Are neuromorphic chips the future of AI and blockchain?

There is no doubt that artificial intelligence (AI) is the driver of a revolution in automation akin to the influence of coal and factory machines on previous industrial revolutions. Jayshree Pandya, writing for Forbes, makes a very interesting point when he suggests that the increasing importance of AI also goes hand in hand with a need for more computing power.

He suggests, “There are indicators that raw computing power is on its way to replacing fossil fuels and will be the most valued fuel in the rapidly emerging intelligence age.” The question of course is — where will that computing power come from?

The need for more computing power

AI also needs massive amounts of data to produce useful tools. One of the sources of both power and data is potentially the blockchain. Alongside the much-needed power, blockchain technology can add structure and accountability to AI algorithms, “and may help in much-needed areas like security, quality, and integrity of the intelligence AI produces,” Pandya says.

What we are really talking about is Big Data. It is the fuel of AI and blockchain produces that fuel, so it is entirely logical that the two have a future together.

However, there is another important question to be answered. Can the current blockchain technology infrastructure support the needs of AI, when it appears to be struggling to meet its own needs?

Prof. Irving Wladawsky-Berger, a Research Affiliate at MIT Sloan School of Management offers some insights into the situation. He points to the environmental concerns about the amount of electric power blockchain technology uses, because of its core process and security, which necessitates that all users require permission to write on the chain. He believes the amount of computing power the blockchain requires is unsustainable, and that it is one of the most critical challenges facing the industry.

But it isn’t only blockchain that is fuelling the need for more computing power: it is AI and all emerging technologies. As these evolve, there needs to be a solution to this issue. As Berger says, “there is a need to not only process computation more efficiently but also to evolve both hardware and software to meet the demand for increased computing power.” The solution he points to, “is a clear need to move away from traditional blockchain chips to low energy, scalable, and sustainable chips.”

Neuromorphic chips

The answer may be neuromorphic chips. These do all the processing and functioning without having to send message back and forth to the cloud etc. In fact, they function in a similar way to the human brain, conserving energy by only functioning when needed. Berger believes, “neuromorphic computing chips will likely be the future of not only artificial intelligence but also of the blockchain, as they give us an ability to develop low energy consuming cryptocurrency as well as distributed systems.”

What he is also suggesting is that in recent years there has been more emphasis on developing software than hardware. He says, “Neuromorphic computing and chips bring the much-needed evolution in computer hardware,” and that if we follow through with developing this, then AI and blockchain can have a sustainable future together.

We know that the demand for AI is increasing rapidly, and we need to find a power source to feed that demand. It seems the answer is neuromorphic chips!

How AI can help you

Artificial Intelligence (AI) is operational in a lot of services these days, from automating processes to delivering a pleasing customer experience online. It is something we are living with and come to accept.

As Jim Sinur argues in his Forbes article, “How can AI help me?” we all have “to deal with living with AI,” and we also have to figure out how to make the best of AI in our lives. Sinur asks, “Will it be like other technology that I have to learn to for life success or will it be more like a person that I have to get along with to thrive in the future? Will AI make our lives better or should we be practicing for those apocalypse scenarios I keep reading about?” How many of us have even raised these questions?

AI can do the drudge work

Of course, responses depend on the individual’s life circumstances. For example, if you are an employee, AI has the potential to do the drudge work, leaving you free to do the more meaningful, creative tasks. And AI can assist you with that. This is a more positive view of Ai in employment and is the opposite of the scenario in which AI and robots will steal all the jobs. Sinur says, “I see AI giving us an edge in boosting our ability to consume and leverage knowledge on a grand scale even outside of our native skillsets, culture bases, and language capabilities,” and this view creates a vision of an exciting future relationship with AI.

A more personalised customer experience

Consumers can also benefit from an enhanced relationship with AI. Sinur points out an important factor that should encourage us as consumers to welcome AI: “With the advent of customer journeys, combined with AI, the complexities and company needs can fade in the background while customer needs are being represented within organizational systems, interfaces, and constraints.” The potential to offer a more personalised customer service is vital, as it is becoming evident that the consumer wants to come first more than ever, and is not prepared to kow-tow to the needs of the business. What is happening in the banking sector is a good example of this: younger customers are gravitating towards neobanks precisely because they offer a personalised service.

AI — your personal assistant

And AI can help us develop personal skills and become a more global citizen. In the case of multi-cultural interactions, AI can help us with language translation and to avoid subtle cultural errors. It may help us to be better communicators in any number of settings and it could even be a life coach and personal trainer.

