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#434827 AI and Robotics Are Transforming ...

During the past 50 years, the frequency of recorded natural disasters has surged nearly five-fold.

In this blog, I’ll be exploring how converging exponential technologies (AI, robotics, drones, sensors, networks) are transforming the future of disaster relief—how we can prevent them in the first place and get help to victims during that first golden hour wherein immediate relief can save lives.

Here are the three areas of greatest impact:

AI, predictive mapping, and the power of the crowd
Next-gen robotics and swarm solutions
Aerial drones and immediate aid supply

Let’s dive in!

Artificial Intelligence and Predictive Mapping
When it comes to immediate and high-precision emergency response, data is gold.

Already, the meteoric rise of space-based networks, stratosphere-hovering balloons, and 5G telecommunications infrastructure is in the process of connecting every last individual on the planet.

Aside from democratizing the world’s information, however, this upsurge in connectivity will soon grant anyone the ability to broadcast detailed geo-tagged data, particularly those most vulnerable to natural disasters.

Armed with the power of data broadcasting and the force of the crowd, disaster victims now play a vital role in emergency response, turning a historically one-way blind rescue operation into a two-way dialogue between connected crowds and smart response systems.

With a skyrocketing abundance of data, however, comes a new paradigm: one in which we no longer face a scarcity of answers. Instead, it will be the quality of our questions that matters most.

This is where AI comes in: our mining mechanism.

In the case of emergency response, what if we could strategically map an almost endless amount of incoming data points? Or predict the dynamics of a flood and identify a tsunami’s most vulnerable targets before it even strikes? Or even amplify critical signals to trigger automatic aid by surveillance drones and immediately alert crowdsourced volunteers?

Already, a number of key players are leveraging AI, crowdsourced intelligence, and cutting-edge visualizations to optimize crisis response and multiply relief speeds.

Take One Concern, for instance. Born out of Stanford under the mentorship of leading AI expert Andrew Ng, One Concern leverages AI through analytical disaster assessment and calculated damage estimates.

Partnering with the cities of Los Angeles, San Francisco, and numerous cities in San Mateo County, the platform assigns verified, unique ‘digital fingerprints’ to every element in a city. Building robust models of each system, One Concern’s AI platform can then monitor site-specific impacts of not only climate change but each individual natural disaster, from sweeping thermal shifts to seismic movement.

This data, combined with that of city infrastructure and former disasters, are then used to predict future damage under a range of disaster scenarios, informing prevention methods and structures in need of reinforcement.

Within just four years, One Concern can now make precise predictions with an 85 percent accuracy rate in under 15 minutes.

And as IoT-connected devices and intelligent hardware continue to boom, a blooming trillion-sensor economy will only serve to amplify AI’s predictive capacity, offering us immediate, preventive strategies long before disaster strikes.

Beyond natural disasters, however, crowdsourced intelligence, predictive crisis mapping, and AI-powered responses are just as formidable a triage in humanitarian disasters.

One extraordinary story is that of Ushahidi. When violence broke out after the 2007 Kenyan elections, one local blogger proposed a simple yet powerful question to the web: “Any techies out there willing to do a mashup of where the violence and destruction is occurring and put it on a map?”

Within days, four ‘techies’ heeded the call, building a platform that crowdsourced first-hand reports via SMS, mined the web for answers, and—with over 40,000 verified reports—sent alerts back to locals on the ground and viewers across the world.

Today, Ushahidi has been used in over 150 countries, reaching a total of 20 million people across 100,000+ deployments. Now an open-source crisis-mapping software, its V3 (or “Ushahidi in the Cloud”) is accessible to anyone, mining millions of Tweets, hundreds of thousands of news articles, and geo-tagged, time-stamped data from countless sources.

Aggregating one of the longest-running crisis maps to date, Ushahidi’s Syria Tracker has proved invaluable in the crowdsourcing of witness reports. Providing real-time geographic visualizations of all verified data, Syria Tracker has enabled civilians to report everything from missing people and relief supply needs to civilian casualties and disease outbreaks— all while evading the government’s cell network, keeping identities private, and verifying reports prior to publication.

As mobile connectivity and abundant sensors converge with AI-mined crowd intelligence, real-time awareness will only multiply in speed and scale.

Imagining the Future….

Within the next 10 years, spatial web technology might even allow us to tap into mesh networks.

As I’ve explored in a previous blog on the implications of the spatial web, while traditional networks rely on a limited set of wired access points (or wireless hotspots), a wireless mesh network can connect entire cities via hundreds of dispersed nodes that communicate with each other and share a network connection non-hierarchically.

