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#435119 Are These Robots Better Than You at ...
Robot technology is evolving at breakneck speed. SoftBank’s Pepper is found in companies across the globe and is rapidly improving its conversation skills. Telepresence robots open up new opportunities for remote working, while Boston Dynamics’ Handle robot could soon (literally) take a load off human colleagues in warehouses.
But warehouses and offices aren’t the only places where robots are lining up next to humans.
Toyota’s Cue 3 robot recently showed off its basketball skills, putting up better numbers than the NBA’s most accurate three-point shooter, the Golden State Warriors’ Steph Curry.
Cue 3 is still some way from being ready to take on Curry, or even amateur basketball players, in a real game. However, it is the latest member of a growing cast of robots challenging human dominance in sports.
As these robots continue to develop, they not only exemplify the speed of exponential technology development, but also how those technologies are improving human capabilities.
Meet the Contestants
The list of robots in sports is surprisingly long and diverse. There are robot skiers, tumblers, soccer players, sumos, and even robot game jockeys. Introductions to a few of them are in order.
Robot: Forpheus
Sport: Table tennis
Intro: Looks like something out of War of the Worlds equipped with a ping pong bat instead of a death ray.
Ability level: Capable of counteracting spin shots and good enough to beat many beginners.
Robot: Sumo bot
Sport: Sumo wrestling
Intro: Hyper-fast, hyper-aggressive. Think robot equivalent to an angry wasp on six cans of Red Bull crossed with a very small tank.
Ability level: Flies around the ring way faster than any human sumo. Tend to drive straight out of the ring at times.
Robot: Cue 3
Sport: Basketball
Intro: Stands at an imposing 6 foot and 10 inches, so pretty much built for the NBA. Looks a bit like something that belongs in a video game.
Ability level: A 62.5 percent three-pointer percentage, which is better than Steph Curry’s; is less mobile than Charles Barkley – in his current form.
Robot: Robo Cup Robots
Intro: The future of soccer. If everything goes to plan, a team of robots will take on the Lionel Messis and Cristiano Ronaldos of 2050 and beat them in a full 11 vs. 11 game.
Ability level: Currently plays soccer more like the six-year-olds I used to coach than Lionel Messi.
The Limiting Factor
The skill level of all the robots above is impressive, and they are doing things that no human contestant can. The sumo bots’ inhuman speed is self-evident. Forpheus’ ability to track the ball with two cameras while simultaneously tracking its opponent with two other cameras requires a look at the spec sheet, but is similarly beyond human capability. While Cue 3 can’t move, it makes shots from the mid-court logo look easy.
Robots are performing at a level that was confined to the realm of science fiction at the start of the millennium. The speed of development indicates that in the near future, my national team soccer coach would likely call up a robot instead of me (he must have lost my number since he hasn’t done so yet. It’s the only logical explanation), and he’d be right to do so.
It is also worth considering that many current sports robots have a humanoid form, which limits their ability. If engineers were to optimize robot design to outperform humans in specific categories, many world champions would likely already be metallic.
Swimming is perhaps one of the most obvious. Even Michael Phelps would struggle to keep up with a torpedo-shaped robot, and if you beefed up a sumo robot to human size, human sumos might impress you by running away from them with a 100-meter speed close to Usain Bolt’s.
In other areas, the playing field for humans and robots is rapidly leveling. One likely candidate for the first head-to-head competitions is racing, where self-driving cars from the Roborace League could perhaps soon be ready to race the likes of Lewis Hamilton.
Tech Pushing Humans
Perhaps one of the biggest reasons why it may still take some time for robots to surpass us is that they, along with other exponential technologies, are already making us better at sports.
In Japan, elite volleyball players use a robot to practice their attacks. Some American football players also practice against robot opponents and hone their skills using VR.
On the sidelines, AI is being used to analyze and improve athletes’ performance, and we may soon see the first AI coaches, not to mention referees.
We may even compete in games dreamt up by our electronic cousins. SpeedGate, a new game created by an AI by studying 400 different sports, is a prime example of that quickly becoming a possibility.
However, we will likely still need to make the final call on what constitutes a good game. The AI that created SpeedGate reportedly also suggested less suitable pastimes, like underwater parkour and a game that featured exploding frisbees. Both of these could be fun…but only if you’re as sturdy as a robot.
