Moderator – Michael Rubin, Partner, Global Co-Chair, Privacy and Cyber Practice and Global Vice
Chair, Technology Industry Group, Latham & Watkins
Panelist – Kris Pederson, Leader EY Center for Board Matters, EY
Panelist – Dan Hansen, Managing Director and West Region Privacy and Security Leader Protiviti
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Steele_D&O Summit Keynote.pptx
1. CONVERGENCE OF
TECHNOLOGIES:
IOT, AI, BLOCKCHAIN,
WEB 3 AND THE METAVERSE
THE FUTURE OF CONNECTED AND SECURE DIGITAL WORLDS
PRESENTED BY: CHRISTA STEELE
13. IMPACT OF
CONVERGENCE
AND SYNERGY
OF TECHNOLOGIES
For individuals, it means that there will be new ways to work, play, and
socialize.
For businesses, it means that there will be new ways to operate and
create value.
14. EMERGING TECHNOLOGIES BARRIERS TO ENTRY
Cost benefit Consensus Adoption
Scalability Governance
Incumbent Company Dilemma
Today, we are confronted with an undeniable truth: technological disruption has rendered no business immune to change. Technology's rapid advancement necessitates businesses to embrace innovation.
As CEOs, C-level executives, and board members in this room, we must appreciate what this means for required business transformation. It's not just about incremental change; it's about a radical shift in business mindset.
Recognizing blockchain, the metaverse and web 3 might still feel foreign to many of you, my goal for you today is simple: for you to walk away from this presentation knowing a little more than you did when you walked in this morning.
To kicks things off, I think it’s important to share my own emerging technology journey that’s brought me here today…NEXT SLIDE
By way of background, I am not an engineer, programmer or developer.
I’ve twice been a CEO to four radically different recurring revenue-based business models in: banking, alarm and fire, medical device monitoring and commercial real estate.
Since 2015 I’ve served on 11 boards with close to half having successful exits in a variety of different industries such as…
In addition, in late 2015, I started learning about blockchain technology and partnered with two guys to explore blockchain use cases for investments…one guy handled 82%...the other R3…we fly around the country exploring verticals such as…
It was also during this time that I came to know Don Tapscott, the author of Blockchain Revolution…We came to know one another through an unusual way. I challenged him on LI…
This three-day retreat led me down many other rabbit holes of exploration and landed me in Silicon Valley working with late-stage startups tied to all things IoT, big data, predictive analytics. Probably one of the most notable ones that you might recognize was the Unicorn Robinhood.
I share this career journey with you because my expertise of these emerging technologies comes from real life experience and continuous learning. Leading an organization today is very different than it was just a few years ago. Covid accelerated cloud and remote technology integration and accelerated technology disruption. It also dramatically changed employee and customer engagement.
This technological journey has forever change me. It’s changed how I think about strategy, how I evaluate risks and opportunities, how I ask questions and how I lead. It’s made me a better listener and thought partner to management.
I not only understand the technology of the future, but I also know how to practically apply and integrate it in to existing business infrastructure.
In my mind, this is what is missing from many boardrooms today and even in the c-suite because many companies haven’t spent the time truly aligning their technology roadmaps with business strategy.
With this being said, let’s shift gears, look at the evolution of the Web and its technology roadmap of the future…NEXT SLIDE
When I look at this chart it reminds me of how much has changed. Some days it seems like yesterday.
It’s hard to believe my adult kids have grown up with the internet and have never known otherwise…
AOL and basic web pages were bomb.com in the early 90’s.
Since then, we’ve witnessed the rise of social media giants like Facebook, Google, Amazon and Apple as they’ve controlled and monetized our personal data.
BTW…did you know that Facebook and Google control over 50% of all online advertising money spent? Unbelievable!
In recent years, we’ve seen an acceleration of cloud and mobile computing largely driven by the Internet of Things and connected devices.
I’d say right now we are in Web 2.5. Significant money continues to flow in to improving broadband speed and infrastructure to accommodate the computing power required of the future.
So, what is Web 3?...NEXT SLIDE
Web 3 moves away from centralized servers controlled by big internet players by being built on decentralized and cryptographically secured blockchains.
These blockchains will allow businesses and individuals to control who has access to what information. This is accomplished using decentralized peer to peer computers. On top of the nodes (p2p computers) are API’s and platforms such as Microsoft Azure and others; all being used through apps.
This idea of ownership is a big deal—it's about having control over your data and not relying on middlemen like Facebook, Google and Amazon to manage it for you.
It will be very interesting to see how this move to Web 3 disrupts Google and Facebook over time when they can no longer monetize all of our data.
What’s really fueled the evolution of the web these last several years is the acceleration of Internet of Things…NEXT SLIDE
The Internet of Things (IoT) is revolutionizing the way we interact with the physical world. These are physical objects like smart thermostats, fitness trackers, or even your fridge that are equipped with sensors and internet connectivity to share data.
These devices create a ton of data because they are gathering information constantly.
Web 3 will change how this data is stored.
In the metaverse, IoT devices will enhance the immersive experience by connecting real-world sensors to virtual spaces.
IoT can also interact with AI assisted chat bots like Google Home and Health & Fitness monitoring apps as examples…NEXT SLIDE
There has been so much hype around Chat GPT – passed Wharton MBA, the Bar and medical board exams with flying colors! Chat GPT really brought AI into households, but AI’s been around for 50 years!
So, what is Chat GPT? ChatGPT is designed to understand and generate human-like text responses and engage in natural conversations.