In short, this means that individual mobile users can together establish a local mesh network using nothing but the computing power in their own devices.

Take this a step further, and a local population of strangers could collectively broadcast countless 360-degree feeds across a local mesh network.

Imagine a scenario in which armed attacks break out across disjointed urban districts, each cluster of eye witnesses and at-risk civilians broadcasting an aggregate of 360-degree videos, all fed through photogrammetry AIs that build out a live hologram in real time, giving family members and first responders complete information.

Or take a coastal community in the throes of torrential rainfall and failing infrastructure. Now empowered by a collective live feed, verification of data reports takes a matter of seconds, and richly-layered data informs first responders and AI platforms with unbelievable accuracy and specificity of relief needs.

By linking all the right technological pieces, we might even see the rise of automated drone deliveries. Imagine: crowdsourced intelligence is first cross-referenced with sensor data and verified algorithmically. AI is then leveraged to determine the specific needs and degree of urgency at ultra-precise coordinates. Within minutes, once approved by personnel, swarm robots rush to collect the requisite supplies, equipping size-appropriate drones with the right aid for rapid-fire delivery.

This brings us to a second critical convergence: robots and drones.

While cutting-edge drone technology revolutionizes the way we deliver aid, new breakthroughs in AI-geared robotics are paving the way for superhuman emergency responses in some of today’s most dangerous environments.

Let’s explore a few of the most disruptive examples to reach the testing phase.

First up….

Autonomous Robots and Swarm Solutions
As hardware advancements converge with exploding AI capabilities, disaster relief robots are graduating from assistance roles to fully autonomous responders at a breakneck pace.

Born out of MIT’s Biomimetic Robotics Lab, the Cheetah III is but one of many robots that may form our first line of defense in everything from earthquake search-and-rescue missions to high-risk ops in dangerous radiation zones.

Now capable of running at 6.4 meters per second, Cheetah III can even leap up to a height of 60 centimeters, autonomously determining how to avoid obstacles and jump over hurdles as they arise.

Initially designed to perform spectral inspection tasks in hazardous settings (think: nuclear plants or chemical factories), the Cheetah’s various iterations have focused on increasing its payload capacity, range of motion, and even a gripping function with enhanced dexterity.

Cheetah III and future versions are aimed at saving lives in almost any environment.

And the Cheetah III is not alone. Just this February, Tokyo’s Electric Power Company (TEPCO) has put one of its own robots to the test. For the first time since Japan’s devastating 2011 tsunami, which led to three nuclear meltdowns in the nation’s Fukushima nuclear power plant, a robot has successfully examined the reactor’s fuel.

Broadcasting the process with its built-in camera, the robot was able to retrieve small chunks of radioactive fuel at five of the six test sites, offering tremendous promise for long-term plans to clean up the still-deadly interior.

Also out of Japan, Mitsubishi Heavy Industries (MHi) is even using robots to fight fires with full autonomy. In a remarkable new feat, MHi’s Water Cannon Bot can now put out blazes in difficult-to-access or highly dangerous fire sites.

Delivering foam or water at 4,000 liters per minute and 1 megapascal (MPa) of pressure, the Cannon Bot and its accompanying Hose Extension Bot even form part of a greater AI-geared system to conduct reconnaissance and surveillance on larger transport vehicles.

As wildfires grow ever more untameable, high-volume production of such bots could prove a true lifesaver. Paired with predictive AI forest fire mapping and autonomous hauling vehicles, not only will solutions like MHi’s Cannon Bot save numerous lives, but avoid population displacement and paralyzing damage to our natural environment before disaster has the chance to spread.

But even in cases where emergency shelter is needed, groundbreaking (literally) robotics solutions are fast to the rescue.

After multiple iterations by Fastbrick Robotics, the Hadrian X end-to-end bricklaying robot can now autonomously build a fully livable, 180-square-meter home in under three days. Using a laser-guided robotic attachment, the all-in-one brick-loaded truck simply drives to a construction site and directs blocks through its robotic arm in accordance with a 3D model.

Meeting verified building standards, Hadrian and similar solutions hold massive promise in the long-term, deployable across post-conflict refugee sites and regions recovering from natural catastrophes.

But what if we need to build emergency shelters from local soil at hand? Marking an extraordinary convergence between robotics and 3D printing, the Institute for Advanced Architecture of Catalonia (IAAC) is already working on a solution.

In a major feat for low-cost construction in remote zones, IAAC has found a way to convert almost any soil into a building material with three times the tensile strength of industrial clay. Offering myriad benefits, including natural insulation, low GHG emissions, fire protection, air circulation, and thermal mediation, IAAC’s new 3D printed native soil can build houses on-site for as little as $1,000.

