Artificial Intelligence

M A R V E L L O U S B E N

Relevance of Blockchain for Democratizing Artificial Intelligence

 There exists a huge opportunity to use free computing space in the world more efficiently. According to a rough estimate, around 90% of the total 4 billion computers across the globe has a free capacity at any moment in time. This figure does not include free capacities available across other devices like smartphone and tablets. In effect, all these excess capacities are wasted and turned out to be unproductive.

Sensing the opportunity, many start-ups today are exploring new and innovative ways to use this excess capacity for the various applications of the blockchain. As blockchain works on the principle of distributed ledger technology, it provides the infrastructure for idle capacity to provide support for transactions and other blockchain processes. Some of the solutions provided by the blockchain developers in this regard include data storage and web hosting. However, the more exciting area which can be specifically leveraged by the idle capacity solution is the field of artificial intelligence.

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Artificial Intelligence

Undoubtedly, artificial intelligence has caught the attention of every stakeholder in the technology development and adoption ecosystem. Many experts argue that using blockchain solutions in the area of data storage and web hosting, one can speed up wider distribution of algorithm and data which, in turn, will have a direct positive impact on the development of artificial intelligence. That said, many technology experts are apprehensive about the fact that big guns in the technology industry such as Facebook, IBM, Google have already started dominating the artificial intelligence field which could possibly lead to the monopoly of these big firms in this emerging technology area. These organizations control a major chunk of digital data which is necessary to promote the machine learning program, and there is a compelling need to democratic data if we want to have a development of artificial intelligence for the greater good of the community.

Blockchain use in Artificial Intelligence

Experts pin their hope on the blockchain technology to democratic artificial intelligence data. As the application of blockchain allows the financial transactions to happen without any middlemen, its use in artificial intelligence can help a large number of stakeholders to access the data and idle computing power without any intervening centralized authority. Efforts have already started, and many companies have established marketplaces based on the blockchain allowing for buying and selling of the data. The primary motive behind this move is to make the data available democratically, and people with impressive academic and professional credential are backing such enterprises. Kaasy and Skynet are examples of organizations involved in the sale and purchase of data. However, Hardon network seems to have taken the lead in providing solutions to the real-life problems using the concept of shared computing power. Hardon uses the marketplace it has created to get solutions regarding artificial intelligence. The network categorizes the sounds and images in a manner that can be processed for some different applications including the classification of images and face detection. People on this network bid for various tasks and applications and Hardon assign these tasks to the connected devices and pays a part of the bid which is aligned with the demand. This means if there is a high demand for computation, the prices for the bid will be higher and in case of low demand, the bid prices will be lower. This distributed model for the computing used by the Hardon offers many advantages over the traditional network; the most prominent one being is its capability to scale up computational resources. With the increase in demand, prices will rise, and that will attract more existing and new users to offer their computational capacity, thereby helping the scaling process. The network has recently announced that Aikon will launch it as the first dService which will allow the users to use its Vision API for recognizing and categorization of images.

M A N K I D I M A N D A

Prospects of Blockchain for Artificial Intelligence

The use of blockchain technology in the field of artificial intelligence has just now started, and it will take a long time for the distributed ledger to gain a strong footing in this specialized technology area. However, the most important contribution of blockchain technology in artificial intelligence is to make data available to all the stakeholders without any kind of centralized and corporate control. This means all the benefits and advantages of artificial intelligence can be shared democratically without any undue interference or domination of a few big companies.

Blockchain Technology and Artificial Intelligence are Two Different Things

 If you search for the definition of blockchain and artificial intelligence on the internet, the chances are high that Google throws back results which are not similar in their description. And that’s because these technological innovations are indeed different from each other and should be taken in their specific contexts. It will be a mistake on our part to club them together although one can always argue that technical excellence and competence remain at the heart of both these technologies.

