Another Technology That Is Set To Revolutionize The World

Blockchain is a technology that is changing the world. Most who are involved in cryptocurrency are starting to see the benefits to it. The paradigm shift that comes with decentralization coupled with the monetization of peer-to-peer transactions is only just getting started. There are challenges yet it seems like we are seeing a world ripe for change.

There is another technology that is quietly making headway that can provide a similar impact. It is one that received a great deal of hype a few years ago only to pull back into itself while development took place. Based upon my estimates, we are nearing a point where massive explosion is about to occur.

The technology that I am referring to: 3D printing.

Over the past few years, this industry saw a great deal of changes. While the concept of 3D printing a house garnered the headlines, there were a number of advancements that are making this industry primed to challenge the status quo.

3D printing is often termed "additive manufacturing". To contrast, the present manufacturing process starts with a slab of some material and stripes away all that is not needed. Things are shaped, sheared, shaved, and contoured out of materials, leaving a finished product.

With the new manufacturing process, none of this takes place. The result is a reduction in costs along with a benefit to the environment. Waste is reduced to near zero while the possibility of increased productivity is presented. As of now, we see the ability to create and innovate in ways that was not present under existing manufacturing processes.

What is primed to be disrupted?

Obviously, the entire manufacturing sector is seeing a change. Large companies such as Audi and General Electric are using 3D printers to reduce the parts needed to produce something. Instead of a particular produce requiring 25 smaller parts, these companies can 3D print 5 larger parts that fit together. This reduces the need for post production assembly.

This is only one piece of the pie. When looking at industries affected we see medical, dental, food, construction, and transportation all looking at a major change. Companies are already able to produce things in house which were previous outsources. Dental offices, for example, can produce caps and bridges in the office, work that once required outsourcing to a dental lab.

3D printing is a major time saver. Anytime outsourcing occurs, there is a time element that is often outside of one's control. Dental offices see a reduction for over a week to a day or two when producing crowns. This, of course, increases efficiency while reducing costs.

The past few years saw a lot of research that was basically fundamental. It was necessary to advance the industry forward yet did not provide an immediate outcome. Instead, it was part of the building blocks required to make the industry thrive.

A major obstacle was the print speeds. 3D printers operate, basically, like ink-jet printers. This is not exactly accurate since there are different methods but it gets the point across. Objects are printed by layer from the ground up. This provides the ability to overcome some limitations with design using traditional manufacturing processes.

Thus, we are now at the point where the transition from prototype printing to manufacturing is taking place. This was a major step although it is still relegated to products that end up inside other ones (such as Audi printing out a component that goes in its engines).

Ultimately, we are seeing the advancement into the world of "Sci-Fi" being driven, in part, by 3D printing. Another decade will most likely see a printer in every home. Items that are used on a regular basis will be printed out. One will simply download a scan (most likely from a blockhain meaning it is paid for in cryptocurrency) and the item is printed out. While not quite at the replicator (from Star Trek) level, it is a start.

This provides amazing financial opportunities. Presently, most of the advancement is done at the private level. There are a few public companies into this technology. DDD and Stratasys are two 3D companies that went public. HP and GE entered the space along with Ricoh. An assortment of others are also involved indirectly through subsidiaries.

People who become adept at CAD could find themselves in position of creating an assortment of prints they upload to a blockchain, providing ongoing revenues. At the same time, individuals will be able to design and "manufacture" on a medium scale with the hundreds of thousands in up front costs.

Consumers will, ultimately, see a major reduction in the price of items. With a 3D printer, once the device is owned, only raw materials are purchased. This is much cheaper than a finished product. Also, localized manufacturing will reduce transportation costs, something else that could end up in the consumers pockets.

All of this does not even touch upon the idea of organ printing and how it changes those who are getting a transplant.

Understanding some of the major changes that are going to take place can help one avoid many of the pitfalls of pursuing the wrong path. Financial fortunes can be lost by missing a shift due to technology which wipes out established entities. There were many who rode Blockbuster and Kodak down believing their technology was still superior. Failure to miss a change in the market due to tech advancements doomed both these companies.

Naturally, all this is going to impact the job situation around the world. Manufacturing, historically, always followed the path of lowest expense. Thus, when it became more cost effective to produce elsewhere and transport something in, that is what was done.

We see a lot of geo-political maneuvering tied to this very subject. The irony is that manufacturing is going to come back to countries that lost it, just without the jobs.

Here again, we see another financial impact of technology that few are considering.

This is why it is vital for us to position ourselves for what is taking place. The world we knew is rapidly disappearing. The next decade is going to put a hurting on a variety of industries. Automation and other technological advancements will expand the pie greatly yet will most likely keep hammering away on labor.

3D printing is one that I see falling in line with this. The potential is enormous and it is a game changer. However, it does not come without some drawbacks.

Once again, my mind turns to cryptocurrency. This is the one thing I see as a buffer to a lot of what is taking place. The scarcity model is going to collapse under these changes. However, if we can implement the idea of abundance into the global mindset, we will see a completely different outcome.

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