Tag Archives: United States
#435462 Where Death Ends and Cyborgs Begin, With ...
Transhumanism is a growing movement but also one of the most controversial. Though there are many varying offshoots within the movement, the general core idea is the same: evolve and enhance human beings by integrating biology with technology.
We recently sat down with one of the most influential and vocal transhumanists, author and futurist Zoltan Istvan, on the latest episode of Singularity University Radio’s podcast series: The Feedback Loop, to discuss his ideas on technological implants, religion, transhumanism, and death.
Although Zoltan’s origin story is rooted deeply in his time as a reporter for National Geographic, much of his rise to prominence has been a result of his contributions to a variety of media outlets, including an appearance on the Joe Rogan podcast. Additionally, many of you may know him from his novel, The Transhumanist Wager, and his 2016 presidential campaign, where he drove around the United States in a bus that had been remodeled into the shape of a coffin.
Although Zoltan had no illusions about actually winning the presidency, he had hoped that the “immortality bus” and his campaign might help inject more science, technology, and longevity research into the political discourse, or at the very least spark a more serious conversation around the future of our species.
Only time will tell if his efforts paid off, but in the meantime, you can hear Zoltan discuss religion, transhumanism, implants, the existential motivation of death, and the need for new governmental policies in Episode 7 of The Feedback Loop. To listen in each week you can find us on your favorite podcasting platforms, such as Spotify, Apple, or Google, and you can find links to other podcasting platforms and Singularity Hub’s text-to-speech articles here. You can also find our past episodes with other thought leaders like Douglas Rushkoff and Annaka Harris below.
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#435080 12 Ways Big Tech Can Take Big Action on ...
Bill Gates and Mark Zuckerberg have invested $1 billion in Breakthrough Energy to fund next-generation solutions to tackle climate. But there is a huge risk that any successful innovation will only reach the market as the world approaches 2030 at the earliest.
We now know that reducing the risk of dangerous climate change means halving global greenhouse gas emissions by that date—in just 11 years. Perhaps Gates, Zuckerberg, and all the tech giants should invest equally in innovations to do with how their own platforms —search, social media, eCommerce—can support societal behavior changes to drive down emissions.
After all, the tech giants influence the decisions of four billion consumers every day. It is time for a social contract between tech and society.
Recently myself and collaborator Johan Falk published a report during the World Economic Forum in Davos outlining 12 ways the tech sector can contribute to supporting societal goals to stabilize Earth’s climate.
Become genuine climate guardians
Tech giants go to great lengths to show how serious they are about reducing their emissions. But I smell cognitive dissonance. Google and Microsoft are working in partnership with oil companies to develop AI tools to help maximize oil recovery. This is not the behavior of companies working flat-out to stabilize Earth’s climate. Indeed, few major tech firms have visions that indicate a stable and resilient planet might be a good goal, yet AI alone has the potential to slash greenhouse gas emissions by four percent by 2030—equivalent to the emissions of Australia, Canada, and Japan combined.
We are now developing a playbook, which we plan to publish later this year at the UN climate summit, about making it as simple as possible for a CEO to become a climate guardian.
Hey Alexa, do you care about the stability of Earth’s climate?
Increasingly, consumers are delegating their decisions to narrow artificial intelligence like Alexa and Siri. Welcome to a world of zero-click purchases.
Should algorithms and information architecture be designed to nudge consumer behavior towards low-carbon choices, for example by making these options the default? We think so. People don’t mind being nudged; in fact, they welcome efforts to make their lives better. For instance, if I want to lose weight, I know I will need all the help I can get. Let’s ‘nudge for good’ and experiment with supporting societal goals.
Use social media for good
Facebook’s goal is to bring the world closer together. With 2.2 billion users on the platform, CEO Mark Zuckerberg can reasonably claim this goal is possible. But social media has changed the flow of information in the world, creating a lucrative industry around a toxic brown-cloud of confusion and anger, with frankly terrifying implications for democracy. This has been linked to the rise of nationalism and populism, and to the election of leaders who shun international cooperation, dismiss scientific knowledge, and reverse climate action at a moment when we need it more than ever.
Social media tools need re-engineering to help people make sense of the world, support democratic processes, and build communities around societal goals. Make this your mission.
