Blockchain
Yes, robots will take our jobs — But that’s okay
Published
1 Monat agoon
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Across numerous industries throughout the decades, there has always been a pervasive fear that robots are going to take our jobs. While there has been plenty of evidence that automation ultimately moves human workers off production lines, automation often needs human interaction in order to operate within acceptable margins. When we think of these robots taking our jobs and get angry, we’re holding on to an antiquated task view of the world that, with or without us, is going to change.
When we think about robots taking our jobs, we layer on a vision of humanoid androids literally doing the tasks we’re doing. While there is plenty of speculation around this type of usurping, we should be thinking a bit smaller in scale. In a physical sense (a robotic arm or something more tangible), robotics and artificial intelligence have already been woven into industries like healthcare and retail. This has changed the workforce, as it has shifted around the implementation of robotic assistance.
While AI is usually the most frequently referenced technology in these scenarios, blockchain could play a role as well. Smart contracts are designed to facilitate the execution of a set of terms between two systems. So, it’s reasonable to imagine a world in which blockchain and crypto technology replace certain management or human resources functions in office settings. Repetitive tasks like, well, task assignment could be handled on the blockchain in the near future.
That’s only part of our robotic future
The smaller-scale applications of robotics — such as AI-enhanced call centers, for instance — are the ones in which most of us will be operating. Within these call centers, as an example, AI will serve as chatbots, voice routing systems and customer-service-enhanced servicing. It will enable customer service agents to be human when needed, while routing and analyzing data to serve both the client and customer. It will be the same for many industries implementing AI systems to handle large sets of data and tedious tasks formerly handled by teams of humans.
It’s losing direct touchpoint visibility to those tasks that creates the fear of job loss. This mindset, or unwillingness to adapt to change and shift how we operate in the workplace, is nothing new. It has been that way since the first automation was introduced on automotive assembly lines. Yet, humans are nimble and have always found ways to adapt. As we see more and more AI systems implemented in order to handle complex tasks with speed, assisting businesses in growth and data management, we’ll see more and more humans being forced to pivot to new roles that may look nothing like anything they’ve ever done.
Economists predict that by 2030, robots will have assumed 20 million jobs from human workers. Considering that the United States is operating right now at record unemployment levels, those are a lot of jobs lost. This is where we need to adjust our thinking. Robots can have those jobs. They should have those jobs. Without it, there is no innovation — there is no change. We invent a process, we perfect that process, and then we implement automation to streamline that process so that we can move on to the next one.
There is always something next
Nearly every robotic process or automation creates a new job for a human. The new normal demands not only human oversight for robotic implementation but complementary roles that will see human jobs created to work in conjunction with these so-called robots. AI needs to be trained, delivery robots need to be maintained, and so on. This isn’t to say that the jobs robots will be taking are not worth the effort of humans to keep for as long as possible.
In order to properly hand off task-oriented and functional jobs to automation, they must be studied, practiced and broken down into singular bits of information that could then be programmatically trained to an AI system or physical robot. With an AI system, that training would evolve into machine learning that needs to be monitored and documented for future use cases and applications.
We have to start coming to the realization that at the current speed of AI as it is being implemented in industries large and small, there will be attrition. There has to be attrition, as this is the only solid path to innovation. This isn’t to say that the only path to innovation is the job loss of human workers or that they should then somehow turn their unemployment into innovative ideas — although, some inevitably will. For instance, robots will force us to evolve in how we operate supply chains and how we communicate with computer interfaces.
This evolution in business processes concerns things like how our smart machines communicate with other smart machines and how AI systems can be utilized to enable sustainable technology in sectors such as energy and manufacturing. These advances wouldn’t exist without fighting through the resistance to automation taking jobs.
The idea of robots taking jobs has always brought with it a generally negative view of the entire picture. The focus is often on a singular job or role that has been replaced by a robot rather than the jobs created by that automation.
