According to him, blockchain (the technology that enables cryptocurrencies, after which his company is named) and AI "are gaining traction and broader acceptance by consumers globally. That said, the thing about real transformation is that it happens little by little and then all at once," Smith says. "We're still in the little by little phase but I anticipate progress will compound in the coming decades and we'll see ubiquity of these technologies in 20 years' time."
The onus is on both individuals and businesses to stay abreast of the technology.
"The rate of change is going to get increasingly faster and catching up will only get harder, so it's key for individuals and businesses to stay (or become) nimble and able to adapt to an ever changing environment," Smith says.
"It's vital that everyone becomes fluent in digital technologies. Your business may not be a technology company in the traditional sense, but it will need to use technology to compete in a global marketplace. Having a foundational understanding will be an integral part of your success."
So what will all that change look like for consumers? Though Smith admits that it's impossible to know "with any confidence what the future has in store," he does offer a handful of predictions that are pretty wild to consider:
Appliances, like your refrigerator, will learn what you like
"Our businesses and homes will become highly automated and most of our appliances will be connected to the internet," says Smith, as part of the Internet of Things (IoT). "There will be limitless customization fueled by AI and massive data platforms that will be able to anticipate customer needs and deliver goods and services instantly. Customers will be able to get what they want, when they want."
If you go to a store, you won't leave with the product, it will be shipped to you
"Today, the majority of consumers prefer to purchase online or digitally, driving rapid growth in e-commerce and online shopping," writes Smith. "This change is going to cause retail stores to be replaced by showroom type experiences where consumers can still have a tactile experience but inventory management and delivery will happen in the background."
Most stores will no longer exist in real life
"It is not unlikely that stores will be replaced by [virtual reality] experiences," says Smith.
There will be no more gas pump attendants, sales clerks or employees checking in a consumer to a location or activity
"Everything will be automated," he says.
There will be no more cash
"Mass adoption of digital currencies that are affordable and flexible will make cash extinct, with the rare exception of a few remaining analogue cultural pockets."
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