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Digital Economy and Investment Policy

The presentation touches upon issues of strategic futures, digital twins, blockchain and the development of skills in the context of investment policy.

RandeepSudan
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Digital Economy and Investment Policy

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  1. Digital Economy and Investment Policy Randeep Sudan Global Lead for Digital Strategy and Government Analytics World Bank

  2. Outline • The What • Strategic Foresight • Strategizing around data – example of a keystone initiative • Creating digital twins – leapfrog strategies • Blockchain – a platform opportunity • The How • Digital Infrastructure • Skills development

  3. Strategic Foresight

  4. Strategic Foresight (An illustrative list of organizations) • UK Foresight Office • Policy Horizons Canada • Center for Strategic Foresight (Korea) • European Strategy and Policy Analysis System • Commonwealth Science and Industrial Research Organization - CSIRO Futures (Australia) • Committee for the Future (Finland) • Centre d'Analysestratégique (France) • Ministry of Education and Research (Germany) • Center for Strategic Futures (Singapore)

  5. Gartner’s Top 10 Strategic Technology Trends for 2017 • Artificial Intelligence and Advanced Machine Learning • Intelligent Apps • Intelligent Things • Virtual Reality and Augmented Reality • Digital Twins • Blockchains and Distributed Ledgers • Conversational Systems • Mesh App and Service Architecture • Digital Technology Platforms • Adaptive Security Architecture

  6. Data as Foundation

  7. Exponential growth of data • Volume of data flows has increased 45 times since 2005 (McKinsey). • Annual global IP traffic reached 1.1 ZB per year by the end of 2016 (Cisco). • A zettabyte is equal to one sextillion (1021) or 270 bytes. • Need for a National Policy/Strategy on Data

  8. Source: 2017 State of Cyber Security F-Secure

  9. Cyber risk insurance • AIG: requests for cyber insurance policies increased by 87 per cent in Asia year on year compared to the same period following WannaCry: Financial Times, August 9, 2017 • WannaCry affected organizations in 150 countries, including Britain’s National Health Service, FedEx, Renault and Telefónica. • 2015 OECD Council Recommendation on Digital Security Risk Management for Economic and Social Prosperity: National strategies could include incentives for businesses to measure and manage their exposure to cyber risk. Source: Cyber insurance market expected to grow after WannaCry attack FT, May 16, 2017

  10. Keystone Initiative on Cyber Risk Insurance • Take stock of data, assign a monetary value to data and secure data assets. • Market mechanism to ensure data security • Better information on data and data valuations could help creation of data markets, and better regulation of data flows. • Country could emerge as a secure data location internationally. • Potential test bed and learning platform for global insurance companies in cyber-risk insurance. • The initiative could also provide opportunities for the development of blockchain based insurance models that track data assets thereby lowering costs of insurance and supporting innovation.

  11. Digital Twins

  12. ‘Digital Reality’ • Rapid reskilling of workforce • eCommerce: • $4 trillion in merchandise abandoned in online shopping carts in 2014 (RetailNext) • AR applications • Lego: AR powered kiosks and product boxes • Converse: virtual shoes • Ikea: AR catalog app • Urban planning • Major players: Microsoft (Hololens), Facebook (Oculus), Apple (ARKit), Samsung, Magic Leap…

  13. Blockchain

  14. The Internet Major Milestones Internet of Data Vint Cerf and Robert Kahn TCP/IP protocol allowing data to be sent from one computer to another Internet of Content Tim Berners Lee The World Wide Web allowed for content to be shared between computers on a network Internet of Value Satoshi Nakamoto Blockchain allows value to be shared in a Trustless environment

  15. Blockchain • By 2027 10% of global GDP will be stored on Blockchain (World Economic Forum) • Dubai • 100% government transactions by 2020 • 1000 companies • 27 countries: travel (ObjectTech)

  16. International Outreach Vietnam may need to focus more systematically on the opportunities in Blockchain

  17. Digital Infrastructure

  18. Bandwidth • 8K TV: 300 Mbps • Pacific Light Cable Network (Google, Facebook, TE SubCom and Pacific Light Data Communication) • HK to Los Angeles: 120 Tbps • Marea (Facebook) • Virginia Beach to Bilbao: 160 Tbps • Network slicing: European Union financing $8.9 million for 5G

  19. Skills development

  20. Labor Market Analytics • Better understanding of demand • Job postings, Patent filings, venture capital investments, stock markets, journals, unstructured data Jobs posted by Motor Vehicle Manufacturers and Motor Vehicle Parts Manufacturers

  21. Skills Development: Two Examples (University 42 and Flatiron School)

  22. New institutional structures

  23. Agile Policy in an age of blurring boundaries: ING Example

  24. In conclusion • Need for a strategic futures approach at the highest level • Keystone initiatives for attracting investments • Next generation digital infrastructure • New approach to skills development • New institutional structures for policy making

  25. Thank you!

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