If we take a look at any of the initial coin offerings (ICOs) floated between 2017 and 2018, one thing becomes very much apparent is the way the companies promote the blockchain and artificial intelligence in an integrated manner. The promotion brags ICOs as some kind of miraculous project marrying artificial intelligence with blockchain for providing a one-stop solution for all business needs of clients. Some companies have gone one step further and projected images of robots, astronauts, and other fine prints related to artificial intelligence on their offerings.

Different Domain Areas

It is sad to witness the obsession of many organizations to club together artificial intelligence and blockchain technology. Artificial intelligence is a term which is used to encompass a wide variety of technological innovations which are aimed to make computers work in a smart manner. It will include all the tools and technologies that will help to enhance efficiency while effectively contributing to achieving objectives of the organization. Blockchain technology, on the other hand, is a term related to cryptocurrency and open ledger technique, primarily dealing in the domain of financial technology firms. Of late, the blockchain has entered into many fields including the supply chain, distribution management, energy, and power distribution, agro-export business, etc., although the technology is more known in the domain of financial transactions. The adoption of blockchain makes the transactions more safe and secure, in addition to saving cost and time and this is the primary benefit associated with this open ledger technology. Chances of having any kind of fraud are greatly reduced by blockchain adoption, and although it makes things more efficient, it is not necessarily aiming to make computers and equipment smarter like artificial intelligence.

Converging Areas

The question of whether blockchain technology and artificial intelligence will ever come together in a manner that is being wrongly touted by many organizations today remains a contentious issue of debate. There is a strong possibility of these technologies merging together for some kind of for interface or application but for that to happen; we require close coordination between these advancements in terms of conceptual integration, technological advances, synching of objectives, and unanimity towards achieving a common end-goal. Regulation in both of these emerging areas of technology is also going to play an important part. In an ideal situation, regulatory bodies and governments must come up with a legislative framework for cryptocurrency and artificial intelligence and implement it in a manner that should encourage both of these industries to grow in a desirable manner. The regulatory framework should not be too harsh else it will dampen the innovative spirit, but at the same time, it should be effective enough to discourage any mala fide intent to cheat or pulling a fast one on the intended users. In fact, in the case of blockchain technology and cryptocurrency, we have witnessed a growth in some countries which have a proper crypto framework in place than the places where the regulations are loosely defined, giving a window of opportunity for fraudsters to deceive investors. The concerns related to regulating artificial intelligence is still in the nascent stage and need to be worked upon to arrive at a common ground of understanding.

Technological experts and influencers feel that the possible area of amalgamation where blockchain and artificial intelligence come together could be an example of a robot scanning chips embedded in human bodies to confirm the transactions done by them on their private blockchain. Of course, arriving at such a scenario will take some time though going by the breakneck speed of technological revolutions, it can be safely assumed that we will witness such scenes at airports or banks sooner than we can actually imagine.

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CRYPTO. BANK COMMITTEE.

Live: Crypto, Blockchain Hearing at US Senate Banking Committee
Edited By MarvellousBen
During today’s United State Senate Banking Committee hearing on the regulatory framework for cryptocurrencies and blockchain, Cointelegraph will be updating live with the most important developments.

The July 30 hearing, titled “Examining Regulatory Frameworks for Digital Currencies and Blockchain,” follows the previous hearings in mid-July that examined the regulatory hurdles surrounding Facebook’s Libra.

Circle CEO Jeremy Allaire will be a witness today in front of the Senate Committee on Banking, House, and Urban Affairs on behalf of The Blockchain Association, along with Rebecca M. Nelson, a specialist in international trade and finance, and Mehrsa Baradaran, a professor of law at University of California, Irvine School of Law.

For more detailed information on the witnesses, Cointelegraph has a dedicated analysis here.

11:25 a.m. EST

Crapo: I want the U.S. to stay at the forefront of this technology, which both has incredible potential and incredible risk.

11:22 a.m. EST

Nelson: Facebook has changed the debate about cryptocurrencies

11:15 a.m. EST

Barabadan sees similarities in the resistance of tech companies to regulation in the same way that big banks are resistant to regulation.

11:16 a.m. EST

Brown asks what lessons we can apply to tech companies after the 2008 financial crash, and Barabadan says that there is a fear that the U.S. will lose its tech edge if it doesn’t let these companies grow unfettered.

