Tag Archives: new technology

#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.

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#433668 A Decade of Commercial Space ...

In many industries, a decade is barely enough time to cause dramatic change unless something disruptive comes along—a new technology, business model, or service design. The space industry has recently been enjoying all three.

But 10 years ago, none of those innovations were guaranteed. In fact, on Sept. 28, 2008, an entire company watched and hoped as their flagship product attempted a final launch after three failures. With cash running low, this was the last shot. Over 21,000 kilograms of kerosene and liquid oxygen ignited and powered two booster stages off the launchpad.

This first official picture of the Soviet satellite Sputnik I was issued in Moscow Oct. 9, 1957. The satellite measured 1 foot, 11 inches and weighed 184 pounds. The Space Age began as the Soviet Union launched Sputnik, the first man-made satellite, into orbit, on Oct. 4, 1957.AP Photo/TASS
When that Falcon 1 rocket successfully reached orbit and the company secured a subsequent contract with NASA, SpaceX had survived its ‘startup dip’. That milestone, the first privately developed liquid-fueled rocket to reach orbit, ignited a new space industry that is changing our world, on this planet and beyond. What has happened in the intervening years, and what does it mean going forward?

While scientists are busy developing new technologies that address the countless technical problems of space, there is another segment of researchers, including myself, studying the business angle and the operations issues facing this new industry. In a recent paper, my colleague Christopher Tang and I investigate the questions firms need to answer in order to create a sustainable space industry and make it possible for humans to establish extraterrestrial bases, mine asteroids and extend space travel—all while governments play an increasingly smaller role in funding space enterprises. We believe these business solutions may hold the less-glamorous key to unlocking the galaxy.

The New Global Space Industry
When the Soviet Union launched their Sputnik program, putting a satellite in orbit in 1957, they kicked off a race to space fueled by international competition and Cold War fears. The Soviet Union and the United States played the primary roles, stringing together a series of “firsts” for the record books. The first chapter of the space race culminated with Neil Armstrong and Buzz Aldrin’s historic Apollo 11 moon landing which required massive public investment, on the order of US$25.4 billion, almost $200 billion in today’s dollars.

Competition characterized this early portion of space history. Eventually, that evolved into collaboration, with the International Space Station being a stellar example, as governments worked toward shared goals. Now, we’ve entered a new phase—openness—with private, commercial companies leading the way.

The industry for spacecraft and satellite launches is becoming more commercialized, due, in part, to shrinking government budgets. According to a report from the investment firm Space Angels, a record 120 venture capital firms invested over $3.9 billion in private space enterprises last year. The space industry is also becoming global, no longer dominated by the Cold War rivals, the United States and USSR.

In 2018 to date, there have been 72 orbital launches, an average of two per week, from launch pads in China, Russia, India, Japan, French Guinea, New Zealand, and the US.

The uptick in orbital launches of actual rockets as well as spacecraft launches, which includes satellites and probes launched from space, coincides with this openness over the past decade.

More governments, firms and even amateurs engage in various spacecraft launches than ever before. With more entities involved, innovation has flourished. As Roberson notes in Digital Trends, “Private, commercial spaceflight. Even lunar exploration, mining, and colonization—it’s suddenly all on the table, making the race for space today more vital than it has felt in years.”

Worldwide launches into space. Orbital launches include manned and unmanned spaceships launched into orbital flight from Earth. Spacecraft launches include all vehicles such as spaceships, satellites and probes launched from Earth or space. Wooten, J. and C. Tang (2018) Operations in space, Decision Sciences; Space Launch Report (Kyle 2017); Spacecraft Encyclopedia (Lafleur 2017), CC BY-ND

One can see this vitality plainly in the news. On Sept. 21, Japan announced that two of its unmanned rovers, dubbed Minerva-II-1, had landed on a small, distant asteroid. For perspective, the scale of this landing is similar to hitting a 6-centimeter target from 20,000 kilometers away. And earlier this year, people around the world watched in awe as SpaceX’s Falcon Heavy rocket successfully launched and, more impressively, returned its two boosters to a landing pad in a synchronized ballet of epic proportions.

Challenges and Opportunities
Amidst the growth of capital, firms, and knowledge, both researchers and practitioners must figure out how entities should manage their daily operations, organize their supply chain, and develop sustainable operations in space. This is complicated by the hurdles space poses: distance, gravity, inhospitable environments, and information scarcity.

One of the greatest challenges involves actually getting the things people want in space, into space. Manufacturing everything on Earth and then launching it with rockets is expensive and restrictive. A company called Made In Space is taking a different approach by maintaining an additive manufacturing facility on the International Space Station and 3D printing right in space. Tools, spare parts, and medical devices for the crew can all be created on demand. The benefits include more flexibility and better inventory management on the space station. In addition, certain products can be produced better in space than on Earth, such as pure optical fiber.

How should companies determine the value of manufacturing in space? Where should capacity be built and how should it be scaled up? The figure below breaks up the origin and destination of goods between Earth and space and arranges products into quadrants. Humans have mastered the lower left quadrant, made on Earth—for use on Earth. Moving clockwise from there, each quadrant introduces new challenges, for which we have less and less expertise.

