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Autonomous Economy is a parallel economy run entirely by machines. Artificial Intelligence, now ubiquitously referred to as AI, The Internet of Things, and Distributed Ledger Technology, are ushering in the fourth industrial revolution, the autonomous economy revolution. Brian Arthur proposed a thesis to describe the phenomenon and coined it, “the autonomy economy.” Autonomous economy is not the gig economy or freelance economy as we know them. Economies as we know them are IT-enabled, but an autonomous economy is IT-driven. Autonomous economies are supported by an amalgamation of the new disruptive platforms.
Autonomous Economy is the culmination of a shift from mechanical and analogue electronic technology to digital electronics. Autonomous Economy will gather data, process the data using previous data as reference, take action based off the refined data, receive feedback data, learn from the result, and store it all in memory. Klaus Schwab, founder and executive chairman of the World Economic Forum, has written a book called “The Fourth Industrial Revolution.”
Autonomous Economy is now being considered the fourth industrial revolution. The fast computation of computers, mixed with the interconnection of the Internet and satellite broadcasting, has created a digital architecture where information can be instantly shared all around the world by devices with far faster processing speeds than humans. From smart phones and HD television screen to high-end photography equipment and drones, computer chips are the backbone of all advanced electronics.
Exposure to as much data as possible and developing impeccable pattern recognition skills is the key. Patterns not only point out what works vs. what doesn’t work, strengths vs. weaknesses, and trends vs. anomalies, but it helps people categorize information so it’s easy to remember for future use. Superior pattern recognition that leads to improved mental and physical capabilities is the backbone of harnessing intelligence. Due to advancements in the IoT industry, AI, DLT, and a few other macro trends technology is on the verge of manufacturing intelligence.
The autonomous economy revolution is what we have been waiting for. For an autonomous economy to function, there needs to be real-time information constantly flowing. Autonomous action is effective only if it can respond quickly with confident judgments. The ability to monitor intricate details in real-time about a facility, its equipment, the environment it operates in is transformational on many levels and has yet to be seen in mass. Everything, both physical to non-physical, is being brought online as data into an interconnected web, hence the name, the Internet of Things. It’s the human senses in digital form.
The ideal infrastructure for an autonomous economy requires a database, a processing layer, a transactional layer, and a connectivity layer, which allows any system to receive inputs and send outputs to any other system. The network must be secure, operate in real time, and provide confidentiality options when needed. It also must provide receipts for all parties involved, be cooperative with the law, and properly monetize the value on it. Finally, it must be be permissionless and public to facilitate the network effects needed for maximum connection.