Tag Archives: engineers
#434532 How Microrobots Will Fix Our Roads and ...
Swarms of microrobots will scuttle along beneath our roads and pavements, finding and fixing leaky pipes and faulty cables. Thanks to their efforts, we can avoid costly road work that costs billions of dollars each year—not to mention frustrating traffic delays.
That is, if a new project sponsored by the U.K. government is a success. Recent developments in the space seem to point towards a bright future for microrobots.
Microrobots Saving Billions
Each year, around 1.5 million road excavations take place across the U.K. Many are due to leaky pipes and faulty cables that necessitate excavation of road surfaces in order to fix them. The resulting repairs, alongside disruptions to traffic and businesses, are estimated to cost a whopping £6.3 billion ($8 billion).
A consortium of scientists, led by University of Sheffield Professor Kirill Horoshenkov, are planning to use microrobots to negate most of these costs. The group has received a £7.2 million ($9.2 million) grant to develop and build their bots.
According to Horoshenkov, the microrobots will come in two versions. One is an inspection bot, which will navigate along underground infrastructure and examine its condition via sonar. The inspectors will be complemented by worker bots capable of carrying out repairs with cement and adhesives or cleaning out blockages with a high-powered jet. The inspector bots will be around one centimeter long and possibly autonomous, while the worker bots will be slightly larger and steered via remote control.
If successful, it is believed the bots could potentially save the U.K. economy around £5 billion ($6.4 billion) a year.
The U.K. government has set aside a further £19 million ($24 million) for research into robots for hazardous environments, such as nuclear decommissioning, drones for oil pipeline monitoring, and artificial intelligence software to detect the need for repairs on satellites in orbit.
The Lowest-Hanging Fruit
Microrobots like the ones now under development in the U.K. have many potential advantages and use cases. Thanks to their small size they can navigate tight spaces, for example in search and rescue operations, and robot swarm technology would allow them to collaborate to perform many different functions, including in construction projects.
To date, the number of microrobots in use is relatively limited, but that could be about to change, with bots closing in on other types of inspection jobs, which could be considered one of the lowest-hanging fruits.
Engineering firm Rolls-Royce (not the car company, but the one that builds aircraft engines) is looking to use microrobots to inspect some of the up to 25,000 individual parts that make up an engine. The microrobots use the cockroach as a model, and Rolls Royce believes they could save engineers time when performing the maintenance checks that can take over a month per engine.
Even Smaller Successes
Going further down in scale, recent years have seen a string of successes for nanobots. For example, a team of researchers at the Femto-ST Institute have used nanobots to build what is likely the world’s smallest house (if this isn’t a category at Guinness, someone needs to get on the phone with them), which stands a ‘towering’ 0.015 millimeters.
One of the areas where nanobots have shown great promise is in medicine. Several studies have shown how the minute bots are capable of delivering drugs directly into dense biological tissue, which can otherwise be highly challenging to target directly. Such delivery systems have a great potential for improving the treatment of a wide range of ailments and illnesses, including cancer.
There’s no question that the ecosystem of microrobots and nanobots is evolving. While still in their early days, the above successes point to a near-future boom in the bots we may soon refer to as our ‘littlest everyday helpers.’
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Posted in Human Robots
#434336 These Smart Seafaring Robots Have a ...
Drones. Self-driving cars. Flying robo taxis. If the headlines of the last few years are to be believed, terrestrial transportation in the future will someday be filled with robotic conveyances and contraptions that will require little input from a human other than to download an app.
But what about the other 70 percent of the planet’s surface—the part that’s made up of water?
Sure, there are underwater drones that can capture 4K video for the next BBC documentary. Remotely operated vehicles (ROVs) are capable of diving down thousands of meters to investigate ocean vents or repair industrial infrastructure.
Yet most of the robots on or below the water today still lean heavily on the human element to operate. That’s not surprising given the unstructured environment of the seas and the poor communication capabilities for anything moving below the waves. Autonomous underwater vehicles (AUVs) are probably the closest thing today to smart cars in the ocean, but they generally follow pre-programmed instructions.