11:13 a.m. EST

Brown: “If there aren’t really new products, why would we need rules and regulations?”—Brown going off the idea that the ideas are the same for financial instruments, just new technology backing them.

11:10 a.m. EST

Crapo: how does Libra gain global acceptance if it’s facing every country’s different regulatory climate?

Allaire: some of these cryptocurrencies are just open source software that exists on the internet and runs everywhere the internet exists (“even interstellar”).

Allaire: “Digital money will move frictionlessly, everywhere in the world, at the speed of the internet, hopefully with a high level of security and data protection.”

11:08 a.m. EST

Allaire notes that there are larger opportunities for digital assets and blockchains outside of the United States. When looking for locations, Circle wants a high bar from a regulatory perspective, from a custody risk in particular, as well as clear definitions.

11:04 a.m. EST

U.S. Senator Jon Tester of Montana appears concerned about Libra being compromised the same way that a credit or debit card can be.

“Would it kill cryptocurrency in the laws that we are probably going to be passing […] if we stipulated that it had to be a 1:1?”

11:02 a.m. EST

Nelson brings up money laundering as a big concern for cryptocurrencies around the globe, but says that some licensing, reporting, and transparency requirements can help with these concerns.

11:01 a.m. EST

Nelson thinks that some crypto hubs are using regulation as a way to attract crypto to their borders, using clarity and certainty to bring people in to their jurisdictions.

10:58 a.m. EST

U.S. Senator Christopher J. Van Hollen of Maryland on real-time settlement: “Our failure to have moved forward with this technology […] is costing millions of Americans, billions of dollars every day.”

10:56 a.m. EST

Cortez Masto asked Baradaran why digital currencies cannot bank the unbanked. She responds that the problem is that these people live in “banking deserts.”

Baradaran: “How does any digital-based currency help when people are operating in cash?”

10:53 a.m. EST

U.S. Senator Catherine Marie Cortez Masto of Nevada believes in the potential of blockchain, and the importance of leading in this technology over China.

10:51 a.m. EST

Schatz: “I don’t doubt the potential for this tech, I just don’t think that it’s going to actually bank low-income communities, and I don’t think you’ve persuaded anybody here that it’s going to do so.”

10:49. a.m. EST

Schatz keeps bringing up the idea that not everyone has a smartphone, and so it’s hard to place bets on this technology to solve all of our problems and “leap over all existing ones.”

Allaire rebuts by saying that technological innovation can be slow, comparing now to the beginning of the internet, of the slow implementation of broadband.

10:48 a.m. EST

U.S. Senator Brian Schatz of Hawaii asks if we are anywhere close to democratizing the use of technological products, following up on the overall financial inequality topic.

Schatz: “What it sounds like to me is tech people wanting to wave a wand and skip a bunch of steps and avoid the tough political of doing things for people.”

10:42 a.m. EST

U.S. Senator Mark Warner of Virginia is asking about the literal meaning of the 1:1 backing of the Libra.

Allaire comments that while the first wave of these types of digital currencies were focused on establishing a global digital currency, the critical mainstream use cases for the financial services sector has needed the development of stable coins, with Libra as an example.

Allaire now brings up the Circle consortium’s USD Coin as another example.

Warner responds by asking: if there is a basket of currencies backing the Libra, doesn’t that create currency risk?

Warner: “If you have a 100% reserve, where is Libra going to make money on this?”
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10:36 a.m. EST

Baradaran is now speaking about the ways that people have tried to bank the unbanked and how those past attempts have failed, aligning those past failures with some of the stated goals of cryptocurrencies.

Baradaran admits that while  blockchain is “amazing,” the hearing is about digital assets and the blockchain, and what is really going on in these markets. She repeats that the problems of the unbanked are policy problems, not technological.

10:34 a.m. EST

Allaire notes that we should regulate digital assets, but that we need new definitions of them as an asset class.

10:31 a.m. EST

Allaire: “Regulations around the custody of assets is a really critical need.”

