What lies ahead in 2018? The team takes our best guesses for the future in our second annual year-in-tech predictions post. As expected, we think blockchain is going to be the hot technology trend of 2018, but we also take a look at smart home tech, smart city (and smart farming) initiatives, and more.
In 2018, we’re going to see more things bought in online marketplaces than offline at retail establishments. More people will be ordering takeout on Grubhub than will be dining in at their favorite restaurants, and other traditional retail establishments will really need to start thinking about their online presence. We’ve been staring this shift in the face for a while, but with Amazon buying up Whole Foods, I think we’re about to see the scales tip in favor on online buying. What does this mean for real estate? I think big purchases are safe for now – nothing can replace the one-on-one service a REALTOR® gives to their clients – but I do expect there to be some larger attempts at “disruption” in that space, whether it be through an uptick in using Bitcoin to pay for a house, or apps connecting buyers and sellers, or something completely new (and no, not robots…I hope).
After the first few city-wide implementations of sensors to monitor weather, air quality and traffic (such as the Array of Things in Chicago), we may see similar implementations in various other cities. This may not have immediate impact on public transportation, awareness or health this year, but data collection and analysis may prove to be useful to build on services for the coming years. The housing market may have a steady growth, with more millennials now looking to buy homes, although in some larger cities, renting may prove to be more cost effective. In 2018, there will be a wider implementation of smart home devices as they get more popular, with voice assistants becoming almost human-like in responses, but not necessarily in understanding various dynamics and social constructs in language. More items in the household may have a “smart” feature, such as furniture, doors and appliances such as refrigerators and washers. With an increase in such devices, there will be a need for interoperability, and we may see a development of a standard protocol for most common smart home devices, so they can exchange data between each other. With the increase in devices connected to the internet, encryption and privacy will yet again be a concern. There may be a wide-scale attack on popular IoT devices, leading to a leak in personal lifestyle information, which can be more crucial than just a social security number. We may also see a series of small scale attacks with companies rushing to address bugs. Cryptocurrency can be completely overturned in 2018, with governments cracking down on mining operations and increasing amount of legislations in place to control it. The bitcoin bubble may finally burst, but it may lead to increased awareness of the technology itself. Blockchain applications can see a wider implementation, however, this largely depends on the understanding of the fundamentals of blockchain by individuals and corporations.
Renewables will continue to heat up as it was recently announced that it is now cheaper to produce energy using solar, wind, hydrothermal and geothermal than fossil fuels. This return to using nature for us to thrive will manifest itself in another way as well. We will see a large growth of biophilic architecture (plants incorporated into building design) as well as urban agriculture. Companies, like Plenty, are receiving large rounds of funding and cities are starting to wise up to the benefits of locally produced food. From more community gardens to the use of hydroculture for indoor growing year round, cities will begin investing this and seeing it as a crucial part of their smart city missions. This will also mean the boon of microfarmers as part of the gig economy. They will be key in this movement.
I believe 2018 will be another breakout year for blockchain and digital currencies. More enterprises will enter the pilot stage as others move into production. The number of active blockchain related projects went from 26,000 in 2016 to over 86,000 in 2017*. We should start seeing more of these projects reach maturity. Specifically, in real estate, we will see escrow and title companies leveraging blockchain to help improve the real estate transfer process. *From analysis of public code repositories on Github, an annual report by Deloitte.
I have two predictions for 2018.
2017 was the year net neutrality was repealed; 2018 will be the year in which we feel the effects. And sadly, we’ll feel them sooner than a lot of people think. Some internet service providers have pledged not to throttle or block sites, and not to set up fast lanes. Those pledges will prove to be meaningless, especially as more consumers become cable TV cord cutters. Paid prioritization of web content will be how ISPs try to reclaim the money they’re losing, and it’s going to get very ugly very fast.
Unrelated: Twitter co-founder and CEO Jack Dorsey will leave his perch by the end of Q2.