The Seven Rings of Technology That Can Make Tolkien Proud

The year 2021 of the Common Era was one in which crypto came into being not only as a trading instrument, but also as a real currency – if not of the real world, then at least this alternate reality on the internet called the metaverse . Facebook Inc. changed its name to Meta Inc., A16Z and others began investing billions of dollars, Coinbase listed its shares to be traded on a real-world stock exchange, and meme coins reigned. For me, the most profound revolution it has ignited is the rise of the maker economy, where ‘personality is monetised’ and artists, writers and other creators can build their own careers. This will have a profound impact on jobs, organizations and work in general. The metaverse is decidedly new and uncertain, and as Tolkien puts it, “It’s a dangerous business, Frodo, going out your door. You step into the street, and if you don’t keep your feet, No one knows where you might drift off.” The metaverse, the crypto and creator economy that it has opened up together, promises to transport us to another world and a new reality.

Last year was also one in which artificial intelligence (AI), especially deep learning, made great strides. A year ago, Alphabet-owned company, DeepMind, unveiled Alpha Fold, which predicted how proteins fold in our bodies, something that could revolutionize medical science. In 2021, DeepMind spun off a subsidiary called Isomorphic Labs, which will focus on using AI processes to develop new drugs. AI has long been hailed as a path-breaking technology and Deep Learning could do so by becoming “the one ring that rules them all”.

Closer Home, a mythical creature that gallops in TechDome, especially in the startup world. Undoubtedly, the startup ecosystem in India has not seen such a booming year as 2021. As of December 29, India had doubled its unicorn population to 81 startups with a valuation of $1 billion or more, making us the third largest unicorn country in the world. This unprecedented boom in tech entrepreneurship reflects how the old system is changing and speaks to the courage of our young people who believe in venturing into changing the world for the better.

Globally, if there was one company that arguably changed history, it was Tesla; 2021 was the year Tesla and its creator Elon Musk single-handedly reshaped the automobile, technology and energy industries, and thus the world. The company’s market value crossed $1 trillion, more than the next nine carmakers. Tesla’s success propelled Musk to become the world’s richest man, but the impact went far beyond that: Every carmaker, country, and vehicle customer has embraced electric as the future of personal mobility, with most automobile firms. have announced that they will soon stop making conventional vehicles. ,

The other place where Musk’s outside influence made an impression was outer space. His SpaceX has overtaken countries to become a major player, launching the largest rockets, bringing them back to Earth, and blanketing the sky with satellites to connect the planet. Rivals Jeff Bezos and Richard Branson are trying to catch up, and a billionaire’s space race has begun. Tolkien said, “All those who go astray are not lost.” Maybe he had this in mind.

While technology progressed, much of it was affected by the Great Semiconductor Supply Chain Crisis, as Delta’s subsequent recovery severely affected semiconductors’ supply. The lack of these chips, which are used in cars and consumer durables and everything else getting smarter, beyond electronics and computing, affects the production and availability of almost everything. This pushed semiconductors to the top of the list of strategic industries, massive investments by countries and even fear of war over this scarce commodity.

Finally, the future of work suddenly drew to a close. The pandemic coupled with the creator economy, gig work and the entrepreneurship boom, work-from-home (or anywhere), showed workers that there could be other ways to make a living. This resulted in large numbers of white-collar workers leaving their jobs or considering what is known as the Great Resignation. Nowhere did it have a bigger impact than in the tech sector, leaving companies with raw nerves and skyrocketing salaries.

There were many more big tech events last year, but I had to choose seven. This year promises to be even bigger, as the pandemic shows signs of weakening.

“All right that ends better,” said The Lord of the Rings, and my seven predictions for this year will be in my next column a fortnight from now.

Jaspreet Bindra is Chief Technical Whisperer at Findability Sciences, and learning AI, Ethics and Society at Cambridge University.