Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

Digital Transformation 5

The ripple effects of a Black Swan event such as the Coronavirus are far-reaching. But beyond the human, economic, and societal ramifications, how will this pandemic pave the way forward for society?

Few know what the rest of the year holds in store for us, and those of us lucky enough to work from home are forging forward. But in 2020 and beyond, what are the key global trends shaping human behavior?

Artificial intelligence: rise of the machines?

AI will have three large implications for human beings. The first one is that there will be a lot of pressure on “Universal Basic Income”, and jobs will vanish. They may not vanish at an aggregate level, but we will lose jobs specifically in regards to certain segments. The second big focus will be around “Negative Taxes”. As AI takes over, there will be pressure to reduce taxes so people have more income as they move forward. The third one will be around “4-day Working” weeks.

The importance of health-tech

There’s going to be a huge focus on genetics and genome, and massive investments will happen in that space. The concept of longevity and living longer will be a big theme not just in 2019 but in the next few years.

The age of the internet

Internet and Social Responsibility is a big trend the world over right now. The internet has democratized our entire understanding of everything it takes to be human,and the manner in which we protest against inequity and reform society. One of the biggest areas of focus will be around ‘Election Integrity.’ Second is around ‘Fake News’, and the third big trend will be around ‘Data Privacy’. There will be big brands and nations that are collecting data. But the pertinent question will be how responsible they are with the data that they collect.

There are a number of possible future paths for us, entirely dependent on how governments and society respond to coronavirus and the economic aftermath it leaves in its devastating wake. One hopes though that in the belly of this crisis lies the seed of opportunity, and that we use it to create a human and economic order that is better and more humane than its precursors.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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