The modern era known as the Fourth Industrial Revolution is upon us and what was once science fiction is fast becoming fact as blockchain meets AI in a marriage of convenience that is able to benefit the world of fintech like never before.
Through trial and error, both blockchain and AI have come to be the leading tools to analyse vast amounts of data. And as we all remember from the Facebook scandal with Cambridge Analytica harvesting millions of users’ data leading up to the US election, data collection itself has developed a bad reputation. That is another story altogether but what is impacting us all today is the fact that as AI comes to the fore, it gradually takes over many of the jobs humans used to do.
As a result the human is becoming redundant and unemployable, cast aside like an unnecessary appendage on the hungry corporate giant eating everything in sight and on site.
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That is the double-edged sword of the Fourth Industrial Revolution and its tools of AI and blockchain, if we’re not astute and able to move with the times. Automation is the focus and masses of labour are no longer needed for that. Gone is the human error, human fatigue and maintenance. PwC did a study last year and concluded that 30% of jobs may become redundant by the 2030s. Also 44% of the less educated workforce is at risk.
On the opposite side of the scale, the study showed that this same automation could help the USA push its GDP up to $15 trillion by 2030. So it looks like the Fourth Industrial Revolution, using AI and blockchain, aims to move you out of the way as a human element, and thereby actually improve America’s bottom line.
What could be more ominous than that?
For whom is AI meant to improve the profit margin of a country if not for the people of that country? Perhaps for the 1% and not the lowest and most vulnerable or needy. Are they like chaff to be thrown to the swine while the elite benefit from the streamlined new tech? That’s what is looks like on the surface, according to reports. Perhaps this is where the UBI (universal basic income) will come in and just give everyone a social grant every month, like they do already in Alaska.
This could be the start of an entire new social and economic construct for modern civilization.
Certainly today’s world is about information, and the processing or analysis of the ever-increasing volumes of data being produced daily. AI can do it and blockchain can store it, so you can stay home and make art or philosophize about the real goal of life, while living off your UBI grant from the government. At least our data will be safe on the blockchain and we won’t see another 50 million accounts compromised like we did on Facebook. Trust will be restored ideally and we will learn other ways to pass time while AI does the work.
That’s one possible scenario.
Who knows what else could transpire as the world forges ahead on its current digital AI tech race, where corporations are outpacing entire countries in their power and influence over us. Are they collecting your data to protect you or to exploit you? Fortunately the use of private as well as public keys on the blockchain allow us to store our data safely for a change.
Generally corporations are self-interested so blockchain can level the playing field, hopefully. Otherwise AI will only get stronger with time and that might be detrimental to humanity. Science fiction dramas have been written about the rise of the machines.
For now our motto can still be “In blockchain we trust.” Even if regulators delay approval of the mass adoption of this kind of tech, it will come eventually, once it’s proved itself to the man in the street. The US government has already signed an executive order calling upon the federal government to allocate resources and manpower to introduce AI. They have met with Boeing, Amazon and Microsoft and the ball is rolling, with a promise to keep preventative regulation out of the way of big corporations. The UAE is following close behind with their own government plans to launch AI, including university courses and scholarships in AI and blockchain technology.
These countries will be the leaders in AI by 2030.
The little island of Malta is also on track to become “Blockchain Island” and a top AI nation, already hosting crytptocurrency businesses and exchanges there in the tax haven. Even small countries like this could really leapfrog ahead in the Fourth Industrial Revolution if they become early adopters. India can also be added to the list of early adopters as their government announces start-ups and venture funds to conduct research into blockchain.
They are also in partnership with Russia around AI tech to the tune of $30 billion in two-way investments by 2025.
So to conclude
The revolution is already underway and it’s just a matter of which side of the terminal you will find yourself. Things will not be the same in ten or twenty years from now, as far as jobs, employment and lifestyle are concerned. Change is good, and sometimes as good as a holiday, as long as it’s not a December holiday in Siberia. Experts predict that by 2021, the blockchain tech market will grow to $2.3 billion and investment in AI will expand to $52.2 billion, with Microsoft, Dell and Porsche among the researchers.
Can we trust the Fourth Industrial Revolution and the rise of AI?
Will blockchain be the saving grace that keeps AI in check by keeping our data private?
How will we spend our time if we all have the UBI?
Let us know your opinions in the comments below.