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'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money

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'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money

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I've sold property on California's Central Coast for decades. The buyers chasing ranch and winery estates are after more than a lifestyle
CommentaryTech

The future is charging at us—and humanity must cope with what was once the stuff of science fiction

By
Vivek Wadhwa
Vivek Wadhwa
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By
Vivek Wadhwa
Vivek Wadhwa
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September 10, 2024, 5:15 AM ET
Visitors walk through installations by artist Roy Nachum at Mercer Labs Museum of Art and Technology during an exhibition preview on Feb. 29 in New York.
Visitors walk through installations by artist Roy Nachum at Mercer Labs Museum of Art and Technology during an exhibition preview on Feb. 29 in New York.ANGELA WEISS - AFP - Getty Images

Imagine a world where self-driving cars dominate the streets, A.I. doctors deliver diagnoses with superhuman accuracy, robotic surgeons perform complex procedures with unmatched precision, and advanced technologies offer unimaginable extensions of human life. This is no mere fantasy—it is an imminent reality.

Humanity’s greatest challenges are also trillion-dollar opportunities. The recent leaps in generative AI were just the warm-up—the first kernel to explode in a bagful of popcorn. Brace yourself for a cascade of innovations that will redefine the next century.

Technology is bulldozing its way through every facet of human life. Companies such as Waymo and Tesla are pioneering the future of autonomous vehicles, promising to antiquate human driving altogether. Such vehicles have the potential to prevent traffic jams, reduce accidents, and render traditional road infrastructure nearly obsolete.

The transportation revolution isn’t confined to the ground. Pioneers including Joby Aviation and EHang are taking to the skies, with air taxis set to become as ubiquitous as yellow cabs. EHang’s test flights in Dubai offer a sneak peek into a future in which urban mobility reaches new heights, reshaping cityscapes across the globe. In the coming years, robotic housekeepers will be as common as dishwashers—vacuuming, cooking, cleaning, and providing medical care.

However, as I posited in my book The Driver in the Driverless Car, the costs of the bright, shiny convenience that dangles from a convergence of AI, robotics, and the Internet of Things may be higher than we can readily foresee. The widespread use of each of these classes of technology raises critical questions about privacy, security, and employment. In entering an era in which every appliance is smart, every room is connected, and every task is automated, the tantalizing convenience machines entering our lives may come with unimaginable risks leading to irreversible losses of those things we consider most fundamental: freedom, spontaneity, communion with nature, as well as our capacities to heal naturally, think expansively, express new thoughts and feelings without inhibition, and act from true generosity.

Drones, once military and recreational novelties, are becoming the backbone of logistics networks. Such systemic changes will of course affect us personally too: An order for fresh groceries or a new phone may be delivered by drone within minutes. Companies such as Alphabet’s subsidiary Wing are already piloting such projects in Australia and the U.S. Zipline is delivering medical supplies to remote regions in Africa and the U.S. With the potential to disrupt industries from retail to supply-chain management, drone usage has already sparked heated debates about regulation, airspace management, and environmental destruction.

The most spectacular changes are unfolding in medicine and human enhancement. Technologies such as CRISPR and gene editing have made the once-unthinkable dream of curing diseases such as cancer a distinct possibility, promising precise genetic modifications and the potential to eradicate diseases that have plagued humanity for centuries. Meanwhile, A.I. doctors, equipped with vast data sets and sophisticated algorithms, could be on the verge of outperforming human physicians in diagnosing diseases and crafting treatment plans. Rather than replace human doctors, the A.I. doctors will augment them, reducing errors, accelerating diagnoses, and making healthcare more equitably accessible worldwide.

In surgery, robots such as the da Vinci Surgical System are already performing minimally invasive procedures with an unmatched degree of dexterity, control, and precision. With shorter recovery times and lower surgical risks, such systems may make surgeries safer and faster and even do so autonomously, using A.I. This will expand access to high-quality surgical care, breaking down barriers that have long existed in global health care.

Bionic enhancements—once the stuff of science fiction—are now becoming a reality. Devices that enhance sight, hearing, and cognitive abilities are on the horizon, promising not just to restore lost functions but also to amplify human capabilities beyond natural limits. This isn’t just about health—it’s about redefining what it means to be human.

My company, Vionix Biosciences, is doing its part to help drive healthcare innovation by developing an affordable home device that analyses a breath to provide the results of a comprehensive health check-up to a smartphone in less than two minutes. 

Whether it’s democratizing access to advanced diagnostics or placing powerful tools in the hands of consumers, this isn’t merely about innovation: It’s about equity and making health and wellness accessible and affordable for everyone, everywhere.

Yet these advancements force us to confront ethical and societal challenges: How do we ensure these technologies are used responsibly and equitably? How do we avoid a future in which only the wealthy can afford to be “enhanced” or even diagnosed? And what principles, evidentiary tools, and feedback mechanisms, if any, will guide us in implementing such tools safely?

Ray Kurzweil posits in his latest book, The Singularity Is Nearer, the imminent possibility—even by 2045—of merging human intelligence with A.I., expanding our cognitive capacities enormously and altering personal and societal reality fundamentally. Such a convergence raises profound questions about identity, consciousness, power structures, and the future of humanity—questions we must thoughtfully consider now as we approach this transformative frontier.

And then there’s the next frontier: The era of unlimited, clean, nearly free energy. In the past 50 years, the cost of solar energy has fallen by more than 99%. And battery prices have followed a similar trajectory, falling in the last decade alone by nearly 90%.

This dramatic reduction in costs has given renewable energy unprecedented viability and accessibility—and replacing reliance on dirty fuels with safe renewable energy sources creates new economic possibilities. As energy scarcity disappears, communities and nations that have been disadvantaged by geography or lack of resources can become energy-independent, reducing geopolitical tensions and fostering global stability. Cheap, abundant energy may come to power every home, vehicle, and factory.

The effect on climate change could be profound as we reduce energy carbon footprints. And the simple abundance of energy may unlock the next wave of technological growth, from A.I. and quantum computing to space exploration and vertical farming. In that regard, what seemed futuristic just a few years ago—such as solar farms in deserts powering entire continents, or home-based solar panels generating surplus energy to sell back to the grid—is rapidly becoming reality. So, of course, are the risks attendant upon uncontrolled expansion of energy input to the planet instead of its more intelligent use and reuse. All energy, after all, eventually becomes heat!

The future is charging at us with breakneck speed, bringing with it unparalleled opportunities and unprecedented challenges. This is not a time to sit back and let the waves of change wash over us or allow one voice to dominate our technology choices. Rather, it’s a time to stand up, dive in, and help shape the next era of human history. The question isn’t whether these changes will happen—it’s how we can ensure they benefit all of humanity rather than a privileged few. The stakes are high, but the potential rewards are even greater, so let’s get this right.

More must-read commentary published by Fortune:

  • An economic catastrophe is lurking beneath Russia’s GDP growth as Putin ‘throws everything into the fireplace’
  • The ‘sustainability recession’ will end soon—and not by choice
  • ‘Godmother of AI’ says California’s well-intended AI bill will harm the U.S. ecosystem
  • The most underrated leadership skill, according to Jake Sullivan

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

About the Author
By Vivek Wadhwa
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Vivek Wadhwa is an academic, entrepreneur, and author. His book, From Incremental to Exponential, explains how large companies can see the future and rethink innovation.

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