As revolutionary as blockchain technology is, it is no secret that a number of flaws remain present. Notably, a number of existing blockchains are still unable to reach consensus on how to improve speed and scalability, without compromising on security and decentralization. While the technology does offer a number of key benefits, the underlying network is arguably not fit for purpose. With that being said, we seek to explore whether emerging technologies such as artificial intelligence (AI) can enhance the capabilities of existing blockchain frameworks. Whether it's with respect to manufacturing processes, the customer experience, agriculture or health care – the benefits of AI are practically endless.
Tim Purcell, R&D Director at Datel, examines the possible impact of leading edge technologies on the global supply chain. Supply chain technology has evolved at an incredible pace throughout the years and will only continue to evolve. Advancements in this space are revolutionising the way people work and are also helping to drive businesses forward and remain competitive. Over the next few years, we will see advancement in trends such as blockchain and AI advance and we will begin to see companies looking seriously at these technologies as they consider their digital transformation strategies. Managing today's supply chain can be extremely complex.
AI seems to be well on its way to becoming the most overused buzzword of the tech industry, but don't be put off by the hype. Some fintech companies in Asia are actually making use of natural language processing or machine learning for detecting fraud and making investment decisions. I recently interviewed two CEOs--Simon Loong from the Hong Kong unicorn WeLab and Jianyu Tu from MioTech--to better understand some of the recent developments in AI in Asia's fintech industry. Philippe Branche: First, could you describe your company in a few words? Simon Loong: WeLab is a fintech company providing seamless digital financial services.
Top nations like Germany, Singapore and South Korea have adopted AI and robotics into the healthcare sector. Korea is the leading nation for AI adoption followed by Singapore, China and Taiwan according to an ITIF report. Healthcare systems around the world, notably the UK's National Health Service, have already engaged the use of AI health assistant programs to modify the clinical process with the help of applications and programs to give their patients information as well as facilitate meetings with clinicians. An Indian software company Sigtuple, created an AI- based telepathology system that automates their smart microscopes to take pictures and upload on cloud. This allows efficiency among pathologists for their diagnosis.
The'AI Apocalypse' might kill humanity before any actual robot uprising Education Images/Universal Images Group via Getty Images You can think of artificial intelligence (AI) in the same way you think about cloud computing, if you think about either of them through an environmental lens: an enormous and growing source of carbon emissions, with the very real potential to choke out humans' ability to breathe clean air long before a sentient and ornery AI goes all Skynet on us. At the moment, data centers--the enormous rooms full of stacks and stacks of servers that juggle dank memes, fire tweets, your vitally important Google docs and all the other data that is stored somewhere other than on your phone and in your home computer--use about 2% of the world's electricity. SEE ALSO: Can Giant Snow-Blowing Cannons Save Earth From Climate Change? Of that, servers that run AI--processing all the data and making the decisions and computations that a machine mimicking a human brain must handle in order to achieve "deep learning"--use about 0.1% of the world's electricity, according to a recent MIT Technology Review article. The likelihood that figure will grow, it turns out, is quite good.
The company covers a good range of services based on blockchain. Last year in the month of October, the company was looking into holding an IPO (initial public offering) through stock exchange listing in Amsterdam, London or Hong Kong, as per sources. Also in the same year, the company closed an 80 million U.S. Dollar funding which was led by Korelya Capital. Market analysts and experts alike think that the company has a very potent and has the capacity to touch the value of 3 to 5 billion U.S. Dollars, the moment it gets public. This is anticipated in a coming couple of years.
The graph represents a network of 2,229 Twitter users whose tweets in the requested range contained "#FinServ", or who were replied to or mentioned in those tweets. The network was obtained from the NodeXL Graph Server on Sunday, 11 August 2019 at 11:32 UTC. The requested start date was Sunday, 11 August 2019 at 00:01 UTC and the maximum number of days (going backward) was 14. The maximum number of tweets collected was 5,000. The tweets in the network were tweeted over the 12-day, 3-hour, 52-minute period from Monday, 29 July 2019 at 20:00 UTC to Saturday, 10 August 2019 at 23:53 UTC.
Opportunities for fintech lie within applied AI, and its potential is valued at $1 trillion in cost savings by 2030, according to a report by Autonomous Research LLP. Savings will be realized throughout the front, middle and back office. In the front office, expected savings are $490 billion, of which almost half will come from applying AI to security and administrative tasks at retail branches. In the middle office, expected savings are $350 billion, of which more than half will come from applying AI to compliance, KYC/AML and authentication. In the back office, expected savings are $200 billion, of which almost a quarter will come from applying AI to underwriting and collections.
NeoGrowth is a pioneer in lending based on the underwriting of digital payments data. The Company's proprietary technology platform offers unsecured loans to merchants who accept card or other digital payments from customers. Flexible repayment is a hallmark of the NeoGrowth business, offering customer's small daily auto-repayment facility from card-based sales. He is a seasoned operating executive who has successfully founded a number of businesses and operated them to high levels of success. He has over 30 years of experience in the Payments & Fintech industry focusing on Business Leadership, Payment Processing, SME Lending, Corporate Development, Business Operations, Technology and Strategy.