Image Credit: RoboCup Standard Platform League 2018, ©The Robocup Federation. Published with permission of reproduction granted by the RoboCup Federation. Continue reading
#434818 Watch These Robots Do Tasks You Thought ...
Robots have been masters of manufacturing at speed and precision for decades, but give them a seemingly simple task like stacking shelves, and they quickly get stuck. That’s changing, though, as engineers build systems that can take on the deceptively tricky tasks most humans can do with their eyes closed.
Boston Dynamics is famous for dramatic reveals of robots performing mind-blowing feats that also leave you scratching your head as to what the market is—think the bipedal Atlas doing backflips or Spot the galloping robot dog.
Last week, the company released a video of a robot called Handle that looks like an ostrich on wheels carrying out the seemingly mundane task of stacking boxes in a warehouse.
It might seem like a step backward, but this is exactly the kind of practical task robots have long struggled with. While the speed and precision of industrial robots has seen them take over many functions in modern factories, they’re generally limited to highly prescribed tasks carried out in meticulously-controlled environments.
That’s because despite their mechanical sophistication, most are still surprisingly dumb. They can carry out precision welding on a car or rapidly assemble electronics, but only by rigidly following a prescribed set of motions. Moving cardboard boxes around a warehouse might seem simple to a human, but it actually involves a variety of tasks machines still find pretty difficult—perceiving your surroundings, navigating, and interacting with objects in a dynamic environment.
But the release of this video suggests Boston Dynamics thinks these kinds of applications are close to prime time. Last week the company doubled down by announcing the acquisition of start-up Kinema Systems, which builds computer vision systems for robots working in warehouses.
It’s not the only company making strides in this area. On the same day the video went live, Google unveiled a robot arm called TossingBot that can pick random objects from a box and quickly toss them into another container beyond its reach, which could prove very useful for sorting items in a warehouse. The machine can train on new objects in just an hour or two, and can pick and toss up to 500 items an hour with better accuracy than any of the humans who tried the task.
And an apple-picking robot built by Abundant Robotics is currently on New Zealand farms navigating between rows of apple trees using LIDAR and computer vision to single out ripe apples before using a vacuum tube to suck them off the tree.
In most cases, advances in machine learning and computer vision brought about by the recent AI boom are the keys to these rapidly improving capabilities. Robots have historically had to be painstakingly programmed by humans to solve each new task, but deep learning is making it possible for them to quickly train themselves on a variety of perception, navigation, and dexterity tasks.
It’s not been simple, though, and the application of deep learning in robotics has lagged behind other areas. A major limitation is that the process typically requires huge amounts of training data. That’s fine when you’re dealing with image classification, but when that data needs to be generated by real-world robots it can make the approach impractical. Simulations offer the possibility to run this training faster than real time, but it’s proved difficult to translate policies learned in virtual environments into the real world.
Recent years have seen significant progress on these fronts, though, and the increasing integration of modern machine learning with robotics. In October, OpenAI imbued a robotic hand with human-level dexterity by training an algorithm in a simulation using reinforcement learning before transferring it to the real-world device. The key to ensuring the translation went smoothly was injecting random noise into the simulation to mimic some of the unpredictability of the real world.
And just a couple of weeks ago, MIT researchers demonstrated a new technique that let a robot arm learn to manipulate new objects with far less training data than is usually required. By getting the algorithm to focus on a few key points on the object necessary for picking it up, the system could learn to pick up a previously unseen object after seeing only a few dozen examples (rather than the hundreds or thousands typically required).
How quickly these innovations will trickle down to practical applications remains to be seen, but a number of startups as well as logistics behemoth Amazon are developing robots designed to flexibly pick and place the wide variety of items found in your average warehouse.
Whether the economics of using robots to replace humans at these kinds of menial tasks makes sense yet is still unclear. The collapse of collaborative robotics pioneer Rethink Robotics last year suggests there are still plenty of challenges.
But at the same time, the number of robotic warehouses is expected to leap from 4,000 today to 50,000 by 2025. It may not be long until robots are muscling in on tasks we’ve long assumed only humans could do.
Image Credit: Visual Generation / Shutterstock.com Continue reading
#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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Image Credit: Novikov Aleksey / Shutterstock.com Continue reading