most affordable ways to achieve net-zero – the elimination of their carbon footprint. The creation of a sustainable, net-zero future will be built through a far-reaching energy transformation that significantly reduces the world’s carbon emissions, and through the emergence of a massive carbon management industry that captures, utilizes and eliminates carbon dioxide. We’ll see a diversity of new technologies aimed at both reducing and removing the world’s emissions – unleashing a wave of innovation to compare with the industrial and digital Revolutions of the past.

Steve Oldham, CEO of Carbon Engineering

Image: Getty Images/iStockphoto
3. A new era of computing

By 2025, quantum computing will have outgrown its infancy, and a first generation of commercial devices will be able tackle meaningful, real-world problems. One major application of this new kind of computer will be the simulation of complex chemical reactions, a powerful tool that opens up new avenues in drug development. Quantum chemistry calculations will also aid the design of novel materials with desired properties, for instance better catalysts for the automotive industry that curb emissions and help fight climate change. Right now, the development of pharmaceuticals and performance materials relies massively on trial and error, which means it is an iterative, time-consuming and terribly expensive process. Quantum computers may soon be able to change this. They will significantly shorten product development cycles and reduce the costs for R&D.

Thomas Monz, Co-Founder and CEO of Alpine Quantum Technologies

Image: Getty Images/iStockphoto
4. Healthcare paradigm shift to prevention through diet

By 2025, healthcare systems will adopt more preventative health approaches based on the developing science behind the health benefits of plant-rich, nutrient-dense diets. This trend will be enabled by AI-powered and systems biology-based technology that exponentially grows our knowledge of the role of specific dietary phytonutrients in specific human health and functional outcomes. After the pandemic of 2020, consumers will be more aware of the importance of their underlying health and will increasingly demand healthier food to help support their natural defences. Armed with a much deeper understanding of nutrition, the global food industry can respond by offering a broader range of product options to support optimal health outcomes. The healthcare industry can respond by promoting earth’s plant intelligence for more resilient lives and to incentivize people to take care of themselves in an effort to reduce unsustainable costs.

Jim Flatt, Co-Founder and CEO of Brightseed

17 ways technology could change the world by 2025
Image: Getty Images/iStockphoto
5. 5G will enhance the global economy and save lives

Overnight, we’ve experienced a sharp increase in delivery services with a need for “day-of” goods from providers like Amazon and Instacart – but it has been limited. With 5G networks in place, tied directly into autonomous bots, goods would be delivered safely within hours.

Wifi can’t scale to meet higher capacity demands. Sheltering-in-place has moved businesses and classrooms to video conferencing, highlighting poor-quality networks. Low latency 5G networks would resolve this lack of network reliability and even allow for more high-capacity services like telehealth, telesurgery and ER services. Businesses can offset the high cost of mobility with economy-boosting activities including smart factories, real-time monitoring, and content-intensive, real-time edge-compute services. 5G private networks make this possible and changes the mobile services economy.

The roll-out of 5G creates markets that we only imagine – like self-driving bots, along with a mobility-as-a-service economy – and others we can’t imagine, enabling next generations to invent thriving markets and prosperous causes.

Maha Achour, Founder and CEO of Metawave

17 ways technology could change the world by 2025
Image: Getty Images/iStockphoto
6. A new normal in managing cancer

Technology drives data, data catalyzes knowledge, and knowledge enables empowerment. In tomorrow’s world, cancer will be managed like any chronic health condition —we will be able to precisely identify what we may be facing and be empowered to overcome it.

In other words, a new normal will emerge in how we can manage cancer. We will see more early and proactive screening with improved diagnostics innovation, such as in better genome sequencing technology or in liquid biopsy, that promises higher ease of testing, higher accuracy and ideally at an affordable cost. Early detection and intervention in common cancer types will not only save lives but reduce the financial and emotional burden of late discovery.

