Finance, Media, and Consumer Products
Video Transcript
Tim Stenovec: Much like cloud computing services, the US is only going to need a handful of banking clouds. On those clouds will be built an enormous number of banking apps and services that banking and people will rely on. Services from banks will become unbundled and absolutely geared toward niche markets. The types of business investors have also changed over time. We’ve seen angel investors enter the space plus opportunities associated with crowdfunding.
Crowdfunding and investment sites are democratizing investment and allowing chances for more people act as both investors and investees. Blockchain has also provided a unique way for companies to raise money. A company can now offer tokens to investors instead of stock.
Blockchains’ one-of-a-kind technology allows it to govern itself and track the movement of tokens. It’s still largely unregulated, however. There will again be new prospects coming up for entrepreneurs in the finance sector. This includes the area of consumer apps. These apps will insert themselves between consumers and big banks. There’s also a lot of opportunity around taxes, which are likely to become fully automated as well.
Startups will also emerge around commercial banking services where entrepreneurs can focus on niche markets for small businesses. The final opportunities here will be around digital currencies and blockchain technology.
As Tunisia states, quote: “Beyond currencies, Blockchain allows for money, trusts, and contracts to be encoded in software and distributed across the planet to anyone that has access to the Cloud in ways that are tamper-proof,” end quote.
The Impact of A.I. on Companies, Entrepreneurs, and Individuals
Video Transcript
Tim Stenovec: Hello everyone, Tim Stenovec here. Over the last few weeks, we’ve discussed some changes that we’ll likely see that will radically shift our economy due to A.I., automation and other technological advances. Now as a result of those changes, there’s gonna be a call for changes in our policies, too.
As Tunisia states, quote: “Automation driven behind A.I. and robotics consume the vast numbers of people with no way to make enough money to lead a dignified life,” end quote. To address this fact, there has been an ongoing discussion around implementing a UBI or universal basic income at some point in the future. This shift has already begun and will continue to play out over the next 20 years. Genomics, robotics drone’s, 3D printing and IoT will bring about a massive shift of jobs away from large corporations and manufacturers. That’ll be up to the government to help people adjust to the shift.
The partnership on A.I. has been formed by Microsoft, Google, Amazon, IBM, and others. Their goal is to enact their moral duty as the shift takes place. This major change is something that we need to get ahead of now to ensure that it will all turn out well in the future.
Further exacerbating this phenomenon will be people simultaneously living longer lives due to advances in genomics and related health products. Many corporate jobs will also be automated away. Large portions of our current population will have limited options for making money. And additional tax would need to be implemented on those who are employed to cover those on UBI. This additional taxation might be between 17% and 36%.
Tunisia suggests thinking of technology as a way of unleashing human potential instead of replacing it. He suggests treating it like a brilliant partner we have to work with to maximize our performance and efficiency. There are also systematic issues related to technology to think about and the related ethical implications. These issues involve monopolistic platforms and Algorithmic Accountability.
Answer the following question(s) in a 1 page (minimum) paper:
1. Discuss crypto currency and blockchain technology and how they might impact the economy.
2. Discuss some of the ethical considerations associated with AI and Automation and the impact they may have on the economy.