But while cutting-edge robotics unlock extraordinary new frontiers for low-cost, large-scale emergency construction, novel hardware and computing breakthroughs are also enabling robotic scale at the other extreme of the spectrum.

Again, inspired by biological phenomena, robotics specialists across the US have begun to pilot tiny robotic prototypes for locating trapped individuals and assessing infrastructural damage.

Take RoboBees, tiny Harvard-developed bots that use electrostatic adhesion to ‘perch’ on walls and even ceilings, evaluating structural damage in the aftermath of an earthquake.

Or Carnegie Mellon’s prototyped Snakebot, capable of navigating through entry points that would otherwise be completely inaccessible to human responders. Driven by AI, the Snakebot can maneuver through even the most densely-packed rubble to locate survivors, using cameras and microphones for communication.

But when it comes to fast-paced reconnaissance in inaccessible regions, miniature robot swarms have good company.

Next-Generation Drones for Instantaneous Relief Supplies
Particularly in the case of wildfires and conflict zones, autonomous drone technology is fundamentally revolutionizing the way we identify survivors in need and automate relief supply.

Not only are drones enabling high-resolution imagery for real-time mapping and damage assessment, but preliminary research shows that UAVs far outpace ground-based rescue teams in locating isolated survivors.

As presented by a team of electrical engineers from the University of Science and Technology of China, drones could even build out a mobile wireless broadband network in record time using a “drone-assisted multi-hop device-to-device” program.

And as shown during Houston’s Hurricane Harvey, drones can provide scores of predictive intel on everything from future flooding to damage estimates.

Among multiple others, a team led by Texas A&M computer science professor and director of the university’s Center for Robot-Assisted Search and Rescue Dr. Robin Murphy flew a total of 119 drone missions over the city, from small-scale quadcopters to military-grade unmanned planes. Not only were these critical for monitoring levee infrastructure, but also for identifying those left behind by human rescue teams.

But beyond surveillance, UAVs have begun to provide lifesaving supplies across some of the most remote regions of the globe. One of the most inspiring examples to date is Zipline.

Created in 2014, Zipline has completed 12,352 life-saving drone deliveries to date. While drones are designed, tested, and assembled in California, Zipline primarily operates in Rwanda and Tanzania, hiring local operators and providing over 11 million people with instant access to medical supplies.

Providing everything from vaccines and HIV medications to blood and IV tubes, Zipline’s drones far outpace ground-based supply transport, in many instances providing life-critical blood cells, plasma, and platelets in under an hour.

But drone technology is even beginning to transcend the limited scale of medical supplies and food.

Now developing its drones under contracts with DARPA and the US Marine Corps, Logistic Gliders, Inc. has built autonomously-navigating drones capable of carrying 1,800 pounds of cargo over unprecedented long distances.

Built from plywood, Logistic’s gliders are projected to cost as little as a few hundred dollars each, making them perfect candidates for high-volume remote aid deliveries, whether navigated by a pilot or self-flown in accordance with real-time disaster zone mapping.

As hardware continues to advance, autonomous drone technology coupled with real-time mapping algorithms pose no end of abundant opportunities for aid supply, disaster monitoring, and richly layered intel previously unimaginable for humanitarian relief.

Concluding Thoughts
Perhaps one of the most consequential and impactful applications of converging technologies is their transformation of disaster relief methods.

While AI-driven intel platforms crowdsource firsthand experiential data from those on the ground, mobile connectivity and drone-supplied networks are granting newfound narrative power to those most in need.

And as a wave of new hardware advancements gives rise to robotic responders, swarm technology, and aerial drones, we are fast approaching an age of instantaneous and efficiently-distributed responses in the midst of conflict and natural catastrophes alike.

Empowered by these new tools, what might we create when everyone on the planet has the same access to relief supplies and immediate resources? In a new age of prevention and fast recovery, what futures can you envision?

Join Me
Abundance-Digital Online Community: I’ve created a Digital/Online community of bold, abundance-minded entrepreneurs called Abundance-Digital. Abundance-Digital is my ‘onramp’ for exponential entrepreneurs – those who want to get involved and play at a higher level. Click here to learn more.

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Posted in Human Robots

#433884 Designer Babies, and Their Babies: How ...

As if stand-alone technologies weren’t advancing fast enough, we’re in age where we must study the intersection points of these technologies. How is what’s happening in robotics influenced by what’s happening in 3D printing? What could be made possible by applying the latest advances in quantum computing to nanotechnology?

