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Category: finance

Exponential Finance celebrates the incredible opportunity at the intersection of technology and finance. Watch live as hundreds of the world’s leading investors, entrepreneurs and innovators gather in New York to define the future of the way we do business.

In Bitcoin’s early years computer scientists and early adopters were running the show. Now, a new community of academics, entrepreneurs, and economists, are working with cryptocurrencies and blockchain to bring the technology to a new set of diverse applications.

From building peer-to-peer networks for secure data computation and storage to decentralized content management systems that give patients access to health-care records across hospital databases, blockchain and digital currencies are starting to rewrite the rules of the 21st century transaction.

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Hmmmm.

Bengaluru: Wipro Ltd will use its artificial intelligence platform Holmes to automate several aspects of its so-called fixed-price projects, saving up to $46.5 million and freeing around 3,000 engineers from mundane software maintenance activities.

The move is part of Wipro’s larger plan to generate $60-$70 million in revenue by selling the platform to new and existing clients in the current financial year.

A Wipro spokesperson declined comment.

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It’s not all that easy to call KnuEdge a startup. Created a decade ago by Daniel Goldin, the former head of the National Aeronautics and Space Administration, KnuEdge is only now coming out of stealth mode. It has already raised $100 million in funding to build a “neural chip” that Goldin says will make data centers more efficient in a hyperscale age.

Goldin, who founded the San Diego, California-based company with the former chief technology officer of NASA, said he believes the company’s brain-like chip will be far more cost and power efficient than current chips based on the computer design popularized by computer architect John von Neumann. In von Neumann machines, memory and processor are separated and linked via a data pathway known as a bus. Over the years, von Neumann machines have gotten faster by sending more and more data at higher speeds across the bus as processor and memory interact. But the speed of a computer is often limited by the capacity of that bus, leading to what some computer scientists to call the “von Neumann bottleneck.” IBM has seen the same problem, and it has a research team working on brain-like data center chips. Both efforts are part of an attempt to deal with the explosion of data driven by artificial intelligence and machine learning.

Goldin’s company is doing something similar to IBM, but only on the surface. Its approach is much different, and it has been secretly funded by unknown angel investors. And Goldin said in an interview with VentureBeat that the company has already generated $20 million in revenue and is actively engaged in hyperscale computing companies and Fortune 500 companies in the aerospace, banking, health care, hospitality, and insurance industries. The mission is a fundamental transformation of the computing world, Goldin said.

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“Supporters point to the fact that 21st-Century work is increasingly automated, with more and more traditional jobs, in factories, retail and even in finance and accounting, being done by machines. And they do not need salaries.”

(I highly recommend this article, with all kinds of pros and cons, spare a couple of minutes and read it)

Switzerland is holding a landmark vote on whether to give each citizen a guaranteed basic income, the BBC’s Imogen Foulkes reports.

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The writer is referring to D-Wave (not Dwave) in his article.

Dwave Systems and 1QB Information Technologies Inc. (1QBit), a quantum software firm, and financial industry experts today announced the launch of Quantum for Quants (quantumforquants.org), an online community designed specifically for quantitative analysts and other experts focused on complex problems in finance. Launched at the Global Derivatives Trading and Risk Management conference in Budapest, the online community will allow quantitative finance and quantum computing professionals to share ideas and insights regarding quantum technology and to explore its application to the finance industry. Through this community financial industry experts will also be granted access to quantum computing software tools, simulators, and other resources and expertise to explore the best ways to tackle the most difficult computational problems in finance using entirely new techniques.

“Quantum computers enable us to use the laws of physics to solve intractable mathematical problems,” said Marcos López de Prado, Senior Managing Director at Guggenheim Partners and a Research Fellow at Lawrence Berkeley National Laboratory’s Computational Research Division. “This is the beginning of a new era, and it will change the job of the mathematician and computer scientist in the years to come.”

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Y Combinator, a seed accelerator and startup incubator, plans to inaugurate a short-term “universal basic income” experiment in Oakland, California; it’s a first step toward a larger, projected five-year study of the guaranteed cost-of-living salary.

There’s been a lot of talk lately about “basic income”—the notion of a guaranteed financial disbursement to every human being simply for being alive.

It’s an idea that has garnered a great deal of support in certain circles, for obvious reasons (free money); however, many see it as the natural progression of society…as the only viable way of dealing with issues like increased automation, poverty, etc. Indeed, many see in a universal basic income (UBI) an instrument of liberty, and an effective tool for combating the threats of social unrest, economic dislocation, and various other forms of civil strife that are often the corollaries of unemployment.

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Excellent story; glad that this bank in Australia is getting prepared for Quantum now instead of later which will be too late for some. Good news is that Wall Street as well as the US Government are getting educated on Quantum Computing. I do hope more and more businesses and institutions start developing their own internal QC expertise so that they are prepared for the switch that is coming across all industries.

The Commonwealth Bank’s decision to contribute millions of dollars to quantum computing research is not just about the significant commercial potential of the technology itself but also about developing its own in-house expertise in the area, according to chief information officer David Whiteing.

The bank last year committed to contributing $10 million over five years to UNSW’s Centre for Quantum Computation and Communication Technology (CQC2T). That was in addition to $5 million it announced in December 2014 that it would put towards the centre.

(Telstra last year announced it would also invest $10 million in the centre. The government’s $1.1b Innovation Agenda included $26 million for UNSW’s quantum computing research efforts.)

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Wall Street banks are buzzing about blockchain.

Goldman Sachs says the technology “has the potential to redefine transactions” and can change “everything.”

JPMorgan last month announced it was launching a trial project with the blockchain startup led by its former executive, Blythe Masters. Her company, Digital Asset Holdings, has secured funding from Goldman, Citi, ICAP, and a boatload of other financial firms.

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The world of money and finance is completely different than it was a century ago, with decentralized banks and electronic balances making it possible to access your funds from just about anywhere on Earth. Writer Edward Bellamy’s 1888 novel Looking Backward was a huge success in its day, but it’s best remembered for introducing the concept of “universal credit.” Citizens of his future utopia carry a card that allows them to spend “credit” from a central bank on goods and services without paper money changing hands.

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So, sharing this for us who hope to save humanity from bad decisions. US Federal Reserve doesn’t know where they misplaced $9 trillion. Makes one ask “why is it that we still are paying taxes when the US misplaces $9 trillion dollars?”

Rep. Alan Grayson questions the FED inspector General where $9 TRillion dollars went… and Inspector General Elizabeth Coleman hasn’t a clue…Dunno whether to laugh or cry — I am still getting over the shock and have watched 4 times — LISTEN carefully to what she says — THEY HAVE NO JURISTRICTION to investigate the fed!!! Only their programs?? OK the world has been fooled long enough ENOUGH ENOUGH!!! Get the hell outa paper money people and if you buy gold and silver — get the real stuff not paper gold etc. This is pure evil!

I am not sure exactly when this took place — anyone have any idea when this was?

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