If you haven’t played around with Chat GPT, Google’s Bard or the latest one announced yesterday by Amazon, Amazon Q; you should.
Today Chat GPT alone has 180 million users and generates $80 million a month in revenue.
We heard of some of these amazing use cases this morning. I’ll just offer a couple more: perform competitor analysis, enhance SEO optimization-audit websites, and handle marketing needs.
Since we’ve independently discussed Artificial intelligence, Chat GPT and Internet of Things, I’d like to introduce you to EVA, your enlightened virtual assistant. Eva will show you how AI can analyze IoT data in real-time and predict needs. NEXT SLIDE
OK…I have to ask, Excited, Frightened, or Both?
This video was produced 5 or so years ago and it’s coming alive today!
Now let’s look at how data and sensors through the internet of things, augmented and virtual reality powered by AI come together in the metaverse…NEXT SLIDE
The metaverse in simplified terms is an immersive digital world that offers an immersive experience through augmented and virtual reality to socialize, play games, attend meetings, provide training and inform.
The metaverse in simplified terms is an immersive digital world that offers an immersive experience through augmented and virtual reality to socialize, play games, attend meetings, provide training and inform.
AI can power intelligent avatars, generate realistic environments, and personalize user experiences in the metaverse. While, the IoT devices can be integrated into the Metaverse to create immersive and interactive experiences, such as virtual showrooms to shop for furniture at Bed Bath and Beyond, Amazon and BMW, remote training environments like Microsoft Teams, and augmented reality city tours and hospital tours like the metaverse hospital in Dubai.
The metaverse is starting to catch on like wildfire even in its infancy. Early on it was primarily used by gamers with the largest audience being gamblers.
Today you’ll even find companies like John Deere and BMW using the metaverse. You’ll also find marketplaces for virtual real estate, virtual collectibles, concerts, and fashion runway shows in places like Decentraland.
Let’s take a look at Microsoft MESH to give you a few more examples…NEXT SLIDE
If you get a chance, take some time to check out the metaverse. Right now, not all Metaverse applications require a VR headset. It’s super easy to explore.
The Metaverse is one to watch. I’d be shocked if most industries does not have a metaverse store front in the next 5 years.
Today the metaverse is built on servers or blockchains. The metaverse of tomorrow will be embedded within Web 3 solely using blockchain technology.
So you’ve heard me mention blockchain is the foundation of Web 3 and that it’s a cryptographically secured digital ledger. But what does this really mean?...NEXT SLIDE
A blockchain can be likened to an assembly line in an auto manufacturing plant in which each block represents a component of the car, or in this case, computers transferring blocks of records in a distributed ledger. The end product, the car, can be a token with its own unique identifier and used to record and track the asset.
An asset can be tangible (a house, land) or intangible (intellectual property, patents, copyrights, branding).
Virtually anything of value can be tracked and traded as a non fungible token on a blockchain network and can be publicly visible or private.
Let’s explore some use cases and look at how smart contracts and NFT’s work…NEXT SLIDE
A smart contract is just a digital contract with the security coding of the blockchain.
The idea behind smart contracts is pretty simple. They are executed on a predetermined set of rules using a decision tree of “if then, then what” decisions.
Examples are endless but some that come to mind: supply chain, real estate, food traceability (explain how these work).
Supply chain – excel spreadsheet in the cloud visible to all parties…cotton…
Real Estate – circumventing need for title companies and realtors
Agriculture – food safety
You see NFT here at the bottom of the slide…NEXT SLIDE
A non-fungible token or NFT is a digital or physical asset recorded on a blockchain.
An NFT can be anything of value that can be bought, sold or traded.
The NFT Marketplace is still evolving but sports memorabilia, memberships and rewards programs, art and collectibles, domain names and real estate have seen a lot of traction.
I fully expect individual ID’s and even business entities to be tokenized in the near term.
NFT’s can be found in the Metaverse bus also in NFT marketplaces outside of the Metaverse such as Decentraland, Open Sea and Rarible so if you get a chance, go explore the NFT marketplace…NEXT SLIDE
The convergence of these technologies is still in its early stages, but the potential for innovation is immense.
For individuals, it means that there will be new ways to work, play and socialize.
For businesses, it means that there will be new ways to operate and create value.
All of this doesn’t come without risk and barriers to entry…NEXT SLIDE
The legal and regulatory hurdles are real. The timing for implementation is heavily reliant on interoperability. Interoperability is reliant on consensus. Companies are still trying to wrap their head around how to monetize data and determine cost benefits. Ethical AI is top of mind.
But perhaps the biggest barrier to entry is what I refer to as….The Incumbent Company Dilemma…those companies that refuse to acknowledge they can be disrupted and are in denial, lack knowledge or do not surround themselves with the right resources.
As leaders, we must not fall prey to this inertia. We must actively seek out knowledge, engage with experts, and experiment with these technologies….NEXT SLIDE
We must cultivate a culture of continuous learning and adaptation, embracing change as an opportunity, not a threat.
If you are in the boardroom, ask for white space on the agenda to talk about the technology roadmap to insure the short term plan allows for long term agility and adaptability. Evaluate if reported KPI’s and KRI’s are still relevant and factor in these emerging trends.
If you are in the c-suite, ask for a seat at the table in the discussion. These technologies cannot be siloed in an IT department.
If you are the CEO, ask yourself if your IT technology roadmap truly aligns with business strategy and your customer’s evolving business demands.
In closing, there is one thing we know for certain…we must disrupt ourselves before we become disrupted.
Thank you!