We will also see a revolution in treatment propelled by technology. Gene editing and immunotherapy that bring fewer side effects will have made greater headway. With advances in early screening and treatment going hand in hand, cancer will no longer be the cursed ‘C’ word that inspires such fear among people.

Sizhen Wang, CEO of Genetron Health

Image: Getty Images/iStockphoto
7. Robotic retail

Historically, robotics has turned around many industries, while a few select sectors – such as grocery retail – have remained largely untouched . With the use of a new robotics application called ‘microfulfillment’, Grocery retailing will no longer look the same. The use of robotics downstream at a ‘hyper local’ level (as opposed to the traditional upstream application in the supply chain) will disrupt this 100-year-old, $5 trillion industry and all its stakeholders will experience significant change. Retailers will operate at a higher order of magnitude on productivity, which will in turn result in positive and enticing returns in the online grocery business (unheard of at the moment). This technology also unlocks broader access to food and a better customer proposition to consumers at large: speed, product availability and cost. Microfulfillment centers are located in existing (and typically less productive) real estate at the store level and can operate 5-10% more cheaply than a brick and mortar store. We predict that value will be equally captured by retailers and consumers as online.

Jose Aguerrevere, Co-Founder, Chairman and CEO of Takeoff Technologies

17 ways technology could change the world by 2025
Image: Getty Images/iStockphoto
8. A blurring of physical and virtual spaces

One thing the current pandemic has shown us is how important technology is for maintaining and facilitating communication – not simply for work purposes, but for building real emotional connections. In the next few years we can expect to see this progress accelerate, with AI technology built to connect people at a human level and drive them closer to each other, even when physically they’re apart. The line between physical space and virtual will forever be blurred. We’ll start to see capabilities for global events – from SXSW to the Glastonbury Festival – to provide fully digitalized alternatives, beyond simple live streaming into full experiences. However, it’s not as simple as just providing these services – data privacy will have to be prioritised in order to create confidence among consumers. At the beginning of the COVID-19 pandemic we saw a lot in the news about concerns over the security of video conferencing companies. These concerns aren’t going anywhere and as digital connectivity increases, brands simply can’t afford to give users anything less than full transparency and control over their data.

Tugce Bulut, CEO of Streetbees

17 ways technology could change the world by 2025
Image: Getty Images/iStockphoto
9. Putting individuals – not institutions – at the heart of healthcare

By 2025, the lines separating culture, information technology and health will be blurred. Engineering biology, machine learning and the sharing economy will establish a framework for decentralising the healthcare continuum, moving it from institutions to the individual. Propelling this forward are advances in artificial intelligence and new supply chain delivery mechanisms, which require the real-time biological data that engineering biology will deliver as simple, low-cost diagnostic tests to individuals in every corner of the globe. As a result, morbidity, mortality and costs will decrease in acute conditions, such as infectious diseases, because only the most severe cases will need additional care. Fewer infected people will leave their homes, dramatically altering disease epidemiology while decreasing the burden on healthcare systems. A corresponding decrease in costs and increase in the quality of care follows, as inexpensive diagnostics move expenses and power to the individual, simultaneously increasing the cost-efficiency of care. Inextricable links between health, socio-economic status and quality of life will begin to loosen, and tensions that exist by equating health with access to healthcare institutions will dissipate. From daily care to pandemics, these converging technologies will alter economic and social factors to relieve many pressures on the global human condition.

Rahul Dhanda, Co-Founder and CEO of Sherlock Biosciences

17 ways technology could change the world by 2025
Image: Getty Images/iStockphoto
10. The future of construction has already begun

Construction will become a synchronized sequence of manufacturing processes, delivering control, change and production at scale. It will be a safer, faster and more cost-effective way to build the homes, offices, factories and other structures we need to thrive in cities and beyond. As rich datasets are created across the construction industry through the internet of things, AI and image capture, to name a few, this vision is already coming to life. Using data to deeply understand industry processes is profoundly enhancing the ability of field professionals to trust their instincts in real-time decision making, enabling learning and progress while gaining trust and adoption.