Along these lines, one crucial tech intersection is that of artificial intelligence and genomics. Each field is seeing constant progress, but Jamie Metzl believes it’s their convergence that will really push us into uncharted territory, beyond even what we’ve imagined in science fiction. “There’s going to be this push and pull, this competition between the reality of our biology with its built-in limitations and the scope of our aspirations,” he said.

Metzl is a senior fellow at the Atlantic Council and author of the upcoming book Hacking Darwin: Genetic Engineering and the Future of Humanity. At Singularity University’s Exponential Medicine conference last week, he shared his insights on genomics and AI, and where their convergence could take us.

Life As We Know It
Metzl explained how genomics as a field evolved slowly—and then quickly. In 1953, James Watson and Francis Crick identified the double helix structure of DNA, and realized that the order of the base pairs held a treasure trove of genetic information. There was such a thing as a book of life, and we’d found it.

In 2003, when the Human Genome Project was completed (after 13 years and $2.7 billion), we learned the order of the genome’s 3 billion base pairs, and the location of specific genes on our chromosomes. Not only did a book of life exist, we figured out how to read it.

Jamie Metzl at Exponential Medicine
Fifteen years after that, it’s 2018 and precision gene editing in plants, animals, and humans is changing everything, and quickly pushing us into an entirely new frontier. Forget reading the book of life—we’re now learning how to write it.

“Readable, writable, and hackable, what’s clear is that human beings are recognizing that we are another form of information technology, and just like our IT has entered this exponential curve of discovery, we will have that with ourselves,” Metzl said. “And it’s intersecting with the AI revolution.”

Learning About Life Meets Machine Learning
In 2016, DeepMind’s AlphaGo program outsmarted the world’s top Go player. In 2017 AlphaGo Zero was created: unlike AlphaGo, AlphaGo Zero wasn’t trained using previous human games of Go, but was simply given the rules of Go—and in four days it defeated the AlphaGo program.

Our own biology is, of course, vastly more complex than the game of Go, and that, Metzl said, is our starting point. “The system of our own biology that we are trying to understand is massively, but very importantly not infinitely, complex,” he added.

Getting a standardized set of rules for our biology—and, eventually, maybe even outsmarting our biology—will require genomic data. Lots of it.

Multiple countries already starting to produce this data. The UK’s National Health Service recently announced a plan to sequence the genomes of five million Britons over the next five years. In the US the All of Us Research Program will sequence a million Americans. China is the most aggressive in sequencing its population, with a goal of sequencing half of all newborns by 2020.

“We’re going to get these massive pools of sequenced genomic data,” Metzl said. “The real gold will come from comparing people’s sequenced genomes to their electronic health records, and ultimately their life records.” Getting people comfortable with allowing open access to their data will be another matter; Metzl mentioned that Luna DNA and others have strategies to help people get comfortable with giving consent to their private information. But this is where China’s lack of privacy protection could end up being a significant advantage.

To compare genotypes and phenotypes at scale—first millions, then hundreds of millions, then eventually billions, Metzl said—we’re going to need AI and big data analytic tools, and algorithms far beyond what we have now. These tools will let us move from precision medicine to predictive medicine, knowing precisely when and where different diseases are going to occur and shutting them down before they start.

But, Metzl said, “As we unlock the genetics of ourselves, it’s not going to be about just healthcare. It’s ultimately going to be about who and what we are as humans. It’s going to be about identity.”

Designer Babies, and Their Babies
In Metzl’s mind, the most serious application of our genomic knowledge will be in embryo selection.

Currently, in-vitro fertilization (IVF) procedures can extract around 15 eggs, fertilize them, then do pre-implantation genetic testing; right now what’s knowable is single-gene mutation diseases and simple traits like hair color and eye color. As we get to the millions and then billions of people with sequences, we’ll have information about how these genetics work, and we’re going to be able to make much more informed choices,” Metzl said.

Imagine going to a fertility clinic in 2023. You give a skin graft or a blood sample, and using in-vitro gametogenesis (IVG)—infertility be damned—your skin or blood cells are induced to become eggs or sperm, which are then combined to create embryos. The dozens or hundreds of embryos created from artificial gametes each have a few cells extracted from them, and these cells are sequenced. The sequences will tell you the likelihood of specific traits and disease states were that embryo to be implanted and taken to full term. “With really anything that has a genetic foundation, we’ll be able to predict with increasing levels of accuracy how that potential child will be realized as a human being,” Metzl said.