A framework of Earth-space operations. Wooten, J. and C. Tang (2018) Operations in Space, Decision Sciences, CC BY-ND
I first became interested in this particular problem as I listened to a panel of robotics experts discuss building a colony on Mars (in our third quadrant). You can’t build the structures on Earth and easily send them to Mars, so you must manufacture there. But putting human builders in that extreme environment is equally problematic. Essentially, an entirely new mode of production using robots and automation in an advance envoy may be required.

Resources in Space
You might wonder where one gets the materials for manufacturing in space, but there is actually an abundance of resources: Metals for manufacturing can be found within asteroids, water for rocket fuel is frozen as ice on planets and moons, and rare elements like helium-3 for energy are embedded in the crust of the moon. If we brought that particular isotope back to Earth, we could eliminate our dependence on fossil fuels.

As demonstrated by the recent Minerva-II-1 asteroid landing, people are acquiring the technical know-how to locate and navigate to these materials. But extraction and transport are open questions.

How do these cases change the economics in the space industry? Already, companies like Planetary Resources, Moon Express, Deep Space Industries, and Asterank are organizing to address these opportunities. And scholars are beginning to outline how to navigate questions of property rights, exploitation and partnerships.

Threats From Space Junk
A computer-generated image of objects in Earth orbit that are currently being tracked. Approximately 95 percent of the objects in this illustration are orbital debris – not functional satellites. The dots represent the current location of each item. The orbital debris dots are scaled according to the image size of the graphic to optimize their visibility and are not scaled to Earth. NASA
The movie “Gravity” opens with a Russian satellite exploding, which sets off a chain reaction of destruction thanks to debris hitting a space shuttle, the Hubble telescope, and part of the International Space Station. The sequence, while not perfectly plausible as written, is a very real phenomenon. In fact, in 2013, a Russian satellite disintegrated when it was hit with fragments from a Chinese satellite that exploded in 2007. Known as the Kessler effect, the danger from the 500,000-plus pieces of space debris has already gotten some attention in public policy circles. How should one prevent, reduce or mitigate this risk? Quantifying the environmental impact of the space industry and addressing sustainable operations is still to come.

NASA scientist Mark Matney is seen through a fist-sized hole in a 3-inch thick piece of aluminum at Johnson Space Center’s orbital debris program lab. The hole was created by a thumb-size piece of material hitting the metal at very high speed simulating possible damage from space junk. AP Photo/Pat Sullivan
What’s Next?
It’s true that space is becoming just another place to do business. There are companies that will handle the logistics of getting your destined-for-space module on board a rocket; there are companies that will fly those rockets to the International Space Station; and there are others that can make a replacement part once there.

What comes next? In one sense, it’s anybody’s guess, but all signs point to this new industry forging ahead. A new breakthrough could alter the speed, but the course seems set: exploring farther away from home, whether that’s the moon, asteroids, or Mars. It’s hard to believe that 10 years ago, SpaceX launches were yet to be successful. Today, a vibrant private sector consists of scores of companies working on everything from commercial spacecraft and rocket propulsion to space mining and food production. The next step is working to solidify the business practices and mature the industry.

Standing in a large hall at the University of Pittsburgh as part of the White House Frontiers Conference, I see the future. Wrapped around my head are state-of-the-art virtual reality goggles. I’m looking at the surface of Mars. Every detail is immediate and crisp. This is not just a video game or an aimless exercise. The scientific community has poured resources into such efforts because exploration is preceded by information. And who knows, maybe 10 years from now, someone will be standing on the actual surface of Mars.

Image Credit: SpaceX

Joel Wooten, Assistant Professor of Management Science, University of South Carolina

This article is republished from The Conversation under a Creative Commons license. Read the original article. Continue reading

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#432508 Drones will soon decide who to kill

The US Army recently announced that it is developing the first drones that can spot and target vehicles and people using artificial intelligence (AI). This is a big step forward. Whereas current military drones are still controlled by people, this new technology will decide who to kill with almost no human involvement. Continue reading

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#432421 Cheetah III robot preps for a role as a ...

If you were to ask someone to name a new technology that emerged from MIT in the 21st century, there's a good chance they would name the robotic cheetah. Developed by the MIT Department of Mechanical Engineering's Biomimetic Robotics Lab under the direction of Associate Professor Sangbae Kim, the quadruped MIT Cheetah has made headlines for its dynamic legged gait, speed, jumping ability, and biomimetic design. Continue reading

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#432249 New Malicious AI Report Outlines Biggest ...

Everyone’s talking about deep fakes: audio-visual imitations of people, generated by increasingly powerful neural networks, that will soon be indistinguishable from the real thing. Politicians are regularly laid low by scandals that arise from audio-visual recordings. Try watching the footage that could be created of Barack Obama from his speeches, and the Lyrebird impersonations. You could easily, today or in the very near future, create a forgery that might be indistinguishable from the real thing. What would that do to politics?

