The Future and Your Business
What if you were able to travel back in time just when the internet was becoming popular in 1995, BUT you know what you know now about the possibilities. What would you do?
Would you track down some smart programmers and try to create a thing called PayPal or would you work on something called Facebook? Maybe there is something else on your list you would create. It seems like the opportunities are almost endless.
Let me introduce you to a few futuristic concepts which are here now and it is like being at the beginning of the internet with all the possibilities to come.
Concept 1 - Blockchain
First let’s start with something called Blockchain. In short Blockchain is a technology which provides a distributed database of information, controlled by the participants and no central control. This database can allow you to freely and securely transfer anything of value in this open and transparent transactional technology.
Blockchain is already operational with Bitcoins (and many other cryptocurrencies) being the first killer application to use it. Bitcoins are what is called cryptocurrency which can be instantly transferred "things of value" directly between two parties without the need of a 3rd party authority like a BANK. When this article was originally written back in mid-2016, 1 bitcoin was worth $856 CDN and the largest bitcoin exchange managed over 2.8 million bitcoin wallets globally. Today cryptocurrencies are becoming very popular and a topic of many conversations. Also, later in 2017 1 Bitcoin hit over $19,000 USD, yikes if I had only put some money in...
Here is a short explainer video with some more information on Blockchain:
Okay, I don’t really completely understand the Blockchain technology, but I didn’t really understand the internet back in the 90’s. But I do know the internet now and I will certainly dig deeper into Blockchain for future opportunities. Who is with me?
Wouldn’t it be nice to create the Blockchain Facebook equivalent or perhaps something better?
I am on it…
Concept 2 – Deep Learning
We have heard lots about BIG data. BIG data is created from systems in retail, manufacturing, internet services, and everywhere else to capture mountains of information about transactions, people, places, and everything else. This BIG data is being used to provide new insights into many things such as buying patterns, store product placement, manufacturing techniques and so much more.
Well, we have so much BIG data that the best way to dig into it is to let a computer do it in a way which can pull meaning out of the data automatically with little or no human intervention. Algorithms have been created by some very smart people to allow computers to actually see, read, write and listen based on the BIG data. Right here in Canada the Deep Learning algorithm was created and open sourced for everyone to use.
Here is a fantastic explanation of Deep Learning and worth the time to watch:
Why am I telling you about futuristic technology and how can it affect your small business? Well, these concepts represent opportunities to come and to keep your eyes open for, but they can also get your creative juices flowing about the possibilities for you and your business.
All small businesses need to innovate and grow to become successful. Part of a successful approach is to be open to new possibilities and to think creatively. Use your creativity to solve your present business problems.
Do you need more customers? What could you be doing differently to attract more customers? Perhaps look at successful companies to see what they do or do something that no other company is doing. Be creative.
Perhaps you will never capitalize on Blockchain or Deep Learning but you can look to the future of your business to determine what it can become. We often get caught up in the day-to-day running of our businesses and stop dreaming of what can be!
Look to the future for inspiration now to push your creativity to solve your business challenges!