A new generation of seafaring robots—leveraging artificial intelligence, machine vision, and advanced sensors, among other technologies—are beginning to plunge into the ocean depths. Here are some of the latest and most exciting ones.
The Transformer of the Sea
Nic Radford, chief technology officer of Houston Mechatronics Inc. (HMI), is hesitant about throwing around the word “autonomy” when talking about his startup’s star creation, Aquanaut. He prefers the term “shared control.”
Whatever you want to call it, Aquanaut seems like something out of the script of a Transformers movie. The underwater robot begins each mission in a submarine-like shape, capable of autonomously traveling up to 200 kilometers on battery power, depending on the assignment.
When Aquanaut reaches its destination—oil and gas is the primary industry HMI hopes to disrupt to start—its four specially-designed and built linear actuators go to work. Aquanaut then unfolds into a robot with a head, upper torso, and two manipulator arms, all while maintaining proper buoyancy to get its job done.
The lightbulb moment of how to engineer this transformation from submarine to robot came one day while Aquanaut’s engineers were watching the office’s stand-up desks bob up and down. The answer to the engineering challenge of the hull suddenly seemed obvious.
“We’re just gonna build a big, gigantic, underwater stand-up desk,” Radford told Singularity Hub.
Hardware wasn’t the only problem the team, comprised of veteran NASA roboticists like Radford, had to solve. In order to ditch the expensive support vessels and large teams of humans required to operate traditional ROVs, Aquanaut would have to be able to sense its environment in great detail and relay that information back to headquarters using an underwater acoustics communications system that harkens back to the days of dial-up internet connections.
To tackle that problem of low bandwidth, HMI equipped Aquanaut with a machine vision system comprised of acoustic, optical, and laser-based sensors. All of that dense data is compressed using in-house designed technology and transmitted to a single human operator who controls Aquanaut with a few clicks of a mouse. In other words, no joystick required.
“I don’t know of anyone trying to do this level of autonomy as it relates to interacting with the environment,” Radford said.
HMI got $20 million earlier this year in Series B funding co-led by Transocean, one of the world’s largest offshore drilling contractors. That should be enough money to finish the Aquanaut prototype, which Radford said is about 99.8 percent complete. Some “high-profile” demonstrations are planned for early next year, with commercial deployments as early as 2020.
“What just gives us an incredible advantage here is that we have been born and bred on doing robotic systems for remote locations,” Radford noted. “This is my life, and I’ve bet the farm on it, and it takes this kind of fortitude and passion to see these things through, because these are not easy problems to solve.”
On Cruise Control
Meanwhile, a Boston-based startup is trying to solve the problem of making ships at sea autonomous. Sea Machines is backed by about $12.5 million in capital venture funding, with Toyota AI joining the list of investors in a $10 million Series A earlier this month.
Sea Machines is looking to the self-driving industry for inspiration, developing what it calls “vessel intelligence” systems that can be retrofitted on existing commercial vessels or installed on newly-built working ships.
For instance, the startup announced a deal earlier this year with Maersk, the world’s largest container shipping company, to deploy a system of artificial intelligence, computer vision, and LiDAR on the Danish company’s new ice-class container ship. The technology works similar to advanced driver-assistance systems found in automobiles to avoid hazards. The proof of concept will lay the foundation for a future autonomous collision avoidance system.
It’s not just startups making a splash in autonomous shipping. Radford noted that Rolls Royce—yes, that Rolls Royce—is leading the way in the development of autonomous ships. Its Intelligence Awareness system pulls in nearly every type of hyped technology on the market today: neural networks, augmented reality, virtual reality, and LiDAR.
In augmented reality mode, for example, a live feed video from the ship’s sensors can detect both static and moving objects, overlaying the scene with details about the types of vessels in the area, as well as their distance, heading, and other pertinent data.
