ROBOT WARNING: Artificial intelligence to steal 'thinking jobs within 45 YEARS'

#artificialintelligence

As a result, the chief economist has called on a huge skills drive so that those who are displaced by robots in the workplace will be better equipped to find a new career when the inevitable does happen. Mr Haldane continued: "Given that the scale of job loss, job displacement is likely to be at least as large as that of the first three industrial revolutions, we will need even greater numbers of new jobs to be created in the future if we are not to suffer this longer term feature called technological unemployment. "It has not been a feature of the past, but could it possibly be a feature of the future? I think that is a much more open question than at any previous point possibly in history." He adds that the previous industrial revolutions had a "wrenching and lengthy impact on the jobs market, on the lives and livelihoods of large swathes of society."


Bank of England trials artificial intelligence and blockchain in bid to stay ahead of the pack

#artificialintelligence

The Bank of England has paired up with artificial intelligence and blockchain specialists in a bid to keep up to date with the fast-growing financial technology sector. The central bank is testing an artificial intelligence system with Canadian startup MindBridge AI to allow it to spot abnormalities in financial transactions and "explore the benefit of machine learning technology for analysing the quality of regulatory data input." It has also partnered with San Francisco-based startup Ripple, which opened an office in London last year, to trial a blockchain-based technology that would make cross-border payments and the movement of currencies more immediate. Blockchain is the technology which underpins crypto-currencies like bitcoin. The Bank said that its aim with Ripple is to "show how this kind of synchronisation might lower settlement risk and improve the speed and efficiency of cross-border payments."


Bank of England trials artificial intelligence and blockchain in bid to stay ahead of the pack

#artificialintelligence

The Bank of England has paired up with artificial intelligence and blockchain specialists in a bid to keep up to date with the fast-growing financial technology sector. The central bank is testing an artificial intelligence system with Canadian startup MindBridge AI to allow it to spot abnormalities in financial transactions and "explore the benefit of machine learning technology for analysing the quality of regulatory data input." It has also partnered with San Francisco-based startup Ripple, which opened an office in London last year, to trial a blockchain-based technology that would make cross-border payments and the movement of currencies more immediate. Blockchain is the technology which underpins crypto-currencies like bitcoin. The Bank said that its aim with Ripple is to "show how this kind of synchronisation might lower settlement risk and improve the speed and efficiency of cross-border payments."


Bank of England urges skills revolution to counter AI 'dark side'

#artificialintelligence

The Bank of England has weighed into a debate on the looming impact of AI on our lives, most pertinently the jobs market, by calling for a skills revolution to prevent sections of society from becoming'technologically unemployed'. The bank's chief economist, Andy Haldane, issued his call to action with a prediction that the coming Fourth Industrial Revolution will be of a'much greater scale' than the industrial revolution Britain underwent in the late 18th and early 19th centuries. Haldane fears that a failure to adapt to these changes in good time could augur a period of rising inequality, social tension and a'hollowing out' of employment, and argues for new training to be put into place now to prevent such an eventuality from coming to pass. Speaking to the BBC's Today programme, Haldane said: "This is the dark side of technological revolutions and that dark-side has always been there. "That hollowing out is going to be potentially on a much greater scale in the future, when we have machines both thinking and doing - replacing both the cognitive and the technical skills of humans."


Beware the dark side of AI, says Bank of England economist

#artificialintelligence

The rise of artificial intelligence will have a "dark" fallout that is even more disruptive than previous industrial revolutions, the Bank of England's chief economist has warned. Andy Haldane predicted that the "Fourth Industrial Revolution" would be on a much greater scale than those of the 18th to 20th centuries and would lead to huge job losses and societal changes. Automation has already displaced millions of low-skilled jobs. Experts predict that artificial intelligence (AI) will displace millions more roles in the next two decades as technologies such as driverless cars and lorries and software that can perform increasingly sophisticated roles come into use. The Serious Fraud Office already uses AI instead of barristers to sift through case documents to identify relevant evidence.