PREPARE TO ENTER THE “KNOWLEDGE SOCIETY” (summarized from njbiz.com – 1/8/18)
With progress in technological development outpacing traditional market advancements, experts believe that there exists a societal shift from “the era of information overload to a new age where tools are available to distill that information into knowledge.” The contention at this stage of development is the economy has transitioned from a data society to an information society, and now to a knowledge society.
Big Data, the collection of massive amounts of consumer information, now can be managed with cloud based information to provide insight on how business and government should respond to public needs and wants. Advanced computing allows business and government to take full advantage of the data that is available.
Further, the introduction and advancement of cryptocurrency will have a significant effect on business and government. Whereas traditional currencies are backed but single entities including banks, cryptocurrency transactions are validated by sending them through the internet to a wide network that competes to confirm the transaction. At this time, cryptocurrency is not regulated by any government entity and had an estimated value in 2017 of $250 billion.