This, he added, could lead to some wild and frightening possibilities: if you have 1,000 eggs and you pick one based on its optimal genetic sequence, you could then mate your embryo with somebody else who has done the same thing in a different genetic line. “Your five-day-old embryo and their five-day-old embryo could have a child using the same IVG process,” Metzl said. “Then that child could have a child with another five-day-old embryo from another genetic line, and you could go on and on down the line.”

Sounds insane, right? But wait, there’s more: as Jason Pontin reported earlier this year in Wired, “Gene-editing technologies such as Crispr-Cas9 would make it relatively easy to repair, add, or remove genes during the IVG process, eliminating diseases or conferring advantages that would ripple through a child’s genome. This all may sound like science fiction, but to those following the research, the combination of IVG and gene editing appears highly likely, if not inevitable.”

From Crazy to Commonplace?
It’s a slippery slope from gene editing and embryo-mating to a dystopian race to build the most perfect humans possible. If somebody’s investing so much time and energy in selecting their embryo, Metzl asked, how will they think about the mating choices of their children? IVG could quickly leave the realm of healthcare and enter that of evolution.

“We all need to be part of an inclusive, integrated, global dialogue on the future of our species,” Metzl said. “Healthcare professionals are essential nodes in this.” Not least among this dialogue should be the question of access to tech like IVG; are there steps we can take to keep it from becoming a tool for a wealthy minority, and thereby perpetuating inequality and further polarizing societies?

As Pontin points out, at its inception 40 years ago IVF also sparked fear, confusion, and resistance—and now it’s as normal and common as could be, with millions of healthy babies conceived using the technology.

The disruption that genomics, AI, and IVG will bring to reproduction could follow a similar story cycle—if we’re smart about it. As Metzl put it, “This must be regulated, because it is life.”

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Posted in Human Robots

#433696 3 Big Ways Tech Is Disrupting Global ...

Disruptive business models are often powered by alternative financing. In Part 1 of this series, I discussed how mobile is redefining money and banking and shared some of the dramatic transformations in the global remittance infrastructure.

In this article, we’ll discuss:

Peer-to-peer lending
AI financial advisors and robo traders
Seamless Transactions

Let’s dive right back in…

Decentralized Lending = Democratized Access to Finances
Peer-to-peer (P2P) lending is an age-old practice, traditionally with high risk and extreme locality. Now, the P2P funding model is being digitized and delocalized, bringing lending online and across borders.

Zopa, the first official crowdlending platform, arrived in the United Kingdom in 2004. Since then, the consumer crowdlending platform has facilitated lending of over 3 billion euros ($3.5 billion USD) of loans.

Person-to-business crowdlending took off, again in the U.K., in 2005 with Funding Circle, now with over 5 billion euros (~5.8 billion USD) of capital loaned to small businesses around the world.

Crowdlending next took off in the US in 2006, with platforms like Prosper and Lending Club. The US crowdlending industry has boomed to $21 billion in loans, across 515,000 loans.

Let’s take a step back… to a time before banks, when lending took place between trusted neighbors in small villages across the globe. Lending started as peer-to-peer transactions.

As villages turned into towns, towns turned into cities, and cities turned into sprawling metropolises, neighborly trust and the ability to communicate across urban landscapes broke down. That’s where banks and other financial institutions came into play—to add trust back into the lending equation.

With crowdlending, we are evidently returning to this pre-centralized-banking model of loans, and moving away from cumbersome intermediaries (e.g. high fees, regulations, and extra complexity).

Fueled by the permeation of the internet, P2P lending took on a new form as ‘crowdlending’ in the early 2000s. Now, as blockchain and artificial intelligence arrive on the digital scene, P2P lending platforms are being overhauled with transparency, accountability, reliability, and immutability.

Artificial Intelligence Micro Lending & Credit Scores
We are beginning to augment our quantitative decision-making with neural networks processing borrowers’ financial data to determine their financial ‘fate’ (or, as some call it, your credit score). Companies like Smart Finance Group (backed by Kai Fu Lee and Sinovation Ventures) are using artificial intelligence to minimize default rates for tens of millions of microloans.

Smart Finance is fueled by users’ personal data, particularly smartphone data and usage behavior. Users are required to give Smart Finance access to their smartphone data, so that Smart Finance’s artificial intelligence engine can generate a credit score from the personal information.

The benefits of this AI-powered lending platform do not stop at increased loan payback rates; there’s a massive speed increase as well. Smart Finance loans are frequently approved in under eight seconds. As we’ve seen with other artificial intelligence disruptions, data is the new gold.

Digitizing access to P2P loans paves the way for billions of people currently without access to banking to leapfrog the centralized banking system, just as Africa bypassed landline phones and went straight to mobile. Leapfrogging centralized banking and the credit system is exactly what Smart Finance has done for hundreds of millions of people in China.

