“Technology revolution is inevitable. It is foolish to stand in the way of progress and pretend that there is no downside or need for regulation”, said Minister Balakrishnan.
Minister Balakrishnan acknowledged that change is being accelerated by technology. He iterated 7 major trends happening in the tech space that are affecting policy and regulations.
7 major tech trends
The 7 major tech trends are: (1) declining marginal cost of replicating, storing and transmitting information, (2) declining marginal cost of computing, (3) accelerated clock speed of technology, (4) wide deployment of sensors leading to explosion of data, (5) increasing capacity to analyse data, (6) disruption caused by robotics, and (7) progress in artificial intelligence (AI).
Source: Nicky Lung - OpenGovAsia