In recent years, Emerging technologies have been ubiquitous in many major industries around the world, whether it’s blockchain technology used to help combat climate change or artificial intelligence (AI) projected to fuel economic growth.
At the Metaverse Entertainment Worlds (MEWS) conference in Monaco, Cointelegraph sat down with Stephen Castell to discuss how emerging technologies are creating new ethics, changing the game for banks, and more.
Castell is an expert witness in class action lawsuits in the United States, has a PhD in Mathematics and has recently been involved in major lawsuits involving cryptocurrency giants such as Voyager and Binance.
The legal expert began the talk by highlighting trust as a founding theme in the emerging technology space. He linked trust to the recent banking crisis in the United States and commented that this was also a “fundamental idea of a bank” in his conception.
Now, however, banks are “basically running a bad business model,” he said. He noted that while the cryptocurrency community aims to revolutionize the financial system through technological innovation, regulation is necessary.
“Just because cryptocurrency is different, there are still laws in place to protect investors, which govern crypto investments as much as any other potential investment.”
When it comes to emerging technologies like AI, Castell predicts that banks will be at the “forefront” of adopting such technology.
“The banks are going to try to do it for their own benefit,” he says. “To be safe, to have secure money, to have good investments, to avoid losing, to avoid bankruptcy, to avoid solving the enigma of what to do in a banking crisis.”
Castell went on to point out that apart from benefiting banks, the introduction of AI to humanity will cause the “democratization and commodification of intelligence.”
“It means that any human being on the planet, maybe even some animals too, can be as smart and creative as the smartest and most creative person who ever lived.”
He suggested that humans will need to be “socialized” with AI and other emerging technologies like the metaverse for it to be useful.
“It is still going to do something for us: useful, valuable, exciting, productive. It has to do all those things if it’s going to go generic.”
AI hasn’t been short of use cases since its popularity among the general public skyrocketed in recent months. UK lawmakers are looking at using this technology as a tool for economic growth.
In the crypto space, exchanges are deploying AI-based chatbots to help educate users on everything from industry news to token prices and events.
“I really hope that all the new technologies that we are talking about really create a new ethic for this new human species that we are.”
Castell believes that what is now being seen in the emerging tech space is just the beginning of what he called the “cyborgization” of humans.
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