“We are on the cusp of a technology driven ‘supertransition’” RMIT expert says deep economic change is occurring with profound consequences for business

RMIT economist Dr. Darcy Allen says the world is in an economic 'supertransition': profound economic change driven by the simultaneous combination of technologies.

In a keynote address as part of the RMIT Future Ready Business series in Jakarta, Allen explained that simultaneous technology combinations are propelling us into a digital economy at an accelerated rate.

"Today's business environment is shaped by an unprecedented number of simultaneous technological advances, including blockchains, generative artificial intelligence, quantum computing, and low Earth orbit satellites," he said.

Allen said that businesses and society must begin to look at technological change more holistically, instead of viewing each advancement in isolation.

"We must understand how these technologies are combining in unique and unexpected ways, and business and policymakers must rapidly adapt," he said.

"These technology combinations are reshaping how we organise society. They give us new ways to organise people and trade, not just physical things."

"For instance, artificial intelligence and blockchains combine to create new types of autonomous economic agents that act on your behalf using smart contracts and cryptocurrencies."