Blockchain-Backed Crowdlending
As artificial intelligence accesses even the most mundane mobile browsing data to assign credit scores, blockchain technologies, particularly immutable ledgers and smart contracts, are massive disruptors to the archaic banking system, building additional trust and transparency on top of current P2P lending models.

Immutable ledgers provide the necessary transparency for accurate credit and loan defaulting history. Smart contracts executed on these immutable ledgers bring the critical ability to digitally replace cumbersome, expensive third parties (like banks), allowing individual borrowers or businesses to directly connect with willing lenders.

Two of the leading blockchain platforms for P2P lending are ETHLend and SALT Lending.

ETHLend is an Ethereum-based decentralized application aiming to bring transparency and trust to P2P lending through Ethereum network smart contracts.

Secure Automated Lending Technology (SALT) allows cryptocurrency asset holders to use their digital assets as collateral for cash loans, without the need to liquidate their holdings, giving rise to a digital-asset-backed lending market.

While blockchain poses a threat to many of the large, centralized banking institutions, some are taking advantage of the new technology to optimize their internal lending, credit scoring, and collateral operations.

In March 2018, ING and Credit Suisse successfully exchanged 25 million euros using HQLA-X, a blockchain-based collateral lending platform.

HQLA-X runs on the R3 Corda blockchain, a platform designed specifically to help heritage financial and commerce institutions migrate away from their inefficient legacy financial infrastructure.

Blockchain and tokenization are going through their own fintech and regulation shakeup right now. In a future blog, I’ll discuss the various efforts to more readily assure smart contracts, and the disruptive business model of security tokens and the US Securities and Exchange Commission.

Parallels to the Global Abundance of Capital
The abundance of capital being created by the advent of P2P loans closely relates to the unprecedented global abundance of capital.

Initial coin offerings (ICOs) and crowdfunding are taking a strong stand in disrupting the $164 billion venture capital market. The total amount invested in ICOs has risen from $6.6 billion in 2017 to $7.15 billion USD in the first half of 2018. Crowdfunding helped projects raise more than $34 billion in 2017, with experts projecting that global crowdfunding investments will reach $300 billion by 2025.

In the last year alone, using ICOs, over a dozen projects have raised hundreds of millions of dollars in mere hours. Take Filecoin, for example, which raised $257 million  in only 30 days; its first $135 million was raised in the first hour. Similarly, the Dragon Coin project (which itself is revolutionizing remittance in high-stakes casinos around the world) raised $320 million in its 30-day public ICO.

Some Important Takeaways…

Technology-backed fundraising and financial services are disrupting the world’s largest financial institutions. Anyone, anywhere, at anytime will be able to access the capital they need to pursue their idea.

The speed at which we can go from “I’ve got an idea” to “I run a billion-dollar company” is moving faster than ever.

Following Ray Kurzweil’s Law of Accelerating Returns, the rapid decrease in time to access capital is intimately linked (and greatly dependent on) a financial infrastructure (technology, institutions, platforms, and policies) that can adapt and evolve just as rapidly.

This new abundance of capital requires financial decision-making with ever-higher market prediction precision. That’s exactly where artificial intelligence is already playing a massive role.

Artificial Intelligence, Robo Traders, and Financial Advisors
On May 6, 2010, the Dow Jones Industrial Average suddenly collapsed by 998.5 points (equal to 8 percent, or $1 trillion). The crash lasted over 35 minutes and is now known as the ‘Flash Crash’. While no one knows the specific reason for this 2010 stock market anomaly, experts widely agree that the Flash Crash had to do with algorithmic trading.

With the ability to have instant, trillion-dollar market impacts, algorithmic trading and artificial intelligence are undoubtedly ingrained in how financial markets operate.

In 2017, CNBC.com estimated that 90 percent of daily trading volume in stock trading is done by machine algorithms, and only 10 percent is carried out directly by humans.

Artificial intelligence and financial management algorithms are not only available to top Wall Street players.

Robo-advisor financial management apps, like Wealthfront and Betterment, are rapidly permeating the global market. Wealthfront currently has $9.5 billion in assets under management, and Betterment has $10 billion.

Artificial intelligent financial agents are already helping financial institutions protect your money and fight fraud. A prime application for machine learning is in detecting anomalies in your spending and transaction habits, and flagging potentially fraudulent transactions.

As artificial intelligence continues to exponentially increase in power and capabilities, increasingly powerful trading and financial management bots will come online, finding massive new and previously lost streams of wealth.

