FoC_MEGATREND REPORT DIGITALISATION (1)

What might change? We stand at the precipice of what might be the biggest shift in the history of human evolution. By 2040, virtual reality technology is likely to have evolved to a point where virtual environments are practically indistinguishable from the physical world. Screens will be first replaced by headsets, and then contact lenses and other wearables to stimulate touch, smell and taste. Ultimately, implanted chips will send signals direct from the internet to the brain. This is no longer science fiction, but rather just a matter of time. The big question is whether, presented with this technology, humans will choose to adopt it or reject it. Safety and privacy considerations will need to be set off against access to what could be a better version of existence than the real world for many. If society does move in this direction, all bets are off. Cities and real estate are predicated on there being no alternative to the physical world. A viable digital substitute would radically transform the nature of cities and the nature of reality. Noting that virtual environment ‘Fortnite’, has 350m regular users, and an alternative ‘Roblox’ has 150m regular uses (both many factors larger than the population of the world’s top cities), we cannot escape the possibility that the biggest UK city by 2040 could be a virtual one, where people spend the majority of their time, spending virtual money on virtual rewards and enhancements.

More likely, the real cities of 2040 will be heavily augmented with digital realities. In the same way that your phone currently allows you to supplement geo-spatial information with information from the internet, the level of augmentation will soon include wide-scale real-time visual data. Taking the form of glasses, contact lenses, follow-me signage, or just your phone screen, the fabric of our environments will become interlaced with data about where you are, advertising as you pass shops, and public art. Dystopia or panacea? We may well be about to find out.. Takeaways » Digitisation has not run its course, and will continue to influence how we work, shop and live » Virtual environments will be improved by processor power, wearables, and ultimately implanted chips » People are increasingly seeking out virtual worlds for leisure and the experience is improving » Increased virtualisation puts pressure on the demand for the physical alternative of cities » The city of 2040 will be

augmented with visual data; our experience will be forever altered

Black Swan Risks » Virtual takeover and the collapse of cities

How can we help you today, so you can future-proof assets? Get in touch: futureofcities@cushwake.com

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HOW WILL VR AND DIGITALISATION CHANGE OUR CITIES?

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