The bigger picture is one of change, of a constantly shifting way of thinking and doing business. AI brings with it the ability to analyze unimaginable data sets, automate previously unattainable processes, and bring forward a future that will ultimately provide jobs for everyone.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Dominik Schiener is a co-founder of the Iota Foundation — a nonprofit foundation based in Berlin. He oversees partnerships and the overall realization of the project’s vision. Iota is a distributed ledger technology for the Internet of Things and is one of the largest cryptocurrencies. Additionally, he won the largest blockchain hackathon in Shanghai. For the past two years, he has been focused on enabling the machine economy through Iota.
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Blockchain
Bringing carbon emissions reporting into the new age via blockchain
Published
3 Stunden agoon
Dezember 29, 2020By
Blockchain for supply chain management is one of the most practical business applications for large, multi-party sectors seeking trust and transparency across daily operations. As such, the mining and metals sector has now started to leverage blockchain technology to effectively track carbon emissions across complex, global supply chains.
This month, the World Economic Forum launched a proof-of-concept to trace carbon emissions across the supply chains of seven mining and metals firms. Known as the Mining and Metals Blockchain Initiative, or MMBI, this is a collaboration between the WEF and industry companies including Anglo American, Antofagasta Minerals, Eurasian Resources Group, Glencore, Klöckner & Co., Minsur, and Tata Steel.
Jörgen Sandström, head of the WEF’s Mining and Metals Industry, told Cointelegraph that the distributed nature of blockchain technology makes it the perfect solution for companies within the sector looking to trace carbon emissions:
“Forward-thinking organizations in the mining and metals space are starting to understand the disruptive potential of blockchain to solve pain points, while also recognizing that the industry-wide collaboration around blockchain is necessary.”
According to Sandström, many blockchain projects intended to support responsible sourcing have been bilateral, resulting in a fractured system. However, this new initiative from the WEF is driven entirely by the mining and metals industry and aims to demonstrate blockchain’s full potential to track carbon emissions across the entire value chain.
While vast, the current proof-of-concept is focused on tracing carbon emissions in the copper value chain, Sandström shared. He also explained that a private blockchain network powered by Dutch blockchain development company Kryha is being leveraged to track greenhouse gas emissions from the mine to the smelter and all the way to the original equipment manufacturer. Sandström mentioned that the platform’s vision is to create a carbon emissions blueprint for all essential metals, demonstrating mine-to-market-and-back via recycling.
To put things in perspective, according to a recent report from McKinsey & Company, mining is currently responsible for 4% to 7% of greenhouse gas emissions globally. The document states that Scope 1 and Scope 2 CO2 emissions from the sector (those incurred through mining operations and power consumption) amount to 1%, while fugitive-methane emissions from coal mining are estimated at 3% to 6%. Additionally, 28% of global emissions is considered Scope 3, or indirect emissions, including the combustion of coal.
Unfortunately, the mining industry has been slow to meet emission-reduction goals. The document notes that current targets published by mining companies range from 0% to 30% by 2030 — well below the goals laid out in the Paris Agreement. Moreover, the COVID-19 crisis has exacerbated the sector’s unwillingness to change. A blog post from Big Four firm Ernest & Young shows that decarbonization and a green agenda will be one of the biggest business opportunities for mining and metals companies in 2021, as these have become prominent issues in the wake of the pandemic. Sandström added:
“The industry needs to respond to the increasing demands of minerals and materials while responding to increasing demands by consumers, shareholders and regulators for a higher degree of sustainability and traceability of the products.”
Why blockchain?
While it’s clear that the mining and metals industry needs to reduce carbon emissions to meet sustainability standards and other goals, blockchain is arguably a solution that can deliver just that in comparison to other technologies.
This concept was outlined in detail in an NS Energy op-ed written by Joan Collell, a business strategy leader and the chief commercial officer at FlexiDAO, an energy technology software provider. He explained that Scope 1, 2 and 3 emission supply chains must all be measured accurately, requiring a high level of integration and coordination between multiple supply chain networks. He added:
“Different entities have to share the necessary data for the sustainability certification of products and to guarantee their traceability. This is an essential step, since everything that can be quantified is no longer a risk, but it becomes a management problem.”
