IS TECHNOLOGY THE NEW OIL?
The world is going through a revolutionary era of data and technology, what we will otherwise refer to as The Technology Age. The rapid increase in the adoption of technology can easily be compared to the Oil Age post World War II which gave birth to the increase use of petroleum in products, especially industrialisation. The industrial revolution introduced the first instance of technology through simple energy (oil and gas) and therefore can be considered as an energy revolution.
The Industrial revolution is comparable to the technology era in regards to its scope, impacts, and effects. The similarities between these two groundbreaking revolutionary eras, can be classified into three groups:
Globalization
The globalisation of oil and gas has played a significant role in economic and international development, financing various industries and acting as a catalyst for energy and technological innovation. Therefore, the advancement of technology can be attributed to the discovery and globalisation of oil and gas.
However, technology has in turn, made the world a global village through information and communication. Easy accessibility and acquisition of data and information has opened the world to countless possibilities like artificial intelligence.
Artificial Intelligence
Commercialization
the wealth created during the industrial revolution which still transcends through technology has contributed immensely to global economy.
Importance/ Relevance
Oil and gas has been the major source of energy since the mid-1950s. Generally, the major by-product of oil and gas is petroleum, oil has become a vital part of everyday life and will continue to be. Every sector uses oil and gas from the automotive industry, textile, agriculture, sports, health and beauty to construction and many more.
According to World Petroleum Council, Britain produces approximately two million tonnes of oil and gas to the people, which is estimated at £37 million a day. This is a huge source of employment to millions of people in the oil and gas industry. In the same light, today's existence is totally dependent on data and technology. For example, the use of electronic gadgets, online banking, shopping, trading and investments has become easy through the introduction of technology. Technology has evolved over time, from the birth of "the internet", to online communication platforms (such as myspace, facebook, WhatsApp, Snapchat etc); and now various businesses are exploring the opportunities of artificial intelligence in different sectors. (include stats for tech).
The recent pandemic was a major waking call for organisations, businesses and the economy as a whole. The transition from a formal setting of business to an informal setting is a proof that any business can be conducted anywhere at anytime with the use of technology. This has provided a wealth of opportunities for people to explore other areas of interest both nationally and internationally.
In our next blog we will explore the love and hate relationship between law and technology