Tag Archives: Technology

Can technology accelerate the death of the labor market?

Image source: techcrunch.com

When the advancements of technology started making their way to our own homes, drastically changing and improving our way of life through their offers of convenience and efficiency, many started believing that we are indeed, living in the future.

However, there are others who think that the comforts of technology go hand In hand with the tragedy of a totally different future that is no longer ruled and ran by humans, but by intelligent and flawless machines. One recent news seems to echo this concern.

According to a recent news report, cafeteria student-workers at a community college will soon lose their jobs as food dispensing machines will be assigned to replace human workers.

These self-serve machines may be far from its perfected and highly intelligent non-human worker but with the technology and knowledge that we have today, it’s only a matter of time until our concerns of robotic domination especially in the labor market can become a reality.

In contrary, many experts believe that human workers don’t need to worry, pointing out that only less than 5% of jobs can be fully replaced by technology. These are labors in structured environments with predictable and repetitive activities that can be easily replicated through automation.

In addition, jobs that include intuitive decision-making in complex physical work environments can be extremely challenging for machines since computers often struggle with tasks that rely on abstract and creative thinking.

Researchers who are studying on the possible effects of robots and technology in the job market predict that it will take 120 years, with a 50% chance, before machines can be finally capable of taking over the entire labor force.

Expect a massive global shift to tech-driven economic models soon

Image source: which-50.com

History reminds us how technology not only changed our way of life but has also introduced new ways to increase and diversify production of goods or services. In turn, it has driven the economies of the world to new heights.

According to a recent study based on more than a million patents that we have seen in the past century, the positive impacts of technological feats to the economy have not only brought an optimistic future to this sector but also expanded it beyond recognition by fueling an increase in production for different industries. As a result, technology has contributed to the overall financial health of countries around the globe. One example is how it has boosted the annual U.S. economic output in the recent years. Analysis concluded that this growth correlated to the booming technologically innovative products that has been made available to the market in the past decade.

Image source: iacpublishinglabs.com

As a response to this massive acceleration from a technology-driven change, experts have suggested that economic models should respond to the changes of its global environment by welcoming a newer phase beyond the 20th century economic models. One of these highlighted models is termed as the ‘programmable economy’ in 2014, and it is defined as a form of ‘smart’ economic system which aims to support and manage both goods and services’ production and consumption particularly catered to technology-driven scenarios.

In addition, the heavy spending on product development is naturally helping to pace economic growth. The good news is, innovation is now becoming a commonplace among industries and since technology-based advancements are happening globally, many sectors including industrial, energy, and finance can enjoy its benefits.

Image source: planet-lean.com

Many of the world’s top investment magnets are tech stocks, particularly those that set new trends. The likes of Google, Amazon, Apple, and Oracle are favorites amongst investors and asset management firms—such as LOM Financial—because of their sustainable business models and booming market popularity. In some cases, such as that of Samsung, they are actually considered the prime movers of the national economies they are primarily involved with.

Five straight-out-of-Sci-Fi reasons why Japan is leading the robotics industry

Imagine a world where man and robots work together to achieve simple to monumental goals with great accuracy and efficiency. What will life be like?

Many people believe that the advancements in robotics will introduce a totally different world in the future. However, for Japan, with their innovations in technology, the future is here and now. Here are the amazing reasons why Japan is leading the robotics industry:

  1. The mechanical tour guide.

The country is a popular travel destination not only for its food but also for the rich culture that every region has to offer. However, language barriers remain a problem especially when going to places where not everyone speaks English – until RoBoHon, came into the picture.

RoBoHon is the world’s first robotic mobile phone and can serve as a virtual tour guide aside from having the typical functions that you can find in a smartphone.

  1. Japan’s mecha-built warrior.

A great news for all testosterone-pumping mecha-tech fans came in just last year when Japan promised the most awesome battle that the world will ever see: a Giant Robot Duel between Suidobashi Heavy Industries and MegaBots, an American robotics company.

 

  1. Robotic teammates.

This robotic volley player helps out the Japanese volleyball national team in their training drills, simulating blockers of an opposing team. The robots’ structure consists of pair of hands and a movable torso.

  1. Robot-run hotel.

A hotel in Tokyo offers a sci-fi like experience with its robot-run accommodation, giving guests a glimpse of an automated future. Imagine being greeted by a robotic dinosaur receptionist and asking assistance from a robotic hotel staff.

  1. Robots for the elderly.

As a response to Japan’s graying population, a company is planning to mass produce robots developed as a walk assist system that will help elderly people to stay mobile through a pair of “robotic legs”.

Experts predict that the robotics industry could boom into a $135-billion dollar business (in terms of spending) before the end of the decade. This is probably one of the reasons why tech-driven exchange-traded funds have been gaining momentum in recent years. The industry can significantly transform economic structures, disrupt existing business models, and nurture current and future growth opportunities for those well-positioned to participate.

REPOST: Seeing the future: Exploring exponential technology

Tremendous achievements in technology is making it even more possible for certain resources to be used without limits and at increasingly lower prices. Here’s an article on Live Mint for a better look at this matter:

The pace at which technology is advancing is resulting in doubling of capabilities, often at the same or reduced cost, paving the way for digitization, democratization and disruption.

Exponential improvements in our ability to capture, store, distribute and utilize solar energy could make energy so abundant that it is non-limiting and ‘free’. | Photo: Bloomberg

 

In the world we live in, some technologies are advancing at a breakneck pace, or exponentially. This means that capabilities are doubling or more with every step, often at the same or reduced cost, leading to digitization, democratization and disruption.

This has been most evident with Moore’s law in semiconductors (with the transistor density on silicon doubling every 18 months) over two decades, which led to miniaturization and cost efficiencies for electronics. But, it is not limited to this.

We have seen similar trends in wireless spectral efficiency and bandwidth doubling every 30 months (Cooper’s law) and an exponential trend in the scale and cost of data storage media like hard drives (Kryder’s law).

Swanson’s law talks about a 20% drop in price of solar photovoltaic modules for every doubling of cumulative shipped volume.

These examples are all around us.

However, the impact and speed of change is probably most visible in what we carry around daily in our pockets and purses—our smartphones. They enable us to routinely do things that even just a few years ago required a completely different approach.

Think of how many more pictures you take and how quickly you share them with others.

Think of WhatsApp, Facebook, Ola/Uber, Amazon/Flipkart, Paytm or BookMyShow. These technologies not only digitize and democratize services and products, but also (sometimes in a matter of months) disrupt established industries that have stood for decades.

 

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