While safety is a primary motivation for vessel automation—more than 1,100 ships have been lost over the past decade—these new technologies could make ships more efficient and less expensive to operate, according to a story in Wired about the Rolls Royce Intelligence Awareness system.
Sea Hunt Meets Science
As Singularity Hub noted in a previous article, ocean robots can also play a critical role in saving the seas from environmental threats. One poster child that has emerged—or, invaded—is the spindly lionfish.
A venomous critter endemic to the Indo-Pacific region, the lionfish is now found up and down the east coast of North America and beyond. And it is voracious, eating up to 30 times its own stomach volume and reducing juvenile reef fish populations by nearly 90 percent in as little as five weeks, according to the Ocean Support Foundation.
That has made the colorful but deadly fish Public Enemy No. 1 for many marine conservationists. Both researchers and startups are developing autonomous robots to hunt down the invasive predator.
At the Worcester Polytechnic Institute, for example, students are building a spear-carrying robot that uses machine learning and computer vision to distinguish lionfish from other aquatic species. The students trained the algorithms on thousands of different images of lionfish. The result: a lionfish-killing machine that boasts an accuracy of greater than 95 percent.
Meanwhile, a small startup called the American Marine Research Corporation out of Pensacola, Florida is applying similar technology to seek and destroy lionfish. Rather than spearfishing, the AMRC drone would stun and capture the lionfish, turning a profit by selling the creatures to local seafood restaurants.
Lionfish: It’s what’s for dinner.
Water Bots
A new wave of smart, independent robots are diving, swimming, and cruising across the ocean and its deepest depths. These autonomous systems aren’t necessarily designed to replace humans, but to venture where we can’t go or to improve safety at sea. And, perhaps, these latest innovations may inspire the robots that will someday plumb the depths of watery planets far from Earth.
Image Credit: Houston Mechatronics, Inc. Continue reading →
Posted in Human Robots
#434246 How AR and VR Will Shape the Future of ...
How we work and play is about to transform.
After a prolonged technology “winter”—or what I like to call the ‘deceptive growth’ phase of any exponential technology—the hardware and software that power virtual (VR) and augmented reality (AR) applications are accelerating at an extraordinary rate.
Unprecedented new applications in almost every industry are exploding onto the scene.
Both VR and AR, combined with artificial intelligence, will significantly disrupt the “middleman” and make our lives “auto-magical.” The implications will touch every aspect of our lives, from education and real estate to healthcare and manufacturing.
The Future of Work
How and where we work is already changing, thanks to exponential technologies like artificial intelligence and robotics.
But virtual and augmented reality are taking the future workplace to an entirely new level.
Virtual Reality Case Study: eXp Realty
I recently interviewed Glenn Sanford, who founded eXp Realty in 2008 (imagine: a real estate company on the heels of the housing market collapse) and is the CEO of eXp World Holdings.
Ten years later, eXp Realty has an army of 14,000 agents across all 50 US states, three Canadian provinces, and 400 MLS market areas… all without a single traditional staffed office.
In a bid to transition from 2D interfaces to immersive, 3D work experiences, virtual platform VirBELA built out the company’s office space in VR, unlocking indefinite scaling potential and an extraordinary new precedent.
Real estate agents, managers, and even clients gather in a unique virtual campus, replete with a sports field, library, and lobby. It’s all accessible via head-mounted displays, but most agents join with a computer browser. Surprisingly, the campus-style setup enables the same type of water-cooler conversations I see every day at the XPRIZE headquarters.
With this centralized VR campus, eXp Realty has essentially thrown out overhead costs and entered a lucrative market without the same constraints of brick-and-mortar businesses.
Delocalize with VR, and you can now hire anyone with internet access (right next door or on the other side of the planet), redesign your corporate office every month, throw in an ocean-view office or impromptu conference room for client meetings, and forget about guzzled-up hours in traffic.
