Lifeboat Foundation: Safeguarding Humanity
Toggle light / dark theme

Blog

Category: finance

Circa 2012

Hundreds of the world’s brightest minds — engineers from Google and IBM, hedge funds quants, and Defense Department contractors building artificial intelligence — were gathered in rapt attention inside the auditorium of the San Francisco Masonic Temple atop Nob Hill. It was the first day of the seventh annual Singularity Summit, and Julia Galef, the President of the Center for Applied Rationality, was speaking onstage. On the screen behind her, Galef projected a giant image from the film Blade Runner: the replicant Roy, naked, his face stained with blood, cradling a white dove in his arms.

At this point in the movie, Roy is reaching the end of his short, pre-programmed life, “The poignancy of his death scene comes from the contrast between that bitter truth and the fact that he still feels his life has meaning, and for lack of a better word, he has a soul,” said Galef. “To me this is the situation we as humans have found ourselves in over the last century. Turns out we are survival machines created by ancient replicators, DNA, to produce as many copies of them as possible. This is the bitter pill that science has offered us in response to our questions about where we came from and what it all means.”

The Singularity Summit bills itself as the world’s premier event on robotics, artificial intelligence, and other emerging technologies. The attendees, who shelled out $795 for a two-day pass, are people whose careers depend on data, on empirical proof. Peter Norvig, Google’s Director of Research, discussed advances in probabilistic first-order logic. The Nobel prize-winning economist Daniel Kahneman lectured on the finer points of heuristics and biases in human psychology. The Power Point presentations were full of math equations and complex charts. Yet time and again the conversation drifted towards the existential: the larger, unanswerable questions of life.

Read more | >

PricewaterhouseCoopers, the large accounting and management consulting firm, released a startling report indicating that workers will be highly impacted by the fast-growing rise of artificial intelligence, robots and related technologies.

Banking and financial services employees, factory workers and office staff will seemingly face the loss of their jobs—or need to find a way to reinvent themselves in this brave new world.

The term “artificial intelligence” is loosely used to describe the ability of a machine to mimic human behavior. AI includes well-known applications, such as Siri, GPS, Spotify, self-driving vehicles and the larger-than-life robots made by Boston Robotics that perform incredible feats.

Read more | >

Fintech risk management systems are getting a makeover. By adding machine learning technologies to their traditional rules-based fraud management systems, banks hope that they can do better at catching real criminals while declining fewer legitimate credit card transactions. ML technologies, though, have their own gotchas.

Here and there, although not necessarily everywhere, banks are introducing machine language technologies into their fraud detection systems. Essentially, the objective is twofold: to detect real incidents of fraud quickly and accurately, and to do so while preventing false positives, in which legitimate transactions are wrongly tagged as suspicious.

Large banks have led the way in spending on ML-enabled risk management, says Steven D’Alfonso, a research director at IDC responsible for compliance, fraud, and risk analytics strategies for IDC Financial Insights. Lots of bigger banks plan to expand the artificial intelligence (AI)-enabled fraud detection systems into enterprise-wide decision support systems. Many smaller banks that haven’t yet embarked on ML are expected to follow by signing on for ML managed services.

Read more | >

Social media giant Facebook Inc. is planning to acquire CTRL-Labs, a technology startup that is working on a software to let people control a digital avatar using only with their thoughts. Apparently, as per reports, Facebook is ready to strike a deal between $500 million and $1 billion.

The closely held four-year-old startup, which has dozens of employees and has raised tens of millions in venture capital, uses a bracelet to measure neuron activity in a subject’s arm to determine movement that person is thinking about, even if they aren’t physically moving. That neuron activity is then translated into movement on a digital screen. However, Facebook has declined to comment on the price of the acquisition.

Technology like CTRL-Labs’s may sometime in the future play a crucial part of products like augmented reality glasses, where a user might want to control a computer without the need for buttons or a keyboard. “Your hands could be in your pocket, behind you,” explained Thomas Reardon, chief executive officer of CTRL-Labs, at an industry conference last December. “It’s the intention [to move], not the movement” itself that controls the avatar, he said.

Read more | >

The previously “impossible to solve” problems for some of the biggest financial, technological and academic institutions will soon be solved in Poughkeepsie.

That’s according to IBM, which announced the opening of its first Quantum Computing Center on Wednesday, based on its Poughkeepsie campus.

Quantum computing is “nothing short of a revolution for how we are going to process information,” Director of IBM Research Dario Gil said. While computers have traditionally processed binary code — a collection of ones and zeroes — quantum computers, he said, process information in qubits, or quantum bits.

Read more | >

https://www.youtube.com/watch?v=c8F57ZaE9bw&t=1s

Financial analysts are looking at Elon Musk’s plans to surround Earth with thousands of high-speed internet satellites — and they see a lot of green.

Read more | >

Artificial intelligence is infiltrating every industry, allowing vehicles to navigate without drivers, assisting doctors with medical diagnoses, and giving financial institutions more nuanced ways to predict risk. But for all the authentic use cases, there’s a lot of hype too.

Read more | >

Biometric mobile wallets — payment technologies using our faces, fingerprints or retinas — already exist. Notable technology companies including Apple AAPL, +2.62% and Amazon AMZN, +0.26% await a day when a critical mass of consumers is sufficiently comfortable walking into a store and paying for goods without a card or device, according to Sinnreich, author of “The Essential Guide to Intellectual Property.”

Removing the last physical barrier — smartphones, watches, smart glasses and credit cards — between our bodies and corporate America is the final frontier in mobile payments. “The deeper the tie between the human body and the financial networks, the fewer intimate spaces will be left unconnected to those networks,” Sinnreich said.

Read more | >