Crapo then brings up Poloniex moving to Bermuda, and Allaire says that there is a big problem for digital assets fitting into definitions in our current financial systems.

“Unfortunately, in the United States, the guidance that the SEC has given is extremely, let’s just say, narrow, in terms of what they deem to not be a security.”
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10:29 a.m. EST

Professor Mehrst Baradaran: “There is yet to be an innovative technology that has eliminated the risks and frauds and crimes that regulation is meant to combat.”

Moving to the blockchain doesn’t protect from these risks, in Baradaran’s opinion.

10:23 a.m. EST

Professor Mehrst Baradaran believes it’s natural that people have embraced Bitcoin in the aftermath of the 2008 financial crisis.

However, she adds that the current problems in our economy are issues of policy, not of technology, so blockchain is not necessarily the answer. According to Baradaran, we already have a public ledger, it’s called the Federal Reserve.
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10:22 a.m. EST:

Dr. Rebecca M. Nelson thinks Facebook could be a game changer for cryptocurrencies, but it has raised both regulatory and systemic concerns before it can be implemented.

10:18 a.m. EST:

Allaire thinks that current restrictive atmosphere has led companies to domicile overseas, rather than in the U.S, and that Congress should define digital assets as a new asset class.

Allaire: “We are in the process of moving our international facing services and products out of the United States.”

10:15 a.m. EST:

Jeremey Allaire speaks about his views on the troubles of our current financial system, including cybercriminals, hostile nations, and a lack of equal access.

Allaire: “There absolutely can be a better future ahead, one built on digital assets and blockchains.”

10 a.m. EST:

Senator Michael Crapo of Idaho: These technologies are inevitable, they could be beneficial, and the United States should lead in this sector.

Senator Sherrod Brown of Ohio: “Facebook has proved over and over […] that they can not be trusted. But they don’t care. They move fast, they break things. Minor things, like our political discourse and journalisms and relationships and privacy. Now they want to break our currency and payment systems, hiding behind the phrase ‘innovation.”’  

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US & BlockChain Technology.

US Moves Closer to Accepting Blockchain, Still Uncertain Over Crypto

Despite concerns expressed by many United States regulators during the recent House Committee on Financial Services’ hearing on Facebook’s proposed digital currency, Libra, an increasing number of U.S. lawmakers are speaking out in favor of developing a permissive regulatory apparatus to prevent stifling innovation in the cryptocurrency sector.

Several days prior to the hearing, the passing of the Blockchain Promotion Act signposted the government’s intention to develop a prudent legislative framework to oversee possible implementation of blockchain technology in various public sectors. Skepticism pertaining to the operation of Facebook and its stablecoin project aside, the month’s regulatory proceeding indicated that lawmakers may be moving closer to embracing digital assets — and especially the technology behind them — at least from a regulatory point of view.
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Bitcoin is an “unstoppable force”
Rep. Patrick McHenry, who represents North Carolina’s 10th Congressional District and is a ranking member of the U.S. House Committee on Financial Services, described Bitcoin as comprising an “unstoppable force” while delivering a testimony as part of the committee’s recent hearing.

McHenry implored regulators to encourage innovation within the United States’ digital currency sector, stating:

“The world that Satoshi Nakamoto — author of the Bitcoin white paper — envisioned, and others are building, is an unstoppable force. We should not attempt to deter this innovation, and governments cannot stop this innovation, and those who have tried have already failed. So the question then becomes, what are American policymakers going to do to meet the challenges and the opportunities of this new world of innovation?”
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McHenry asserted that the desire to tightly regulate cryptocurrency is symptomatic of policymakers who wish to stifle innovation, stating, “Some politicians want us to live in a permission-based society, where you need to come to government, ask for its blessing before you can begin to even think about innovating.”