How else are artificial intelligence and automation transforming finance?

Disruptive Remittance and Seamless Transactions
When was the last time you paid in cash at a toll booth? How about for a taxi ride?

EZ-Pass, the electronic tolling company implemented extensively on the East Coast, has done wonders to reduce traffic congestion and increase traffic flow.

Driving down I-95 on the East Coast of the United States, drivers rarely notice their financial transaction with the state’s tolling agencies. The transactions are seamless.

The Uber app enables me to travel without my wallet. I can forget about payment on my trip, free up my mental bandwidth and time for higher-priority tasks. The entire process is digitized and, by extension, automated and integrated into Uber’s platform (Note: This incredible convenience many times causes me to accidentally walk out of taxi cabs without paying!).

In January 2018, we saw the success of the first cutting-edge, AI-powered Amazon Go store open in Seattle, Washington. The store marked a new era in remittance and transactions. Gone are the days of carrying credit cards and cash, and gone are the cash registers. And now, on the heals of these early ‘beta-tests’, Amazon is considering opening as many as 3,000 of these cashierless stores by 2023.

Amazon Go stores use AI algorithms that watch various video feeds (from advanced cameras) throughout the store to identify who picks up groceries, exactly what products they select, and how much to charge that person when they walk out of the store. It’s a grab and go experience.

Let’s extrapolate the notion of seamless, integrated payment systems from Amazon Go and Uber’s removal of post-ride payment to the rest of our day-to-day experience.

Imagine this near future:

As you near the front door of your home, your AI assistant summons a self-driving Uber that takes you to the Hyperloop station (after all, you work in L.A. but live in San Francisco).

At the station, you board your pod, without noticing that your ticket purchase was settled via a wireless payment checkpoint.

After work, you stop at the Amazon Go and pick up dinner. Your virtual AI assistant passes your Amazon account information to the store’s payment checkpoint, as the store’s cameras and sensors track you, your cart and charge you auto-magically.

At home, unbeknownst to you, your AI has already restocked your fridge and pantry with whatever items you failed to pick up at the Amazon Go.

Once we remove the actively transacting aspect of finance, what else becomes possible?

Top Conclusions
Extraordinary transformations are happening in the finance world. We’ve only scratched the surface of the fintech revolution. All of these transformative financial technologies require high-fidelity assurance, robust insurance, and a mechanism for storing value.

I’ll dive into each of these other facets of financial services in future articles.

For now, thanks to coming global communication networks being deployed on 5G, Alphabet’s LUNE, SpaceX’s Starlink and OneWeb, by 2024, nearly all 8 billion people on Earth will be online.

Once connected, these new minds, entrepreneurs, and customers need access to money and financial services to meaningfully participate in the world economy.

By connecting lenders and borrowers around the globe, decentralized lending drives down global interest rates, increases global financial market participation, and enables economic opportunity to the billions of people who are about to come online.

We’re living in the most abundant time in human history, and fintech is just getting started.

Join Me
Abundance Digital Online Community: I have created a Digital/Online community of bold, abundance-minded entrepreneurs called Abundance Digital. This is my ‘onramp’ for exponential entrepreneurs – those who want to get involved and play at a higher level. Click here to learn more.

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Posted in Human Robots

#433655 First-Ever Grad Program in Space Mining ...

Maybe they could call it the School of Space Rock: A new program being offered at the Colorado School of Mines (CSM) will educate post-graduate students on the nuts and bolts of extracting and using valuable materials such as rare metals and frozen water from space rocks like asteroids or the moon.

Officially called Space Resources, the graduate-level program is reputedly the first of its kind in the world to offer a course in the emerging field of space mining. Heading the program is Angel Abbud-Madrid, director of the Center for Space Resources at Mines, a well-known engineering school located in Golden, Colorado, where Molson Coors taps Rocky Mountain spring water for its earthly brews.

The first semester for the new discipline began last month. While Abbud-Madrid didn’t immediately respond to an interview request, Singularity Hub did talk to Chris Lewicki, president and CEO of Planetary Resources, a space mining company whose founders include Peter Diamandis, Singularity University co-founder.

A former NASA engineer who worked on multiple Mars missions, Lewicki says the Space Resources program at CSM, with its multidisciplinary focus on science, economics, and policy, will help students be light years ahead of their peers in the nascent field of space mining.

“I think it’s very significant that they’ve started this program,” he said. “Having students with that kind of background exposure just allows them to be productive on day one instead of having to kind of fill in a lot of things for them.”