Actionable data sheds light where we could not see before, empowering leaders to manage projects proactively rather than reactively. Precision in planning and execution enables construction professionals to control the environment, instead of it controlling them, and creates repeatable processes that are easier to control, automate, and teach.

That’s the future of construction. And it’s already begun.

Meirav Oren, CEO and Co-Founder of Versatile

17 ways technology could change the world by 2025
Image: Getty Images/iStockphoto
11. Gigaton-scale CO2 removal will help to reverse climate change

A scale up of negative emission technologies, such as carbon dioxide removal, will remove climate-relevant amounts of CO2 from the air. This will be necessary in order to limit global warming to 1.5°C. While humanity will do everything possible to stop emitting more carbon into the atmosphere, it will also do everything it can in order to remove historic CO2 from the air permanently. By becoming widely accessible, the demand for CO2 removal will increase and costs will fall. CO2 removal will be scaled up to the gigaton-level, and will become the responsible option for removing unavoidable emissions from the air. It will empower individuals to have a direct and climate-positive impact on the level of CO2 in the atmosphere. It will ultimately help to prevent global warming from reaching dangerous levels and give humanity the potential to reverse climate change.

Jan Wurzbacher, Co-Founder and co-CEO of Climeworks

17 ways technology could change the world by 2025
Image: Getty Images/iStockphoto
12. A new era in medicine

Medicine has always been on a quest to gather more knowledge and understanding of human biology for better clinical decision-making. AI is that new tool that will enable us to extract more insights at an unprecedented level from all the medical ‘big data’ that has never really been fully taken advantage of in the past. It will shift the world of medicine and how it is practiced.

Brandon Suh, CEO of Lunit

17 ways technology could change the world by 2025
Image: Getty Images/iStockphoto
13. Closing the wealth gap

Improvements in AI will finally put access to wealth creation within reach of the masses. Financial advisors, who are knowledge workers, have been the mainstay of wealth management: using customized strategies to grow a small nest egg into a larger one. Since knowledge workers are expensive, access to wealth management has often meant you already need to be wealthy to preserve and grow your wealth. As a result, historically, wealth management has been out of reach of those who needed it most. Artificial intelligence is improving at such a speed that the strategies employed by these financial advisors will be accessible via technology, and therefore affordable for the masses. Just like you don’t need to know how near-field communication works to use ApplePay, tens of millions of people won’t have to know modern portfolio theory to be able to have their money work for them.

Atish Davda, Co-Founder and CEO of Equityzen

17 ways technology could change the world by 2025
Image: Getty Images/iStockphoto
14. A clean energy revolution supported by digital twins

Over the next five years, the energy transition will reach a tipping point. The cost of new-build renewable energy will be lower than the marginal cost of fossil fuels. A global innovation ecosystem will have provided an environment in which problems can be addressed collectively, and allowed for the deployment of innovation to be scaled rapidly. As a result, we will have seen an astounding increase in offshore wind capacity. We will have achieved this through an unwavering commitment to digitalization, which will have gathered a pace that aligns with Moore’s law to mirror solar’s innovation curve. The rapid development of digital twins – virtual replicas of physical devices – will support a systems-level transformation of the energy sector. The scientific machine learning that combines physics-based models with big data will lead to leaner designs, lower operating costs and ultimately clean, affordable energy for all. The ability to monitor structural health in real-time and fix things before they break will result in safer, more resilient infrastructure and everything from wind farms to bridges and unmanned aerial vehicles being protected by a real-time digital twin.