According to Collel, data sharing has two main purposes: to provide transparency and traceability. Meanwhile, the main feature of a blockchain network is to provide transparency and traceability across multiple participants. On this, Collel noted: “The distributed ledger of blockchain can register in real time the consumption data of different entities across different locations and calculate the carbon intensity of that consumption.”
Collel also noted that a digital certificate outlining the amount of energy transferred can then be produced, showing exactly where and when emissions were produced. Ultimately, blockchain can provide trust, traceability and auditability across mining and metals supply chains, thus helping reduce carbon emissions.
Data challenges may hamper productivity
While blockchain may appear as the ideal solution for tracing carbon emissions across mining and metals supply chains, data challenges must be taken into consideration.
Sal Ternullo, co-lead for U.S. Cryptoasset Services at KPMG, told Cointelegraph that capturing data cryptographically across the entire value chain will indeed transform the ability to accurately measure the carbon intensity of different metals. “It’s all about the accuracy of source, the resulting data and the intrinsic value that can be verified end to end,” he said. However, Ternullo pointed out that data capture and validation are the hardest parts of this equation:
“Where, when, how (source-cadence-process) are issues that organizations are still grappling with. There are a number of blockchain protocols and solutions that can be configured to meet this use case but the challenge of data capture and validation is often not considered to the extent that it should be.”
According to Ternullo, the sector’s lack of clear standards on how emissions should be tracked further compounds these challenges. He mentioned that while some organizations have doubled down on the Sustainability Accounting Standards Board’s capture and reporting standard, there are several other standards that must be evaluated before an organization can proceed with automation, technology and analytical components that would make these processes transparent to both shareholders and consumers.
To his point, Sandström mentioned that the current proof-of-concept focused on tracing carbon emissions in the copper value chain demonstrates that participants can collaborate and test practical solutions to sustainability issues that cannot be resolved by individual companies. At the same time, Sandström stated that the WEF is sensitive to how data is treated and shared: “Having an industry approach enables us to focus on practical and finding viable ways to deliver on our vision.”
An industry approach is also helpful, with Ternullo explaining that an organization’s operating models for culture and technology must be aligned to ensure success. This is the case with all enterprise blockchain projects that require data sharing and new ways of collaboration, which may very well be easier to overcome when performed from an industry perspective.
Blockchain
The new ‘Bank of England’ is ‘no bank at all’
Published
3 Stunden agoon
Dezember 29, 2020By
As one of the first countries to industrialize in the 1760s, Britain’s manufacturing revolution instigated one of the greatest practical and ubiquitous changes in human history. But even more extraordinary than the cultural shift itself, is the fact that Britain’s industrialization remained way ahead of potential competition for decades. Only in the early 1900s did historians come to grips with the issues of causation. Max Weber’s pithy answer, “the Protestant work ethic,” pointed to Puritan seriousness, diligence, fiscal prudence and hard work. Others point to the establishment of the Bank of England in 1694 as a foundation for financial stability.
In contrast, continental Europe lurched from one national debt crisis to another, then threw itself headlong into the Napoleonic wars. Unsurprisingly, it was not until after 1815 that industrialization took place on the European mainland, where it was spearheaded by the new country of Belgium.
250 years later, another revolution has begun with the launch of Bitcoin (BTC), but this one is more commercial in nature than industrial. Though the full impact has yet to play out, the parallels between these two historical events are already striking.
Bitcoin may not match the obviousness of industrialization, but the underlying pragmatics touch on the very foundations of the non-barter economy. Like the establishment of the Bank of England, the creation of the cryptocurrency infrastructure has been prompted by ongoing and worsening threats to financial stability: systemic fault-lines created by macroeconomic challenges stemming from the 2008 financial crisis.
If you can’t beat ‘em, join ‘em…right?