As a leader, what happens when you can scalably expand and connect your workforce, not to mention your customer base, without the excess overhead of office space and furniture? Your organization can run faster and farther than your competition.
But beyond the indefinite scalability achieved through digitizing your workplace, VR’s implications extend to the lives of your employees and even the future of urban planning:
Home Prices: As virtual headquarters and office branches take hold of the 21st-century workplace, those who work on campuses like eXp Realty’s won’t need to commute to work. As a result, VR has the potential to dramatically influence real estate prices—after all, if you don’t need to drive to an office, your home search isn’t limited to a specific set of neighborhoods anymore.
Transportation: In major cities like Los Angeles and San Francisco, the implications are tremendous. Analysts have revealed that it’s already cheaper to use ride-sharing services like Uber and Lyft than to own a car in many major cities. And once autonomous “Car-as-a-Service” platforms proliferate, associated transportation costs like parking fees, fuel, and auto repairs will no longer fall on the individual, if not entirely disappear.
Augmented Reality: Annotate and Interact with Your Workplace
As I discussed in a recent Spatial Web blog, not only will Web 3.0 and VR advancements allow us to build out virtual worlds, but we’ll soon be able to digitally map our real-world physical offices or entire commercial high-rises.
Enter a professional world electrified by augmented reality.
Our workplaces are practically littered with information. File cabinets abound with archival data and relevant documents, and company databases continue to grow at a breakneck pace. And, as all of us are increasingly aware, cybersecurity and robust data permission systems remain a major concern for CEOs and national security officials alike.
What if we could link that information to specific locations, people, time frames, and even moving objects?
As data gets added and linked to any given employee’s office, conference room, or security system, we might then access online-merge-offline environments and information through augmented reality.
Imagine showing up at your building’s concierge and your AR glasses automatically check you into the building, authenticating your identity and pulling up any reminders you’ve linked to that specific location.
You stop by a friend’s office, and his smart security system lets you know he’ll arrive in an hour. Need to book a public conference room that’s already been scheduled by another firm’s marketing team? Offer to pay them a fee and, once accepted, a smart transaction will automatically deliver a payment to their company account.
With blockchain-verified digital identities, spatially logged data, and virtually manifest information, business logistics take a fraction of the time, operations grow seamless, and corporate data will be safer than ever.
Or better yet, imagine precise and high-dexterity work environments populated with interactive annotations that guide an artisan, surgeon, or engineer through meticulous handiwork.
Take, for instance, AR service 3D4Medical, which annotates virtual anatomy in midair. And as augmented reality hardware continues to advance, we might envision a future wherein surgeons perform operations on annotated organs and magnified incision sites, or one in which quantum computer engineers can magnify and annotate mechanical parts, speeding up reaction times and vastly improving precision.
The Future of Free Time and Play
In Abundance, I wrote about today’s rapidly demonetizing cost of living. In 2011, almost 75 percent of the average American’s income was spent on housing, transportation, food, personal insurance, health, and entertainment. What the headlines don’t mention: this is a dramatic improvement over the last 50 years. We’re spending less on basic necessities and working fewer hours than previous generations.
Chart depicts the average weekly work hours for full-time production employees in non-agricultural activities. Source: Diamandis.com data
Technology continues to change this, continues to take care of us and do our work for us. One phrase that describes this is “technological socialism,” where it’s technology, not the government, that takes care of us.
Extrapolating from the data, I believe we are heading towards a post-scarcity economy. Perhaps we won’t need to work at all, because we’ll own and operate our own fleet of robots or AI systems that do our work for us.
As living expenses demonetize and workplace automation increases, what will we do with this abundance of time? How will our children and grandchildren connect and find their purpose if they don’t have to work for a living?
As I write this on a Saturday afternoon and watch my two seven-year-old boys immersed in Minecraft, building and exploring worlds of their own creation, I can’t help but imagine that this future is about to enter its disruptive phase.
