Pitch
Singapore will transit from Knowledge-Based Economy to Algorithm-Based Economy by 2030 in the advent of Algorithmic Age.
Description
Make life easier/more difficult for Singapore?
Easier
Describe the change
There are lots of excitement surrounding the potential capability of deep learning and neural networks in transforming our existing economic and financial structure.
By 2030, such technologies would be mature enough for large-scale deployment by most companies. These companies could collaborate to share data such as financial transaction records (banks and moneylenders), commuter travel records (private transport companies) and health-related statistics (Health-related wearables companies) and train their machines to understand the nature of various dataset, identify patterns and anomalies within data and derive predictive models to anticipate emerging issues.
Workers will verify the accuracy of the results generated by the machines and refine programming scripts based on latest technologies when required. In this new Algorithmic Age, the machines are the "force multiplier" of the humans.
How will this change impact Smart Nation Singapore in 2030?
The dependence on immigrants to sustain Singapore's economy has been a perennial concern. With the emergence of deep learning technology, we may see the transformation of existing economy from manpower-intensive to algorithm-intensive, enabling both MNCs and SMEs to tap on limited, but highly capable human resource to grow their businesses and enhance productivity.
However, this emerging trend could also result in higher and entrenched unemployment in the new economy. Few highly capable data scientists would be required to generate optimized algorithms for the companies, while the others may experience greater difficulty in securing their careers.
Lastly, the collaboration of companies from various fields could spark data privacy concerns since the combination of various data could result in high-resolution information on individuals. For example, the insurance companies may make use of the exercise frequency data (from wearables) to tailor-make their premium for individuals.
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