Design for a future on Earth
Almost everything is designed with computer software, from buildings to mobile phones to consumer packaging. It is time to make zero-carbon design the new default and design products for sharing, re-use and disassembly.
The future is circular
Halving emissions in a decade will require all companies to adopt circular business models to reduce material use. Some tech companies are leading the charge. Apple has committed to becoming 100 percent circular as soon as possible. Great.
While big tech companies strive to be market leaders here, many other companies lack essential knowledge. Tech companies can support rapid adoption in different economic sectors, not least because they have the know-how to scale innovations exponentially. It makes business sense. If economies of scale drive the price of recycled steel and aluminium down, everyone wins.
Reward low-carbon consumption
eCommerce platforms can create incentives for low-carbon consumption. The world’s largest experiment in greening consumer behavior is Ant Forest, set up by Chinese fintech giant Ant Financial.
An estimated 300 million customers—similar to the population of the United States—gain points for making low-carbon choices such as walking to work, using public transport, or paying bills online. Virtual points are eventually converted into real trees. Sure, big questions remain about its true influence on emissions, but this is a space for rapid experimentation for big impact.
Make information more useful
Science is our tool for defining reality. Scientific consensus is how we attain reliable knowledge. Even after the information revolution, reliable knowledge about the world remains fragmented and unstructured. Build the next generation of search engines to genuinely make the world’s knowledge useful for supporting societal goals.
We need to put these tools towards supporting shared world views of the state of the planet based on the best science. New AI tools being developed by startups like Iris.ai can help see through the fog. From Alexa to Google Home and Siri, the future is “Voice”, but who chooses the information source? The highest bidder? Again, the implications for climate are huge.
Create new standards for digital advertising and marketing
Half of global ad revenue will soon be online, and largely going to a small handful of companies. How about creating a novel ethical standard on what is advertised and where? Companies could consider promoting sustainable choices and healthy lifestyles and limiting advertising of high-emissions products such as cheap flights.
We are what we eat
It is no secret that tech is about to disrupt grocery. The supermarkets of the future will be built on personal consumer data. With about two billion people either obese or overweight, revolutions in choice architecture could support positive diet choices, reduce meat consumption, halve food waste and, into the bargain, slash greenhouse gas emissions.
The future of transport is not cars, it’s data
The 2020s look set to be the biggest disruption of the automobile industry since Henry Ford unveiled the Model T. Two seismic shifts are on their way.
First, electric cars now compete favorably with petrol engines on range. Growth will reach an inflection point within a year or two once prices reach parity. The death of the internal combustion engine in Europe and Asia is assured with end dates announced by China, India, France, the UK, and most of Scandinavia. Dates range from 2025 (Norway) to 2040 (UK and China).
Tech giants can accelerate the demise. Uber recently announced a passenger surcharge to help London drivers save around $1,500 a year towards the cost of an electric car.
Second, driverless cars can shift the transport economic model from ownership to service and ride sharing. A complete shift away from privately-owned vehicles is around the corner, with large implications for emissions.
Clean-energy living and working
Most buildings are barely used and inefficiently heated and cooled. Digitization can slash this waste and its corresponding emissions through measurement, monitoring, and new business models to use office space. While, just a few unicorns are currently in this space, the potential is enormous. Buildings are one of the five biggest sources of emissions, yet have the potential to become clean energy producers in a distributed energy network.
Creating liveable cities
More cities are setting ambitious climate targets to halve emissions in a decade or even less. Tech companies can support this transition by driving demand for low-carbon services for their workforces and offices, but also by providing tools to help monitor emissions and act to reduce them. Google, for example, is collecting travel and other data from across cities to estimate emissions in real time. This is possible through technologies like artificial intelligence and the internet of things. But beware of smart cities that turn out to be not so smart. Efficiencies can reduce resilience when cities face crises.
It’s a Start
Of course, it will take more than tech to solve the climate crisis. But tech is a wildcard. The actions of the current tech giants and their acolytes could serve to destabilize the climate further or bring it under control.
We need a new social contract between tech companies and society to achieve societal goals. The alternative is unthinkable. Without drastic action now, climate chaos threatens to engulf us all. As this future approaches, regulators will be forced to take ever more draconian action to rein in the problem. Acting now will reduce that risk.
Note: A version of this article was originally published on World Economic Forum
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#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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