Exponential technologies are enabling a new wave of highly immersive games, virtual worlds, and online communities. We’ve likely all heard of the Oasis from Ready Player One. But far beyond what we know today as ‘gaming,’ VR is fast becoming a home to immersive storytelling, interactive films, and virtual world creation.
Within the virtual world space, let’s take one of today’s greatest precursors, the aforementioned game Minecraft.
For reference, Minecraft is over eight times the size of planet Earth. And in their free time, my kids would rather build in Minecraft than almost any other activity. I think of it as their primary passion: to create worlds, explore worlds, and be challenged in worlds.
And in the near future, we’re all going to become creators of or participants in virtual worlds, each populated with assets and storylines interoperable with other virtual environments.
But while the technological methods are new, this concept has been alive and well for generations. Whether you got lost in the world of Heidi or Harry Potter, grew up reading comic books or watching television, we’ve all been playing in imaginary worlds, with characters and story arcs populating our minds. That’s the nature of childhood.
In the past, however, your ability to edit was limited, especially if a given story came in some form of 2D media. I couldn’t edit where Tom Sawyer was going or change what Iron Man was doing. But as a slew of new software advancements underlying VR and AR allow us to interact with characters and gain (albeit limited) agency (for now), both new and legacy stories will become subjects of our creation and playgrounds for virtual interaction.
Take VR/AR storytelling startup Fable Studio’s Wolves in the Walls film. Debuting at the 2018 Sundance Film Festival, Fable’s immersive story is adapted from Neil Gaiman’s book and tracks the protagonist, Lucy, whose programming allows her to respond differently based on what her viewers do.
And while Lucy can merely hand virtual cameras to her viewers among other limited tasks, Fable Studio’s founder Edward Saatchi sees this project as just the beginning.
Imagine a virtual character—either in augmented or virtual reality—geared with AI capabilities, that now can not only participate in a fictional storyline but interact and dialogue directly with you in a host of virtual and digitally overlayed environments.
Or imagine engaging with a less-structured environment, like the Star Wars cantina, populated with strangers and friends to provide an entirely novel social media experience.
Already, we’ve seen characters like that of Pokémon brought into the real world with Pokémon Go, populating cities and real spaces with holograms and tasks. And just as augmented reality has the power to turn our physical environments into digital gaming platforms, advanced AR could bring on a new era of in-home entertainment.
Imagine transforming your home into a narrative environment for your kids or overlaying your office interior design with Picasso paintings and gothic architecture. As computer vision rapidly grows capable of identifying objects and mapping virtual overlays atop them, we might also one day be able to project home theaters or live sports within our homes, broadcasting full holograms that allow us to zoom into the action and place ourselves within it.
Increasingly honed and commercialized, augmented and virtual reality are on the cusp of revolutionizing the way we play, tell stories, create worlds, and interact with both fictional characters and each other.
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Posted in Human Robots
#433770 Will Tech Make Insurance Obsolete in the ...
We profit from it, we fear it, and we find it impossibly hard to quantify: risk.
While not the sexiest of industries, insurance can be a life-saving protector, pooling everyone’s premiums to safeguard against some of our greatest, most unexpected losses.
One of the most profitable in the world, the insurance industry exceeded $1.2 trillion in annual revenue since 2011 in the US alone.
But risk is becoming predictable. And insurance is getting disrupted fast.
By 2025, we’ll be living in a trillion-sensor economy. And as we enter a world where everything is measured all the time, we’ll start to transition from protecting against damages to preventing them in the first place.
But what happens to health insurance when Big Brother is always watching? Do rates go up when you sneak a cigarette? Do they go down when you eat your vegetables?
And what happens to auto insurance when most cars are autonomous? Or life insurance when the human lifespan doubles?
For that matter, what happens to insurance brokers when blockchain makes them irrelevant?
In this article, I’ll be discussing four key transformations:
Sensors and AI replacing your traditional broker
Blockchain
The ecosystem approach
IoT and insurance connectivity
Let’s dive in.