On the same day, McHenry was interviewed on CNBC's “Squawk Box” to discuss the hearing on Facebook’s proposed digital currency at Capitol Hill, in which he described a “knee-jerk reaction to kill it [Libra] before it grows” that many U.S. lawmakers might have. He argued:

“There’s a white paper that’s an idea. And there’s a consortium of companies — some with better reputations than Facebook currently has — that are developing a digital payments platform and a digital currency. Interesting, right? Instead, we have a knee-jerk reaction to kill an idea.”

McHenry emphasized the need to encourage and foster innovation given the context of the United States’ “stagnant economy,” saying, “If they can comply with existing laws, have at it.”

Cryptocurrency regulation comprises matter of “financial inclusion”
McHenry described “financial inclusion for those who are on the margins, where the transfer of money is exceedingly high” as the fundamental issue at stake when discussing the regulation of digital currency.

“So, you have an immigrant who, on Friday evenings, judiciously, every week, sends money back to his family where he grew up, wherever in the world. He’s paying Western Union 7% to 10% to move that money. Libra is a very different mover in that space to reduce the cost of those low-dollar remittances.”

McHenry also advanced distributed ledger technology as a potential solution to the challenges pertaining to the global movement of large sums of money, stating: “It’s exceedingly costly, and the SWIFT network that is being broadly used is a very expensive one, and an old technology.” So, there is huge opportunity for financial inclusion for low-dollar and extreme cost-savings potentially for high-dollar movements of cash.”

U.S. Senate committee approves “Blockchain Promotion Act”
On July 9, the Senate Commerce, Science and Transportation Committee approved the Blockchain Promotion Act. The bill, which was first introduced to the House of Representatives in October 2018 and then moved on to the Senate in February 2019, directs the Department of Commerce to establish a standard definition for “blockchain.” Rob Odell, vice president of product and marketing at crypto-backed loan provider Salt, told Cointelegraph that:
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“By developing a taxonomy or set of agreed-upon terms and definitions for blockchain and crypto-related concepts, people can begin speaking about these concepts in a way that drives understanding and alignment among industry and governmental leaders. As blockchain achieves a global definition, regulatory bodies will be forced to acknowledge, discuss, and eventually understand what blockchains are already providing and what they have the potential to provide.”

The bill is intended to prevent the development of a patchwork regulatory definition pertinent to distributed ledger technology at the state level by establishing a fundamental framework for future legislation — and to recommend potential applications for the nascent technology. The bill has received bipartisan support in both the Senate and the House. Odell went on to say regarding this:

“The passing of the Blockchain Promotion Act by the Senate creates an opportunity to promote the technology at a federal level and expose more government organizations to how it can bring more transparency and efficiency to their work. What’s especially exciting about this bill is that it’s received bipartisan support-- a testament to the fact that members of both major political parties in the US are recognizing the value that blockchain technology can bring to the United States and to the rest of the world, whether it’s by preventing tax fraud, eliminating bureaucracy or reducing waste." 

In the Senate, the Blockchain Promotion Act is co-sponsored by Democratic Sen. Ed Markey of Massachusetts and Republican Sen. Todd Young of Indiana. Markey described blockchain as “an exciting new technology with great potential and promise,” adding:

“At its core, blockchain is a tool for exchanging data in a secure and accountable fashion, and it has already been deployed to expand access to renewable energy, enhance health care delivery systems, and improve supply chain efficiency. This legislation will help further understand applications for this technology and explore opportunities for its use within the federal government. This is a commonsense step that will help position the United States and for success.”

Republican Sen. Todd Young emphasized the potential for distributed ledger technology to comprise a catalyst for sustained economic growth across all industries. He said:

“If America leads in its development, we can ensure that it’s benefits will be shared far and wide. Blockchain has the potential to not only provide financial and economic benefits at home, but humanitarian and social support in developing countries will benefit from American leadership.”

In the House, the bill is co-sponsored by a Republican Rep. Brett Guthrie of Kentucky’s 2nd Congressional District and Democrat Rep. Doris Matsui of California’s 6th Congressional District. Congressman Guthrie emphasized the need to eliminate “regulatory uncertainty” within the blockchain sector, stating:

“As our economies become increasingly digital, more organizations are turning to blockchain for business transactions and other new applications. Blockchain can be a great resource for innovation and technology, but as the technology develops we must reduce regulatory uncertainty by figuring out whether there is a common definition and how the technology can be used.”

