In recent years, emerging technologies have been pervasive in many major industries around the world, whether it’s blockchain technology used to help combat climate change or artificial intelligence (AI) projected to drive 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 Ph.D. in mathematics, and has been recently involved in major lawsuits involving crypto giants, such as Voyager and Binance.
The forensic expert began the talk by highlighting trust as a foundational theme in the emerging tech space. He tied trust to the recent banking crisis in the U.S. and commented that trust was also the “fundamental idea of a bank” at its conception.
However, banks have always “basically run on a bad business model,” he said, “they borrow short and lend long”. He pointed out that although the crypto community has visions to revolutionize the financial system through technological innovation, there needs to be regulation.
"It’s not different just because it’s crypto. There still are laws to protect investors, which govern crypto investments as much as they do any other potential investment.”
When it comes to emerging technologies like AI, Castell predicts that banks will be at the “forefront” of the adoption of such technology.
“The banks are going to try and use AI for the benefit of themselves,” he said. “To be safe, to have safe money, to have good investments, not to lose, not to go bust, to try and solve the conundrum of what they do on a bank run.”
Castell continued by pointing out that, aside from benefiting banks, the introduction of AI into human business, creative, financial, educational and social activities will cause the “democratization and commoditization of intelligence.”
“It means that any human on the planet can be just as intelligent and as creative as the most intelligent and most creative person that there’s ever been.”
He suggested that humans will need to be “cyborgized” with AI and other emerging technologies like the metaverse in order for them to be useful.
“The metaverse has got to do something for us that is useful, valuable, exciting, productive. It’s got to do all of those things if it’s going to become generic.”
AI has had no scarcity in use cases since it skyrocketed in popularity among the general public in recent months. Lawmakers in the United Kingdom are looking at the technology to be used as a tool for economic growth.
In the crypto space, exchanges are implementing 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’re talking about actually will create new ethics for this new human species that we are set to become.”
Castell believes that what is being seen now in the emerging tech space is just the beginning of what he called the “cyborgization” of humans.