AI and the Trillion-Sensor Economy
As sensors continue to proliferate across every context—from smart infrastructure to millions of connected home devices to medicine—smart environments will allow us to ask any question, anytime, anywhere.
And as I often explain, once your AI has access to this treasure trove of ubiquitous sensor data in real time, it will be the quality of your questions that make or break your business.
But perhaps the most exciting insurance application of AI’s convergence with sensors is in healthcare. Tremendous advances in genetic screening are empowering us with predictive knowledge about our long-term health risks.
Leading the charge in genome sequencing, Illumina predicts that in a matter of years, decoding the full human genome will drop to $100, taking merely one hour to complete. Other companies are racing to get you sequences faster and cheaper.
Adopting an ecosystem approach, incumbent insurers and insurtech firms will soon be able to collaborate to provide risk-minimizing services in the health sector. Using sensor data and AI-driven personalized recommendations, insurance partnerships could keep consumers healthy, dramatically reducing the cost of healthcare.
Some fear that information asymmetry will allow consumers to learn of their health risks and leave insurers in the dark. However, both parties could benefit if insurers become part of the screening process.
A remarkable example of this is Gilad Meiri’s company, Neura AI. Aiming to predict health patterns, Neura has developed machine learning algorithms that analyze data from all of a user’s connected devices (sometimes from up to 54 apps!).
Neura predicts a user’s behavior and draws staggering insights about consumers’ health risks. Meiri soon began selling his personal risk assessment tool to insurers, who could then help insured customers mitigate long-term health risks.
But artificial intelligence will impact far more than just health insurance.
In October of 2016, a claim was submitted to Lemonade, the world’s first peer-to-peer insurance company. Rather than being processed by a human, every step in this claim resolution chain—from initial triage through fraud mitigation through final payment—was handled by an AI.
This transaction marks the first time an AI has processed an insurance claim. And it won’t be the last. A traditional human-processed claim takes 40 days to pay out. In Lemonade’s case, payment was transferred within three seconds.
However, Lemonade’s achievement only marks a starting point. Over the course of the next decade, nearly every facet of the insurance industry will undergo a similarly massive transformation.
New business models like peer-to-peer insurance are replacing traditional brokerage relationships, while AI and blockchain pairings significantly reduce the layers of bureaucracy required (with each layer getting a cut) for traditional insurance.
Consider Juniper, a startup that scrapes social media to build your risk assessment, subsequently asking you 12 questions via an iPhone app. Geared with advanced analytics, the platform can generate a million-dollar life insurance policy, approved in less than five minutes.
But what’s keeping all your data from unwanted hands?
Blockchain Building Trust
Current distrust in centralized financial services has led to staggering rates of underinsurance. Add to this fear of poor data and privacy protection, particularly in the wake of 2017’s widespread cybercriminal hacks.
Enabling secure storage and transfer of personal data, blockchain holds remarkable promise against the fraudulent activity that often plagues insurance firms.
The centralized model of insurance companies and other organizations is becoming redundant. Developing blockchain-based solutions for capital markets, Symbiont develops smart contracts to execute payments with little to no human involvement.
But distributed ledger technology (DLT) is enabling far more than just smart contracts.
Also targeting insurance is Tradle, leveraging blockchain for its proclaimed goal of “building a trust provisioning network.” Built around “know-your-customer” (KYC) data, Tradle aims to verify KYC data so that it can be securely forwarded to other firms without any further verification.
By requiring a certain number of parties to reuse pre-verified data, the platform makes your data much less vulnerable to hacking and allows you to keep it on a personal device. Only its verification—let’s say of a transaction or medical exam—is registered in the blockchain.
As insurance data grow increasingly decentralized, key insurance players will experience more and more pressure to adopt an ecosystem approach.
The Ecosystem Approach
Just as exponential technologies converge to provide new services, exponential businesses must combine the strengths of different sectors to expand traditional product lines.