Where a central bank once anchored financial enlightenment, it now plays the role of antagonist. For those who could “connect the dots” in 2008, there was the realization that central banks no longer existed as guardians and protectors of national currencies, but rather as tools for creating politicized market distortions, abandoning their duty to preserve wealth in favor of creating the conditions for limitless, cheap government debt. While many of the underlying intentions were benign, the process inherently worked to punish savers and reward reckless debt.
Meanwhile, it has steadily taken time for the potential of digital assets to reach their potential and approach something like critical mass, though thankfully full acceptance shouldn’t take as long as Britain’s industrial revolution. Over the past 12 years, cryptocurrencies have moved from unknown to novel to significant, growing interest. As a result, profound changes are underway, affecting the mechanics by which investors, the investment industry, wealth managers and even the commercial banking sector are engaging with cryptocurrencies.
This interest has accelerated as we enter into a period of deep economic uncertainty and growing awareness that structural soundness is shifting away from traditional investment options. Not only that, this growing financial innovation and public interest has largely occurred outside of the central banks’ control, if not outright antagonism led by the banks’ regulatory arms in government.
Now, many central banks are trying to join a game they’ve tried almost every way of beating, with digital currencies that adopt the glowing sheen of crypto innovation, but which also eschew the underlying innovations and philosophy that made those innovations so popular to begin with.
Follow or get out of the way
The popularity of cryptocurrency has largely been due to its protean fungibility — it has been whatever the independent financial community has needed it to be, from digital currency to speculative financial instruments to smart contracts that can power smart financial technology.
However hard central banks might try to co-opt the hype of cryptocurrency, cryptocurrency succeeding will mark the fundamental end of critical aspects of the central banking monopoly by offering a more competitive vehicle for facilitating commercial transactions and providing a more stable medium to store monetized assets. Cryptocurrencies actually offer real returns on “cash” deposits, something that the fiat banking system has long since abandoned. Most of all, cryptocurrencies reveal the fictitious nature of fiat currencies as a principle.
Cryptocurrencies as an ecosystem will increasingly constrain, redirect and set the parameters for government macroeconomic policies. Certainly, sound alternatives to fiat currencies will drive the latter to the periphery of commercial life, concomitantly reducing the number of tools the nation-state has at its disposal to regulate or respond to changing economic conditions. Above all, this means that government financial engagement can no longer be a rule unto itself. It will have to engage by the same principles as everyone else. A level playing field here has dramatic implications.
Against the backdrop of the essential limits of fiat currencies, current geo- and macroeconomic policies and a new emerging world order, cryptocurrencies offer vast potential as an efficiency facilitating frictionless commerce and investment, a medium of stability against uncertainty and inflation, increased security in value transfer and wealth management, optimum autonomy in an increasingly intrusive climate, and “cash” asset preservation/growth in a world of negative interest rates.
The edifice that supports the concept of a “global reserve currency” is also weakening. This will reduce political influence over global finance, as well as nations’ abilities to run a long-term balance of payments deficits, current account deficits and borrow at little or no interest. Indeed, given current trends, changes in trading mechanics may speedily evolve to the point that such “reserve currencies” no longer have a function at all. And cryptocurrency success will hasten the end of the U.S. dollar monopoly in global commerce.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
James Gillingham is the CEO and a co-founder of Finxflo. James is engaged in developing and implementing strategic plans and company policies, maintaining an open dialogue with stakeholders and driving organizational success. He is an expert in managing and executing high-level strategic objectives with more than 13 years’ experience in building, developing and expanding multinational organizations. His deep knowledge of financial markets, digital currencies and fintech has played a pivotal role in his success to date.
Blockchain
Why you wouldn’t eat chicken nuggets, and why you shouldn’t trust Big Data
Published
14 Stunden agoon
Dezember 29, 2020By
Just like you might think twice about eating chicken nuggets once you see how they are made, you’d likely hesitate about volunteering your personal information once you see how it is used and monetized.
Freedom has become one of the world’s most commoditized assets — and over the years, the internet has eroded it.
