BurstIQ CEO Frank Ricotta Shares Predictions & Cautions in BHTY’s Blockchain Technology Predictions 2024: Transformations in Healthcare, Patient Identity, and Public Health Editorial

Read Frank Ricotta’s excerpt from the editorial below, and check out the full editorial here. 

Abstract

“In an era characterized by the convergence of cutting-edge technologies, the world of healthcare and public health is on the brink of a profound transformation that will shape the future of medicine and wellness. This transformation is not merely an incremental step forward but a paradigm shift driven by the synergistic inte-gration of digital twins, blockchain technology, artificial intelligence, and multi-omics platforms collectively propelling us into uncharted territory. Integrating these innovations holds the potential to rewrite the rules of engagement in clinical trials, revamp the strategies for preventing public health crises, and redefine how we manage, share, and secure healthcare data. As we embark on this journey of exploration and innovation, we find ourselves at a pivotal juncture, akin to the invention of the microscope in biology or the discovery of antibiotics in medicine. We are at the crossroads of a new era with immense promise and transformative power.”

2024 Predictions

“Prediction 1: The Rise of Digital Twins
In 2024, we will witness the emergence of commercially viable DTs for people. What is a DT? Dr. Sofia discussed this earlier. I will add that until now, DT technology has focused on creating a virtual representation of a physical object or system used, for example, for virtual simulations before real devices are designed and deployed. As the in-dustry begins to push the boundaries of this technology coupled with the advancements in AI, particularly generative AI, we are reaching an inflection point where we can now start to represent a person in a variety of ways, including their medical history and records, professional accomplishments, lifestyle, personal IOT (Internet of Things) devices, and relationships. These representations move beyond data about a person; instead, the data generate digital personas that highly reflect the person and, by extension, what a person desires to become. The data you generate are more than just data—it is your digital DNA. Like all DNA, it is the foundation for life. Ultimately, we will hit a point where your DT can act on your behalf, but that won’t happen until well beyond 2024.

Prediction 2: AI Companions and the Workforce of Tomorrow
In 2024, we will experience the wide-scale adoption of AI buddies based on generative AI engines, marking a major inflection point for the nature of work and learning. A recent report by McKinsey and Company3 stated between now and 2030, up to 12 million or more occupational transitions may be needed, and up to 30% of all hours currently worked could be automated (accelerated by generative AI) across the U.S. economy. As a result, companies will revamp their workforce development programs and focus on attitude and aptitude augmented with the ability to teach and verify required skills.

Prediction 3: University versus Multiversity
College enrollment has been declining since 2010, and this trend has accelerated since the start of the pandemic, resulting in a decline of 9% between the spring of 2019 and the spring of 2023.4 Ten years from now, we will remem-ber 2024 as the time when the educational institutions that managed to thrive adopted the idea of multiversity, prioritized skill-based lifelong learning, and AI-assisted learning (i.e., AI teaching assistants, mentors, and AI-generated learning content) over degree-based education.

Prediction 4: Self-Sovereign Identity Adoption
Blockchain and, by extension, Web3 (a new iteration of the World Wide Web) will finally find a breakthrough application outside of cryptocurrencies—creating, man-aging, and protecting a true self-sovereign identity. The World Bank estimates that over 1.1 billion people do not have a legal identity, 2 billion people do not have access to a bank account or financial services, and nearly 1 billion do not have access to adequate healthcare.5 Trusted and verifiable identity is foundational to creating a world that supports broader access to critical services and human flourishing, including healthcare, property ownership, free and fair elections, and financial access. More importantly, a self-sovereign identity is essential for establish-ing a trusted digital personal and DT. In the short term, this will allow people lacking a valid ID to gain one and greatly reduce identity theft.”

2024 Cautions

“Caution 1: Navigating the Digital Age and Protecting Your Digital Self
While AI has tremendous potential for good, there is a reason that most sci-fi descriptions of the future are dystopian. We live in a world where our every move is tracked and recorded, whether we want it or not. Big tech uses our data to support their business interests—usually to influence and monetize our behavior. Our behavior in these digital worlds is already used to create predictive models. AI, in particular generative AI, will evolve these models into psychological profiles that will be used to mold how we think and act. Privacy laws have no chance of keeping up with the rate of advancements.

Caution 2: Social Credit Scoring
Over 130 countries, which account for 98% of the global GDP, are exploring central bank digital currencies (CBDCs). Nineteen of the G20 countries are now in the advanced stage of CBDC development. Eleven countries have launched CBDCs, and 21 are in pilot phases.4 As a blockchain and Web3 enthusiast, I am a fan of the underlying technology. The caution comes when implemented in a centralized versus decentralized manner. When you combine a CBDC with a centralized implementation of a digital identity and this next generation of surveil-lance, we will have created a means of control that should not be trusted to any single corporation or government. We will see radical expansion of those pushing for social credit scores, starting with solutions that may seem beneficial for society. It will be the year that the battle for self-sovereignty will come to the forefront of society. This will no longer simply be an academic discussion. Instead, 2024 will bring the battle for individual digital rights and privacy to center stage.”

Full Editorial:

2024 is going to be a transformative year for blockchain technology, learn more by checking out the full editorial here.