Each year, BusinessBecause hosts a MBA competition cosponsored by Bain, GMAC among other companies. This year their topic was “What is the future of the sharing economy? Will it usher in a brave new world of efficiency or end up on the internet scrapheap with MySpace?”

I had to write my thoughts in 300 words. Below was my submission.

Experts say, 1 year is the current cycle time in knowledge doubling curve down from 25 years around World War II — thanks to advances in technology.
Internet of things is now placing us at the cusp of another revolution leading to a significant leap in our understanding of the world. Our ability to collectively synthesize data and infer conclusions will form the foundation of future sharing economy. IoT will be supported by an equivalent progress in the field of machine learning to consume, analyze data & predict behavior. How will this affect our day to day life? In every way.

The advancement in this area will determine the well-being of our planet. From climate change to healthcare we will be able to process data continuously and adapt our lifestyle. Whether we study the spread of an epidemic like Ebola or track pattern of solar waves we will be able to take decisions efficiently before they affect us. From defense to poverty, from economy to education we will benefit from these development and create an inclusive planet connected digitally. Governments will use them to frame policies and improve people’s standard of living. Individuals, while profoundly impacted by these macro factors, personally can also benefit from the innovation. We can create programs that protect a neighborhood from theft by analyzing break-in. We can create bots that updates content in Wikipedia.

Uber, building on internet and open source platform, has redefined our commute. By connecting the world in a more symbiotic way, IoT managed by machine learning platforms will transform our future.

Ray Kurzweil predicts technological singularity, a moment where performance of computers exceeds human comprehension, in year 2045. Whether his prediction materializes or not, our future is likely to be astonishing; hope it is less dramatic than today’s science fiction.