Matsui expressed her assumption that the Blockchain Promotion Act will lay the groundwork for fostering innovation within the distributed ledger technology sector, stating:

“This bipartisan, bicameral bill will bring a broad group of stakeholders together to develop a common definition of blockchain, and, perhaps even more importantly, recommend opportunities to leverage the technology to promote new innovations.”

Blockchain Working Group to be established within U.S. Department of Commerce
Within 90 days of the enactment of the Blockchain Promotion Act, the U.S. Secretary of Commerce, Wilbur Ross, will be required to establish a working group within the Department of Commerce.
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The group, called the Blockchain Working Group, will be partially comprised of members representing a “cross-section” of federal agencies that could benefit from the adoption of distributed ledger technology, and representatives from industry stakeholders, academic institutions, nonprofit organizations and consumer advocacy groups engaged in activities relating to blockchain technology. Additionally, the Blockchain Working Group is required to  include representatives from industry stakeholders specifically from sectors other than technology, as well as representation from both rural and urban stakeholders.

The working group is tasked with submitting a report to Congress within one year of the Blockchain Promotion Act’s enactment. The report will include a recommendation for a definition of “blockchain technology,” in addition to making recommendations on a study examining the range of potential applications for distributed ledger technology and suggesting possible applications for blockchain technology that will promote efficiency within U.S. federal agencies.

The group will also be tasked with recommending a study into the impact of blockchain on “electromagnetic spectrum policy,” which will be carried out by the assistant secretary of commerce for communications and information in coordination with the Federal Communications Commission.
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Lastly, the Blockchain Working Group is encouraged to consider any recommendations made within the National Institute of Standards and Technology’s “Blockchain Technology Report” from October 2018.

Cryto Economy

‘Libra Is so Screwed’ — Should Have Used Bitcoin, Says Samson Mow.

Chief strategy officer at blockchain development firm Blockstream, Samson Mow, declared that he believes that Facebook should have used Bitcoin (BTC) instead of developing its own stablecoin in a series of tweets published on July 16.

‘Libra Can’t Be Everything for Everyone’
In his tweets, Mow noted that — after watching the entirety of today’s senate banking committee hearings dedicated to Libra — he came to the conclusion that “Libra is so screwed.” He explained that he had the impression that Mark Zuckerberg had no clear idea of what he is building. Mow added:
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“Libra can't be everything for everyone, and it can't be both open and closed at the same time.”

Mow also notes that representatives of the project expressed the idea that — since the project is open source — the newly developed network belongs to the community, which will be able to contribute code to it. The association reportedly expects to “relinquish control over both the codebase and network through the process." Still, Mow explains that this is seemingly in contrast with other declarations made by Libra representatives:
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“If this statement is really true, then a dev team will be able to remove the KYC/AML components in a non-Calibra wallet, and still be able to interact freely with the network aside from on and off ramps.”

Such a possibility would render the association incapable of keeping another promise made by the representatives. Specifically:

“Wallets will enforce the sanctions that are led by our national security apparatus and treasury.”

Mow points out that the only way for the association to keep such promises is to be in complete control. Libra representatives also reportedly declared that they want to ensure that people are able to do anything with their stablecoin “as long as they have a legitimate use of the product.”
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Should’ve Just Used Bitcoin?
Still, Mow notes that this creates the problem of defining what legitimate use is. He concluded:

“It's good though that Marcus said ‘we will take the time to get this right.’ Once Libra is compliant with every jurisdiction, it will just be a more complex PayPal governed by an association. Should've just used Bitcoin.”

Meanwhile, CNBC reports that the Swiss group that’s supposed to oversee privacy for Libra says it hasn’t heard from Facebook at all.

Also, yesterday Cointelegraph reported that according to U.S. Senator Sherrod Brown, ranking member of the Senate Banking Committee, Libra is a “recipe for more corporate power over markets and over consumers.

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