I agree with Sinur that as it develops we will see that AI adds value to our lives, and that there is so much further to go with it. One day we will be amazed that we were ever afraid of this dynamic technology.

Protecting humanity as AI grows

Artificial Intelligence (AI) is going through the process of evolution. To date we have seen the emergence of artificial narrow intelligence (ANI), and artificial general intelligence (AGI) to artificial super intelligence (ASI). Those working in the field predict that it won’t be long until AI is able to “combine the intricacy and pattern recognition strength of human intelligence with the speed, memory and knowledge sharing of machine intelligence,” as Jayshree Pandya writes in his recent Forbes article.

One of the upshots of this progress is that people feel less insecure and fear what this may mean for their future, particularly with regard to employment. After all if AI can replace most manual and mundane work that will affect a significant number of people in manufacturing industries. As Pandya points out, “with all these new digital assistants and decision-making algorithms assisting and directing humans, more complex day-to-day work for humans is being greatly lessened.” It would be nice to think that this will mean humans can put their feet up and relax, but who will fund that? The robots won’t pay for sure.

Of course, there is hope for humans, because no mater how much AI technology is hyped, it simply can’t replicate the human brain, because elements like memory and conscience are as yet a long way off and are only a part of some computer scientist’s dream of a human-like artificial intelligence.

Super scary Super ASI

Pandya believes that the “potential development of artificial super intelligence points to a frankly scary scenario in the coming years.” He thinks that the processing power of the human brain may not be able to match that of ASI in the long-term, which is indeed a frightening thought. It may well be inevitable that AI will reach a point where it will be able to improve its own software design and capabilities far beyond what its designers envisioned: like the monster that Dr Frankenstein could not control.

Will AI overtake human intelligence?

Another concern is that human intelligence may dumb down as AI takes over tasks. If the human brain is not allowed the opportunities to learn new skills, how will its development suffer? That is a tough question to answer. And the answer to it may define the future of humanity, which has for all of recorded history relied on the sophistication of human natural intelligence for survival. Pandya says, “the question everyone across nations needs to evaluate today is whether our efforts should be towards enhancing human intelligence or artificial intelligence.”

We need to start planning now for the future when our intelligence may be seen as inferior to that of AI. It sounds like science fiction, but we can no longer dismiss it as a scenario created by a novelist or Hollywood.

5 technologies disrupting banking by 2023

Over the next five years banking is going to change dramatically and will be nothing like we know it today. The changes will come due to technology and will provide financial institutions with both opportunities and challenges.

The global recession put a spotlight on banks; these institutions were largely responsible for the near-collapse of economies and although they have weathered the storm, people’s trust in them has not been restored.

Out of the failure of financial institutions came the bitcoin protocol and blockchain technology. This was followed by the arrival of fintech startups and neobanks, both of which threaten the consumer account monopoly enjoyed by retail banks, which is referred to as ‘legacy’ in the financial media. According to various consultancies, new players could capture up to a third of incumbent banks’ revenues in the next 2–3 years. If banks don’t respond to this, they are in danger of disappearing.

However, there is good news for the traditional banks: the new technologies that are threatening the banking industry also present significant opportunities. They can leverage big data and advanced analytics to improve customer experience, as well as build trust, loyalty and revenues. Dan Cohen, SVP at Atos, said: “Banks are at a crossroads. Continuous fintech innovation and new technologies such as blockchain are disrupting the market. While it creates threats, it also opens multiple opportunities for financial services to reinvent themselves and thrive.”

Here are five of the technologies that will advance fintechs and potentially cause more disruption in the banking sector, unless the banks are agile enough to incorporate them.

1. A hybrid cloud

Cloud computing tech has gone mainstream in banks pretty fast. It was found that at least 75% of bankers said their most successful cloud initiatives had already achieved expansion into new industries, creation of new revenue streams, and expansion of their product/services portfolio.

2. APIs

The combination of open platform banking and open APIs will change the entire banking ecosystem in its current state. In this scenario, the bank will serve as a platform, on top of which third-party companies can build their own applications using the bank’s data.

3. Robotic process automation

Robotic process automation (RPA) has helped banks and credit unions accelerate growth by executing pre-programmed rules across a range of structured and unstructured data.

4. Instant payments

Consumer demand for instant payments is on the increase. With instant payments, more transactions will be made digitally instead of in cash, which means that payments will become less expensive and more user friendly.

5. Artificial Intelligence (AI)

The benefits of AI in banks and credit unions are widespread, reaching back office operations, compliance, customer experience, product delivery, risk management and marketing to name a few