By partnering with platform-based insurtech firms, forward-thinking insurers will no longer serve only as reactive policy-providers, but provide risk-mitigating services as well.
Especially as digital technologies demonetize security services—think autonomous vehicles—insurers must create new value chains and span more product categories.
For instance, France’s multinational AXA recently partnered with Alibaba and Ant Financial Services to sell a varied range of insurance products on Alibaba’s global e-commerce platform at the click of a button.
Building another ecosystem, Alibaba has also collaborated with Ping An Insurance and Tencent to create ZhongAn Online Property and Casualty Insurance—China’s first internet-only insurer, offering over 300 products. Now with a multibillion-dollar valuation, Zhong An has generated about half its business from selling shipping return insurance to Alibaba consumers.
But it doesn’t stop there. Insurers that participate in digital ecosystems can now sell risk-mitigating services that prevent damage before it occurs.
Imagine a corporate manufacturer whose sensors collect data on environmental factors affecting crop yield in an agricultural community. With the backing of investors and advanced risk analytics, such a manufacturer could sell crop insurance to farmers. By implementing an automated, AI-driven UI, they could automatically make payments when sensors detect weather damage to crops.
Now let’s apply this concept to your house, your car, your health insurance.
What’s stopping insurers from partnering with third-party IoT platforms to predict fires, collisions, chronic heart disease—and then empowering the consumer with preventive services?
This brings us to the powerful field of IoT.
Internet of Things and Insurance Connectivity
Leap ahead a few years. With a centralized hub like Echo, your smart home protects itself with a network of sensors. While gone, you’ve left on a gas burner and your internet-connected stove notifies you via a home app.
Better yet, home sensors monitoring heat and humidity levels run this data through an AI, which then remotely controls heating, humidity levels, and other connected devices based on historical data patterns and fire risk factors.
Several firms are already working toward this reality.
AXA plans to one day cooperate with a centralized home hub whereby remote monitoring will collect data for future analysis and detect abnormalities.
With remote monitoring and app-centralized control for users, MonAXA is aimed at customizing insurance bundles. These would reflect exact security features embedded in smart homes.
Wouldn’t you prefer not to have to rely on insurance after a burglary? With digital ecosystems, insurers may soon prevent break-ins from the start.
By gathering sensor data from third parties on neighborhood conditions, historical theft data, suspicious activity and other risk factors, an insurtech firm might automatically put your smart home on high alert, activating alarms and specialized locks in advance of an attack.
Insurance policy premiums are predicted to vastly reduce with lessened likelihood of insured losses. But insurers moving into preventive insurtech will likely turn a profit from other areas of their business. PricewaterhouseCoopers predicts that the connected home market will reach $149 billion USD by 2020.
Let’s look at car insurance.
Car insurance premiums are currently calculated according to the driver and traits of the car. But as more autonomous vehicles take to the roads, not only does liability shift to manufacturers and software engineers, but the risk of collision falls dramatically.
But let’s take this a step further.
In a future of autonomous cars, you will no longer own your car, instead subscribing to Transport as a Service (TaaS) and giving up the purchase of automotive insurance altogether.
This paradigm shift has already begun with Waymo, which automatically provides passengers with insurance every time they step into a Waymo vehicle.
And with the rise of smart traffic systems, sensor-embedded roads, and skyrocketing autonomous vehicle technology, the risks involved in transit only continue to plummet.
Final Thoughts
Insurtech firms are hitting the market fast. IoT, autonomous vehicles and genetic screening are rapidly making us invulnerable to risk. And AI-driven services are quickly pushing conventional insurers out of the market.
By 2024, roll-out of 5G on the ground, as well as OneWeb and Starlink in orbit are bringing 4.2 billion new consumers to the web—most of whom will need insurance. Yet, because of the changes afoot in the industry, none of them will buy policies from a human broker.
While today’s largest insurance companies continue to ignore this fact at their peril (and this segment of the market), thousands of entrepreneurs see it more clearly: as one of the largest opportunities ahead.
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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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