Thomas Laurent, CEO of Akselos

17 ways technology could change the world by 2025
Image: Getty Images/iStockphoto
15. Understanding the microscopic secrets hidden on surfaces

Every surface on Earth carries hidden information that will prove essential for avoiding pandemic-related crises, both now and in the future. The built environment, where humans spend 90% of their lives, is laden with naturally occurring microbiomes comprised of bacterial, fungal and viral ecosystems. Technology that accelerates our ability to rapidly sample, digitalize and interpret microbiome data will transform our understanding of how pathogens spread. Exposing this invisible microbiome data layer will identify genetic signatures that can predict when and where people and groups are shedding pathogens, which surfaces and environments present the highest transmission risk, and how these risks are impacted by our actions and change over time. We are just scratching the surface of what microbiome data insights offer and will see this accelerate over the next five years. These insights will not only help us avoid and respond to pandemics, but will influence how we design, operate and clean environments like buildings, cars, subways and planes, in addition to how we support economic activity without sacrificing public health.

Jessica Green, Co-Founder and CEO of Phylagen

17 ways technology could change the world by 2025
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16. Machine learning and AI expedite decarbonization in carbon-heavy industries

Over the next five years, carbon-heavy industries will use machine learning and AI technology to dramatically reduce their carbon footprint. Traditionally, industries like manufacturing and oil and gas have been slow to implement decarbonization efforts as they struggle to maintain productivity and profitability while doing so. However, climate change, as well as regulatory pressure and market volatility, are pushing these industries to adjust. For example, oil and gas and industrial manufacturing organizations are feeling the pinch of regulators, who want them to significantly reduce CO2 emissions within the next few years. Technology-enabled initiatives were vital to boosting decarbonizing efforts in sectors like transportation and buildings – and heavy industries will follow a similar approach. Indeed, as a result of increasing digital transformation, carbon-heavy sectors will be able to utilize advanced technologies, like AI and machine learning, using real-time, high-fidelity data from billions of connected devices to efficiently and proactively reduce harmful emissions and decrease carbon footprints.

David King, CEO of FogHorn Systems

17 ways technology could change the world by 2025
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17. Privacy is pervasive – and prioritized

Despite the accelerating regulatory environments we’ve seen surface in recent years, we are now just seeing the tip of the privacy iceberg, both from a regulatory and consumer standpoint. Five years from now, privacy and data-centric security will have reached commodity status – and the ability for consumers to protect and control sensitive data assets will be viewed as the rule rather than the exception. As awareness and understanding continue to build, so will the prevalence of privacy preserving and enhancing capabilities, namely privacy-enhancing technologies (PET). By 2025, PET as a technology category will become mainstream. They will be a foundational element of enterprise privacy and security strategies rather than an added-on component integrated only meet a minimum compliance threshold. While the world will still lack a global privacy standard, organizations will embrace a data-centric approach to security that provides the flexibility necessary to adapt to regional regulations and consumer expectations. These efforts will be led by cross-functional teams representing the data, privacy and security interests within an organization.

Ellison Anne Williams, Founder and CEO of Enveil

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How will technology change the world in the next five years?

It is very exciting to see the pace and transformative potential of today’s innovative technologies being applied to solve the world’s most pressing problems, such as feeding a global and growing population; improving access to and quality of healthcare; and significantly reducing carbon emissions to arrest the negative effects of climate change. The next five years will see profound improvements in addressing these challenges as entrepreneurs, the investment community and the world’s largest enterprise R&D organizations focus on developing and deploying solutions that will deliver tangible results.

While the COVID-19 pandemic has provided a difficult lesson in just how susceptible our world is today to human and economic turmoil, it has also – perhaps for the first time in history – necessitated global collaboration, data transparency and speed at the highest levels of government in order to minimize an immediate threat to human life. History will be our judge, but despite the heroic resolve and resiliency on a country by country basis, as a world we have underperformed. As a global community and through platforms like the World Economic Forum, we must continue to bring visibility to these issues while recognizing and supporting the opportunities for technology and innovation that can best and most rapidly address them.

Robert Piconi, CEO of Energy Vault

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