After two years of virtual conferences, Collision returned to Toronto, where more than 35,000 attendees took in sessions with industry leaders, listened to startup pitches, and, of course, networked as much as possible.
Was almost every technology under the sun featured in some way at Collision? Yes. Were there still some ideas that seemed to pop up a little more frequently than others? Also yes.
The primary idea surrounding most of these technologies was adoption. They might be heavily theorized or even actively used by a small minority, but the issue of widespread adoption is still up for debate.
Here are 5 technologies and ideas featured at Collision 2022 that you need to know and explore further, as they continue to dominate the digital transformation conversation this year (and beyond).
Web3
With cryptocurrency taking a nosedive and the metaverse becoming an increasingly buzzed-about concept (more on this below), many people are looking at web3 with either confusion or skepticism.
For starters, web3 is essentially the third generation of the internet. While the first iteration was mainly just static pages the audience consumed, the second generation of the internet was where large conglomerates took over — e.g. Facebook and Google. These companies control your data. Web3, however, is based on a principle of decentralization and blockchain technology. (Here’s a really good explainer!)
That said, web3 is still a work in progress. Much like cryptocurrency and the metaverse, it has plenty of critics who aren’t yet ready to fully dive in, and are simply tip-toeing around and learning more.
Blockchain (and Cryptocurrency)
Yes, cryptocurrency hasn’t had the best 2022, but there are still lots of believers in digital currency. And while blockchain has a wide variety of applications, its most-cited use is with cryptocurrencies, where transaction records are maintained.
If you’re looking for an explanation of blockchain, Deloitte challenged itself to explain the original intent of the blockchain in fewer than 100 words:
You (a “node”) have a file of transactions on your computer (a “ledger”). Two government accountants (let’s call them “miners”) have the same file on theirs (so it’s “distributed”). As you make a transaction, your computer sends an e-mail to each accountant to inform them.
Each accountant rushes to be the first to check whether you can afford it (and be paid their salary “Bitcoins”). The first to check and validate hits “REPLY ALL”, attaching their logic for verifying the transaction (“proof of work”). If the other accountant agrees, everyone updates their file…
This concept is enabled by “Blockchain” technology.
Aside from its use in cryptocurrency, blockchain can be applied to a wide variety of multi-step transactions. For example, managing a supply chain, contracts, and even your data.
Metaverse
You’ve likely come across the idea of the ‘metaverse’ in the last 6 months or so — especially after Facebook announced its rebrand to ‘Meta.’ In doing so, the company emphasized its new focus on the metaverse, a catch-all term for virtual worlds, VR, and AR, as this Verge article explains.
The primary interest in the metaverse lies in the retail, gaming, and entertainment sectors. Some examples of activities include shopping at virtual malls, buying digital art (ie. NFTs), buying digital land, and taking part in immersive learning. Many proponents of the metaverse see the future of the infrastructure as being a world that closely mimics the real one — though plenty of questions and myths remain. For example, security, privacy, and even the actual comfort and cost of the necessary headsets.
AI
Artificial intelligence has been a DX buzzword for a number of years now, but it’s still playing a key role.
On June 22, Canada’s Minister of Science, Innovation, and Industry François-Philippe Champagne announced the launch of the second phase of the Pan-Canadian Artificial Intelligence Strategy — thanks to an investment of more than $443 million committed in Budget 2021.
This phase will, according to the press release, “seek to bridge world–class talent and cutting-edge research capacity with commercialization and adoption to ensure that Canadian ideas and knowledge are mobilized here at home.”
Ultimately, the goal is responsible adoption and commercialization of AI across Canada’s economy, while enhancing the country’s research and talent pool. As this piece from Policy Options explains, “Much of the untapped potential of AI lies not only in the development and scaling of AI startups but also in its adoption beyond the tech sector.” They go on to explain that AI, being a “general-purpose” technology, has potential across all economic sectors — and can be a factor in building back the economy post-pandemic.
Quantum Computing
Quantum computing is actually one of those ideas that can be difficult to explain and/or wrap your mind around, but it is moving quickly toward commercial viability.
In the eyes of those hyping it up, it’s going to tackle global warming, revolutionize pharmaceutical drug development, and be a gamechanger for the chemicals industry.
Simply put, as TED Fellow Shohini Ghose explains in the following video, “a quantum computer is not just a more powerful version of our current computers, just like a lightbulb is not a more powerful candle.” In fact, it’s something else entirely, based on deeper scientific understanding and quantum physics.
While quantum computing is still in its experimental/developmental phase, it’s definitely an emerging science to keep an eye on.
