FinWise Summit HK navigates the AI and blockchain convergence toward a better world

Every implementation of AI and Blockchain will have a long-term ripple effect that helps the world on a larger scale

AngelVest and its portfolio companies (related to AI and Blockchain) presented at the FinWise Blockchain Summit in Hong Kong on August 10, 2018. The theme of the panel discussion was to discuss how Artificial Intelligence and Blockchain converge in order to raise people’s level of consciousness.

As the world advances in its technological endeavours, there has been a call to remember the impact we, as human beings, have on the earth. The global population has been urged to consider the effect their actions may have on the environment as it ultimately ends up affecting humanity as a whole. According to a WHO report, 4.2 million deaths occur every year as a result of air pollution. Carbon emissions are one of the major contributors to air pollution. If every person were to become more conscious of their actions, regarding what they’re doing to contribute to carbon emissions, these alarming figures would start to go down gradually.

The AngelVest Portfolio companies are seeking to raise awareness, and contribute to the global growth in consciousness, in their own respective ways. The panel consisted of David Chen, Co-Founder of AngelVest; Hikaru Kasai, LUXCHAIN Analyst, Tobias Kars, VP of Product and Blockchain Services at Goodchain; Dmitry Matskevich, Founder of DBrain; and Philip McMaster,Co-Director, China at World Sustainability Organization.

Sophia the Robot from Hanson Robotics was also part of the panel – as the world’s most well-known humanoid robot in modern times – as an interface to the AI world, and as a symbol of what AI can truly become someday soon.

Also read: Can blockchain be the foundation of sustainable social impact?

Moderated by myself, the panel participants were asked to discuss how the different disciplines can work together to generate ground-breaking discoveries that could transform life as we know it — for the better. The panel kickstarted with an exchange between Chen and Sophia, who introduced herself, gave a few details about what she does, and also pledged to be a part of the move to bringing AI and Blockchain technology together in order to solve the problems the global society is currently facing.

A key question to consider, that was maintained throughout the panel discussion, was this: “Where is consciousness going and how can machines help?”

Do machines have consciousness? What does this mean for human consciousness and a higher level of human interaction and intuition?

Kasai offered compelling use cases for AI and Blockchain, one of them being the preservation of data.

“One way Blockchain and AI can work together,” he explained, “is to secure information so that recorded data cannot be manipulated by a central entity.”

He highlighted that AI naturally requires a large dataset to train models and algorithms which, in the current system, is hard to acquire at an affordable cost.

“Blockchain fortunately helps solve this problem with decentralized data exchanges,” Kasai continued. “New levels of security, ownership control, and transparency is made possible with decentralized networks. This in effect creates a new opportunity for large volumes of data to circulate to AI developers while decreasing cost. AI developers can purchase data directly from data providers instead of paying high premiums from centralized giants.”

L-R: Kenny Au, Daniel Chen, Hikaru Kasai, Tobias Kars, Dmitry Matskevich, Philip McMaster, and Sophia

Kasai also detailed how LUXCHAIN is making use of AI and Blockchain technology to contribute to making the world a more sustainable — and conscious place.

“With Luxchain for example, we use AI and Blockchain to help ‘recycle’ personal luxury goods such as branded handbags,” he explained. “By digitising products that are just sitting in closets, we help create an ecosystem for product owners to easily sell their goods. At the same time, we allow buyers to gain easier access to the products they want. This helps to ‘recycle’ the existing secondhand goods so that new products do not have to be necessarily manufactured. In effect, we can curb the amount of carbon emissions that are released when new products are manufactured.”

Consumers are aware of the growing need for a change towards how the earth is treated, and they are starting to demand better from major brands and corporations. Smaller, more transparent brands are outdoing major companies, Kars explained, and GoodChain wants to provide a solution that everyone can work with — a convergence of AI and Blockchain.

“We all want to leave the planet in better shape than when we arrived here,” he stated.

By giving every product a Digital Identity, through QR Code, Kars explained, companies can track product provenance data, track products through the supply chain, and engage with consumers “in a more meaningful way.” Impact Points, a form of reward given for every scan carried out, can be credited to users who can then donate to a variety of good causes — thus making a contribution to making the world a better place. Kars added that their codes are currently on forty million products. Meaning that there are currently plus or minus forty million opportunities for consumers to donate to good causes.

Matskevich offered insight on how AI and Blockchain can make the world a better and more efficient place, which in turn could lead to significant improvement in human living.

AI helps humans focus on more complex tasks

“Artificial intelligence is what can enable humanity to switch to more creative and complex tasks, freeing us up from routine obligations,” he explained. “Furthermore, its adoption is all about speed and simplicity. It makes diagnoses faster, controls frauds easier, automates exhausting processes, increases sales explicitly, and more, and more. It’s an unfailing booster for any area you choose.”

Also read: The key to sustainability is collaboration through open innovation

An example of making the world a better place with AI and Blockchain that Dbrain generated was through their video surveillance. The solutions that helps with farming by predicting each cow’s health condition. Receiving information from cameras, AI tracks their behavior and flags anomalies, such as poor eating or extended time spent on the ground. This use case provides farmers with the ability to prevent loss of and also improve the quality of their livestock. In turn, this leads to a healthier supply of meat and dairy products to consumers all over the world — preventing health complications from taking place.

McMaster further reinforced all the points made, at the panel discussion, by showing how collaborative effort can make the world a better place. Referring to ConscienceLAND, which is building resilience and capacity in normal, everyday citizens to earn Universal Social Credit, will help people become the solution to the problems the world currently has.

Consciousness is about getting the world to not just think of “the now” but to look ahead to the future

If you study every use case closely, you’ll realize that none of them are just about immediate fixes. Every implementation of AI and Blockchain, to better the world, has a long-term ripple effect that helps the world on a larger scale.

Consciousness is about getting the world to not just think of “the now” but to look ahead to the future. If every person were to ponder on the effects their immediate decisions will have on the next generation, many of the problems we see today would not be as drastic as they already are. Panels such as the one that took place at the FinWise Hong Kong Summit assist with raising the awareness of this revolutionary move. The convergence of AI and Blockchain stands to lead the way in transforming the earth and guiding the global population to an increased level of consciousness.


e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

The post FinWise Summit HK navigates the AI and blockchain convergence toward a better world appeared first on e27.