Who would be attracted to apply for such a program? There are many professionals who could be served by a post-baccalaureate certificate, master’s degree, or even Ph.D. in Space Resources, according to Lewicki. Certainly aerospace engineers and planetary scientists would be among the faces in the classroom.

“I think it’s [also] people who have an interest in what I would call maybe space robotics,” he said. Lewicki is referring not only to the classic example of robotic arms like the Canadarm2, which lends a hand to astronauts aboard the International Space Station, but other types of autonomous platforms.

One example might be Planetary Resources’ own Arkyd-6, a small, autonomous satellite called a CubeSat launched earlier this year to test different technologies that might be used for deep-space exploration of resources. The proof-of-concept was as much a test for the technology—such as the first space-based use of a mid-wave infrared imager to detect water resources—as it was for being able to work in space on a shoestring budget.

“We really proved that doing one of these billion-dollar science missions to deep space can be done for a lot less if you have a very focused goal, and if you kind of cut a lot of corners and then put some commercial approaches into those things,” Lewicki said.

A Trillion-Dollar Industry
Why space mining? There are at least a trillion reasons.

Astrophysicist Neil deGrasse Tyson famously said that the first trillionaire will be the “person who exploits the natural resources on asteroids.” That’s because asteroids—rocky remnants from the formation of our solar system more than four billion years ago—harbor precious metals, ranging from platinum and gold to iron and nickel.

For instance, one future target of exploration by NASA—an asteroid dubbed 16 Psyche, orbiting the sun in the asteroid belt between Mars and Jupiter—is worth an estimated $10,000 quadrillion. It’s a number so mind-bogglingly big that it would crash the global economy, if someone ever figured out how to tow it back to Earth without literally crashing it into the planet.

Living Off the Land
Space mining isn’t just about getting rich. Many argue that humanity’s ability to extract resources in space, especially water that can be refined into rocket fuel, will be a key technology to extend our reach beyond near-Earth space.

The presence of frozen water around the frigid polar regions of the moon, for example, represents an invaluable source to power future deep-space missions. Splitting H20 into its component elements of hydrogen and oxygen would provide a nearly inexhaustible source of rocket fuel. Today, it costs $10,000 to put a pound of payload in Earth orbit, according to NASA.

Until more advanced rocket technology is developed, the moon looks to be the best bet for serving as the launching pad to Mars and beyond.

Moon Versus Asteroid
However, Lewicki notes that despite the moon’s proximity and our more intimate familiarity with its pockmarked surface, that doesn’t mean a lunar mission to extract resources is any easier than a multi-year journey to a fast-moving asteroid.

For one thing, fighting gravity to and from the moon is no easy feat, as the moon has a significantly stronger gravitational field than an asteroid. Another challenge is that the frozen water is located in permanently shadowed lunar craters, meaning space miners can’t rely on solar-powered equipment, but on some sort of external energy source.

And then there’s the fact that moon craters might just be the coldest places in the solar system. NASA’s Lunar Reconnaissance Orbiter found temperatures plummeted as low as 26 Kelvin, or more than minus 400 degrees Fahrenheit. In comparison, the coldest temperatures on Earth have been recorded near the South Pole in Antarctica—about minus 148 degrees F.

“We don’t operate machines in that kind of thermal environment,” Lewicki said of the extreme temperatures detected in the permanent dark regions of the moon. “Antarctica would be a balmy desert island compared to a lunar polar crater.”

Of course, no one knows quite what awaits us in the asteroid belt. Answers may soon be forthcoming. Last week, the Japan Aerospace Exploration Agency landed two small, hopping rovers on an asteroid called Ryugu. Meanwhile, NASA hopes to retrieve a sample from the near-Earth asteroid Bennu when its OSIRIS-REx mission makes contact at the end of this year.

No Bucks, No Buck Rogers
Visionaries like Elon Musk and Jeff Bezos talk about colonies on Mars, with millions of people living and working in space. The reality is that there’s probably a reason Buck Rogers was set in the 25th century: It’s going to take a lot of money and a lot of time to realize those sci-fi visions.

Or, as Lewicki put it: “No bucks, no Buck Rogers.”

The cost of operating in outer space can be prohibitive. Planetary Resources itself is grappling with raising additional funding, with reports this year about layoffs and even a possible auction of company assets.

Still, Lewicki is confident that despite economic and technical challenges, humanity will someday exceed even the boldest dreamers—skyscrapers on the moon, interplanetary trips to Mars—as judged against today’s engineering marvels.

“What we’re doing is going to be very hard, very painful, and almost certainly worth it,” he said. “Who would have thought that there would be a job for a space miner that you could go to school for, even just five or ten years ago. Things move quickly.”

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