Once the internet is flooded with plausible-seeming tapes and recordings of this sort, how are we going to decide what’s real and what isn’t? Democracy, and our ability to counteract threats, is already threatened by a lack of agreement on the facts. Once you can’t believe the evidence of your senses anymore, we’re in serious trouble. Ultimately, you can dream up all kinds of utterly terrifying possibilities for these deep fakes, from fake news to blackmail.

How to solve the problem? Some have suggested that media websites like Facebook or Twitter should carry software that probes every video to see if it’s a deep fake or not and labels the fakes. But this will prove computationally intensive. Plus, imagine a case where we have such a system, and a fake is “verified as real” by news media algorithms that have been fooled by clever hackers.

The other alternative is even more dystopian: you can prove something isn’t true simply by always having an alibi. Lawfare describes a “solution” where those concerned about deep fakes have all of their movements and interactions recorded. So to avoid being blackmailed or having your reputation ruined, you just consent to some company engaging in 24/7 surveillance of everything you say or do and having total power over that information. What could possibly go wrong?

The point is, in the same way that you don’t need human-level, general AI or humanoid robotics to create systems that can cause disruption in the world of work, you also don’t need a general intelligence to threaten security and wreak havoc on society. Andrew Ng, AI researcher, says that worrying about the risks from superintelligent AI is like “worrying about overpopulation on Mars.” There are clearly risks that arise even from the simple algorithms we have today.

The looming issue of deep fakes is just one of the threats considered by the new malicious AI report, which has co-authors from the Future of Humanity Institute and the Centre for the Study of Existential Risk (among other organizations.) They limit their focus to the technologies of the next five years.

Some of the concerns the report explores are enhancements to familiar threats.

Automated hacking can get better, smarter, and algorithms can adapt to changing security protocols. “Phishing emails,” where people are scammed by impersonating someone they trust or an official organization, could be generated en masse and made more realistic by scraping data from social media. Standard phishing works by sending such a great volume of emails that even a very low success rate can be profitable. Spear phishing aims at specific targets by impersonating family members, but can be labor intensive. If AI algorithms enable every phishing scam to become sharper in this way, more people are going to get gouged.

Then there are novel threats that come from our own increasing use of and dependence on artificial intelligence to make decisions.

These algorithms may be smart in some ways, but as any human knows, computers are utterly lacking in common sense; they can be fooled. A rather scary application is adversarial examples. Machine learning algorithms are often used for image recognition. But it’s possible, if you know a little about how the algorithm is structured, to construct the perfect level of noise to add to an image, and fool the machine. Two images can be almost completely indistinguishable to the human eye. But by adding some cleverly-calculated noise, the hackers can fool the algorithm into thinking an image of a panda is really an image of a gibbon (in the OpenAI example). Research conducted by OpenAI demonstrates that you can fool algorithms even by printing out examples on stickers.

Now imagine that instead of tricking a computer into thinking that a panda is actually a gibbon, you fool it into thinking that a stop sign isn’t there, or that the back of someone’s car is really a nice open stretch of road. In the adversarial example case, the images are almost indistinguishable to humans. By the time anyone notices the road sign has been “hacked,” it could already be too late.

As the OpenAI foundation freely admits, worrying about whether we’d be able to tame a superintelligent AI is a hard problem. It looks all the more difficult when you realize some of our best algorithms can be fooled by stickers; even “modern simple algorithms can behave in ways we do not intend.”

There are ways around this approach.

Adversarial training can generate lots of adversarial examples and explicitly train the algorithm not to be fooled by them—but it’s costly in terms of time and computation, and puts you in an arms race with hackers. Many strategies for defending against adversarial examples haven’t proved adaptive enough; correcting against vulnerabilities one at a time is too slow. Moreover, it demonstrates a point that can be lost in the AI hype: algorithms can be fooled in ways we didn’t anticipate. If we don’t learn about these vulnerabilities until the algorithms are everywhere, serious disruption can occur. And no matter how careful you are, some vulnerabilities are likely to remain to be exploited, even if it takes years to find them.

Just look at the Meltdown and Spectre vulnerabilities, which weren’t widely known about for more than 20 years but could enable hackers to steal personal information. Ultimately, the more blind faith we put into algorithms and computers—without understanding the opaque inner mechanics of how they work—the more vulnerable we will be to these forms of attack. And, as China dreams of using AI to predict crimes and enhance the police force, the potential for unjust arrests can only increase.

This is before you get into the truly nightmarish territory of “killer robots”—not the Terminator, but instead autonomous or consumer drones which could potentially be weaponized by bad actors and used to conduct attacks remotely. Some reports have indicated that terrorist organizations are already trying to do this.

As with any form of technology, new powers for humanity come with new risks. And, as with any form of technology, closing Pandora’s box will prove very difficult.

Somewhere between the excessively hyped prospects of AI that will do everything for us and AI that will destroy the world lies reality: a complex, ever-changing set of risks and rewards. The writers of the malicious AI report note that one of their key motivations is ensuring that the benefits of new technology can be delivered to people as quickly, but as safely, as possible. In the rush to exploit the potential for algorithms and create 21st-century infrastructure, we must ensure we’re not building in new dangers.

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