By Nish Kotecha, Chairman and Co-founder, Finboot
France is burning because President Macron is raising the retirement age from 62 to 64. The French are not the only ones to expect the state to provide as payback for their working lives – but the problem is that the numbers do not stack up. An aging population with people living longer puts greater demand on healthcare and support services, which cost a lot.
Balancing those in work who fund those in retirement is one of the biggest challenges facing governments around the world. Bridgeing the gap requires multiple solutions, including increased automation.
Generative AI is set to affect 300 million jobs across major economies and technology could boost global GDP by 7%. About two-thirds of jobs in the US and Europe are ‘at risk’ to some degree of AI automation, according to research by Goldman Sachs.
The report discusses the potential impact of generative AI such as ChatGPT, which could spark a period of “rapid acceleration in task automation” driven by the technology’s ability to communicate ‘like a human’ with other machines. This capability brings typically white-collar jobs into the fore.
One of the strengths of generative AI is the breadth of data that can be searched (the web), analysed and results delivered in real time. The challenge is the quality of data that is being analysed. While this may work for tasks that are then checked by a human, this is a risk for automated actions.
Industrial applications require data that is accurate. This data may come from sensors, IoT devices or other applications without human interpretation or for that matter generative AI. Data integrity is the key and blockchain can provide the answer.
Blockchain is the technology behind a distributed network of computers that can be used to store data securely. The hypothesis is about bringing together all functions within a manufacturing process or stakeholders in a supply chain together to contribute and share data. Here the blockchain acts as the single shared database… a single source of truth.
Supply chains are made up of large and small participants, from farmers to retailers and the level of digitalisation can vary from a smartphone to a full digital infrastructure. The first step is the use of a common database for all participants even if some of the data is manually input, which in time will be replaced with sensors, devices and other applications. Barcodes are replaced with QR code technology which can hold 100 times more information and include links to websites. Reliance on the manual inputting of data is becoming outdated and too risky to rely on. While we have manual input in parts of the process, its critical to capture the data real time and in manner that can be audited.
Implementing a database across different levels of digital infrastructure: those with dedicated IT teams and CIO’s to those who have just become connected with a smartphone. ERP (Enterprise Resource Planning) are not being implemented further downstream because of costs and the high level of basic IT support required.
In order to integrate supply chains, you need a system that is designed to operate with the lowest value part of any supply chain and carry information to the highest point. A good example is Finboot’s Marco platform which delivers blockchain on a SaaS model reducing all barriers to entry – from smartphone to open API’s connecting legacy systems.
Data integrity can be a competitive differentiator in a challenging business environment. This single source of truth can not only ensure compliance with the myriad of regulations that an enterpirse needs to navigate today but also provide revenue opportunities as provenance has a value. Selling goods with provenance evidenced by data held on a blockchain offers an opportunity.
All routes point back to data. Without it, an enterpirse can remain in analogue mode. With it, it unlocks value creaton in a digital world. Add integrity to the data and the revenue generation opportunity is open.
In 2020 the World Economic Forum estimated that while the robot revolution will create some 97 million jobs, increased automation will displace some 85 million jobs by 2025. “In contrast to previous years, job creation is now slowing while job destruction is accelerating. By 2025, employers will divide work between human and machines equally. Roles that leverage human skills will rise in demand. Machines will be primarily focused on information and data processing, administrative tasks and routine manual jobs for white- and blue-collar positions.”
The World Economic Forum could not have seen the arrival of Generative AI, which is likely to have a profound impact on both blue and white collar jobs. Human skills wil be more in demand but the level of skills will need to grow, placing further pressure on education and skills training.
As protests continue in France against the increase in the retirement age, maybe we should all turn our attention to accelerating digitalisation – that way we could all relocate to the beach with our smartphones even while we are working.
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.