You know that online technologies are turning whole industries upside down. Think Uber vs. the taxi industry, or Airbnb vs. hotels. But has anybody assembled a comprehensive look at the new platforms and what are threatened by platform technologies?
Chances are, you’re underestimating the amount of progress we’re going to make in technology, medicine and a host of other things. Why? Because your brain, and mine, and everyone else’s, thinks linearly, rather than exponentially. We are living in an age of exponential change in things like computing power and speed, decoding and finding medical uses for the human genome, adoption of the Internet mobile technology and various social media sites, self-driving cars and many other things that were not even on your radar ten years ago.
If you want to have some fun, check out the infographic created by investment advisor/manager Barry Ritholtz on computer power then and now: http://www.ritholtz.com/blog/2015/09/a-supercomputer-in-your-pocket/?utm_content=buffer70d09&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer. It shows how fast the gadgets and gizmos that we use are evolving.
For instance, the microprocessor in today’s TomTom Go GPS system, a technology we take for granted, runs approximately 244 times faster than NASA’s Apollo Guidance computer, which navigated the human race’s first trip to the Moon. The latest Sony PlayStation 4 has 150 times the computer power of Deep Blue, the 1997 computer that beat chess grandmasters.
When you open that birthday card and it starts singing to you, the music chip contains more computing power than the entire Allied forces in World War II. IF the iPad 2 had been released in 1988 instead of 2015, it would have been the most powerful computer in the world. It would have remained in the top five until 1994.
Other services have become less costly. A 2.7 megapixel Nikon D1 camera, introduced in 1999, cost $5,580. The Samsung Galaxy S3 mobile phone today costs about $400, and includes an 8 megapixel camera. A video editing suite cost $2 million in 1990. Today you can get Instagram Video for free. A 32 gigabyte iPod Touch holds the same amount of music as 1,500 vinyl records.
As you look through the recent and rapid increase in power, it makes you wonder how new advances in computer technology will change our lives in the next 15 years. The best answer is probably: more than we can imagine.
About the Author: Bob Veres has been a commentator, author and consultant in the financial services industry for more than 20 years. Over his 20-year career in the financial services world, Mr. Veres has worked as editor of Financial Planning magazine; as a contributing editor to the Journal of Financial Planning; as a columnist and editor-at-large of Dow Jones Investment Advisor magazine; and as editor of Morningstar’s advisor web site: MorningstarAdvisor.com.
Mr. Veres has been named one of the most influential people in the financial planning profession by Investment Advisor magazine and Financial Planning magazine, was granted the NAPFA Special Achievement Award by the National Association of Personal Financial Advisors, and most recently the Heart of Financial Planning Distinguished Service Award from the Denver-based Financial Planning Association.