NEW DELHI: In a concerted effort towards making India a leading nation in the field of artificial intelligence, Prime Minister Narendra Modi has asked Niti Aayog to familiarise all ministries with the high-end technology and explain how it can be leveraged to address the country's socio-economic problems. Central ministries will be required to set up dedicated artificial intelligence cells and eventually they will all be integrated to help scale up the performance of all social indicators. Following this directive from the PM, the government's think-tank is likely to periodically review the progress made on AI across ministries. The Aayog has already initiated pilot projects on adoption of AI across health, education and agriculture. By May end, it will formulate a national strategy/policy on AI, outlining the scope of research, adoption and commercialisation of the technology.
The workforce crisis is looming, a situation that could hit the global economy to the tune of $10 trillion, according to some studies. The crux of the problem relates to a mismatch between supply and demand, with some economies facing a workforce shortage and others a surplus. "An equilibrium in supply and demand is rapidly becoming the exception, not the norm," a report from the Boston Consulting Group (BCG) noted. "Between 2020 and 2030, we project significant worldwide labor-force imbalances -- shortfalls, in particular. One significant implication is the potential aggregate value of GDP squandered, because either these nations cannot fill the jobs available or they cannot create enough jobs for the workers they have."
In January, Wall Street investors were optimistic tax cuts would sustain economic growth and the Trump bull market. As spring arrives, the world has proven decidedly more uncertain. The administration has not articulated end game goals for the trade standoff with China. President Xi Jinping is offering some concessions but his commitment to industrial policies that target vital American industries remains clear and menacing. An all-out trade war could disrupt global supply chains, nix planned investment spending, stall both economies and tank stocks.
The future of work is up for debate between tech giants and CEOs alike. And when it comes to artificial intelligence, the fog has yet to lift. Is it due to the uncertainty around AI and its ever-growing presence in the tech industry? Or, is it due to the looming changes that the use of AI could create? Whatever the case, no one can seem to agree.
Youth Unemployment & the Lost Generation. It's enough to make your head spin! We are living in a time of unparalleled change and contradictions. At the same time we have amazing changes technology and business models that are providing opportunities and riches for some and leaving others behind, frustrated, confused and angry. Not since the mid-1800s have we seen such a radical change in labor markets, business models and political systems.
Compliance with legislation is a basic condition for all businesses. However, few industries are as regulated as the financial sector. Since the financial crisis, the volume of regulations has grown exponentially, and market participants now find themselves operating in a minefield of various legal rules. The Fourth Anti-Money Laundering Directive, the revised Payment Services Directive and the MiFID II Directive and a range of other rules impose significant compliance requirements on banks and other financial service firms. Among the developments spawning from these new rules has been the growth of the regtech market, which is quickly displacing manual risk and compliance procedures with cutting edge technology such as artificial intelligence, machine learning and blockchain solutions.
SingularityNet is the world's first decentralized marketplace for AI, aimed to democratize access, creation and scaling of AI services in the new global economy. Artificial Intelligence will revolutionize the world... in many ways it already has! SingularityNET wants to facilitate the upcoming changes by offering a new, unprecedented approach to the way AI is developed, marketed and deployed. More than just an appstore for artificial intelligence services: it's a new ecosystem for AI agents to provide services, exchange data and collaborate between themselves, helping deliver more efficient, cost effective and decentralized automation for the betterment of tomorrow's society. Any potential consumer will be able to browse SingularityNET's catalog of AI Services, or request their specific needs to the SingularityNET AI producer network.
Australian Communications Minister Mitch Fifield has announced the launch of a new Bureau of Communications and Arts Research paper on 5G. Speaking during the CommsDay Summit in Sydney on Monday morning, Fifield said the paper is the next phase of the work being done by the government's 5G Working Group on the impact of 5G on agriculture, health, and autonomous vehicles. "Today, further to this work, I'm pleased to release a new paper that examines the potential impact of 5G on productivity and economic growth," Fifield said. "The Bureau of Communications Research paper was one of the first items considered by the working group when it met earlier this year." Impacts of 5G on productivity and economic growth: April 2018 Working paper [PDF] estimates that 5G will improve multifactor productivity (MFP) by adding between AU$1,300 and AU$2,000 in gross domestic product per person within a decade after being rolled out.
While there is much current attention on technology displacing workers in the near future, this type of disruption is not new. There is a long history of technology altering the way things are produced and having significant impacts on employment. In 1900, for instance, 41 percent of the U.S. labor force was employed in agriculture. Thanks to the development of a broad range of agricultural technologies, by 2000 only 2 percent of the U.S. labor force worked in agriculture (see this study for a review). The U.S. lost more than 5 million jobs in manufacturing since the year 2000 despite steady output growth, a sign that robots are replacing human labor.
The concept of big data can be hard to pin down – how would you define it? Per Nymand-Andersen: Big data can be defined as a source of information and intelligence resulting from the recording of operations, or from the combination of such records. There are many examples of recorded operations – records of supermarket purchases, robot and sensor information in production processes, satellite sensors, images, as well as behaviour, event and opinion-driven records from search engines, including information from social media and speech recognition tools. The list seems endless, with more and more information becoming public and digital as a result – for example, the use of credit and debit payments, trading and settlement platforms, and housing, health, education and work-related records. Should central banks take advantage of big data?