Will Banks Catch The Curve Of The Machine-To-Machine Economy?
July 6, 2017
A useful example of the largely misunderstood concept of exponential technological transformation is the introduction of electric motors. When these replaced steam power in factories not much changed at first. It wasn’t until these motors were shrunk and located at points across production lines that globalisation as we know it happened.
Interestingly, the time this took to happen – 20-odd years – is about how long it’s taken the early web to reach the “Internet of Things” (IoT) and the introduction of blockchain technology.