We live in a world where we’re confronted with 5,000 words of terms and conditions when buying sneakers. Crucial details about what companies do with our data is buried in masses of legalese — prompting most of us to click “I agree” without thinking of the consequences.
In other cases, companies are unacceptably opaque about how our data is used. This is a big problem when businesses are offering their services for “free”… provided we can give our email address, phone number and a few other details.
A scene from the recent sci-fi series Maniac perfectly illustrated where the world is heading. A character is given a choice — they can either pay for their subway ticket or get it for free in exchange for some personal information. As you’d guess, they bluntly chose the latter.
That’s basically what we’re doing every day — giving our data to corporations, big and small, and sacrificing our privacy and freedom in the process.
It’s gotten so bad that individual states have had to step in with rules and regulations designed to protect the public, many of whom are unaware of what they’re signing up for when they tick a seemingly innocuous box on a website.
And it’s also telling that tech giants are worried about the taps being turned off. When Apple unveiled a new feature that would enable users to opt out of having their activity tracked across apps and websites, Facebook launched a ferocious PR campaign against the measures. The social network said it was speaking out to protect the small businesses who rely on its platform for targeted advertising. Cynics among you will see it as a brazen attempt to protect profits by a company charged with some of the most insidious and influential data mining in history.
Pandora’s box has been opened
The tide is beginning to change — because we’ve opened Pandora’s box — and the world is starting to have long-overdue discussions about the privacy we’re entitled to online.
For more than 10 years now, we’ve experienced abundant financial freedom thanks to Bitcoin (BTC) and its rivals… but there’s still a long way to go in other parts of our society.
Last week, I went to the shop and spontaneously bought some moisturizer, and when I got home, I did a Google search to learn more about the product. For the next seven days, I was bombarded with moisturizer ads on Facebook.
Just like our health, our well-being and our careers, freedom is an inner personal responsibility that we need to monitor, maintain and protect — especially in the digital realm, where it can all too easily be sold in exchange for access to free services.
To feel free and safe in our homes, we rely on the privacy of our ownership, and the trustworthiness of our friends and neighbors. Government laws and housing association rules underwrite this. But we also entrust our financial privacy to institutions — in the expectation that they will be held accountable by regulators and central banks — and the whole reason Bitcoin launched in 2009 was because our expectations weren’t being met.
Why blockchain is the answer
Every modern proof-of-stake blockchain tackles the problems surrounding digital privacy and trust in a unique way, and in these vibrant communities, decentralized governance helps to ensure that standards are upheld, with slashing mechanisms serving as a deterrent to those who are tempted to work against a network’s best interests.
With PoS blockchains, users benefit from informed consent. They’re kept in the loop about proposals for improving and expanding the network and ideas for new services. Digital social consensus means they can read debates about the pros and cons associated with each proposal, come to their own conclusions, and cast a vote accordingly. Can you honestly imagine a tech giant doing this?
Privacy issues can be solved by generating abstract network addresses that are not permanently tied to public keys — or through the use of special proxy smart contracts, which are similar to VPN and Tor but on top of the blockchain.
Can blockchain technology solve some of the most pressing privacy and trust issues seen in a generation? I believe so. Once the technology is there and transactions are cheap enough, consumers will be able to make a choice — share their private data or pay a small fee instead.
We need to learn harsh lessons from the past and make the right decision this time around. I remember the early days of email when spam messages were a big issue. A small sender’s fee was considered as a way of circumventing this problem — but in the end, the likes of Gmail came out on top. Now, there’s no monetary cost… we just pay the small price of Google hosting all of our electronic correspondence.
Proof-of-stake blockchains can deliver cheap transactions, decentralized governance that regulates the network’s rules, maximum privacy, and no data collection policies. Each story starts with trust — and in the blockchain world, the trust starts with the network.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Vladimir Maslyakov is the CTO of Thekey.space and former CTO of Exante.eu. He developed several distributed financial systems as an IT architect. He has been a blockchain enthusiast since 2012 and is an initial member of the Free TON community.
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