Taking a break from the ravages of the economic devastation that is being caused by the corona virus pandemic, one cannot ignore the blessing that humanity will reap from the benign qualities of AI. This resource can be of great value, especially in biotech, molecular experiments and its accessory components of ubiquitous data, high-speed connections and autonomous robots.
Undoubtedly, AI is fast becoming a major technological tool for prescriptive analytics, the step beyond predictive analytics that helps us determine how to implement and/or optimise optimal decisions. In business applications it can assess future risks, quantify probabilities and in so doing, give us insights how to improve market penetration, customer satisfaction, security analysis, trade execution, fraud detection and prevention, while proving indispensable in land and air traffic control, national security and medical health.
This is not to mention a host of healthcare applications such as patient-specific treatments for infectious diseases and illnesses. In his original essay, Dr Vinge suggested that the point in time at which machines attained superhuman intelligence would happen sometime between 2005 and 2030. To mention a few examples of the rapid progress made by research and development co-funded by multi-national firms one may start by mentioning Google.
The giant search engine firm is a pioneer in the field of artificial intelligence, developing self-driving automobiles, smartphone assistants and other examples of machine learning. Equally ominous was the prediction five years ago by the late Prof. Hawking who said the primitive forms of artificial intelligence developed so far have already proved very useful, but he fears the consequences of creating something that can match or surpass humans. "Humans, who are limited by slow biological evolution, couldn't compete and would be superseded".
Others think this warning is too pessimistic and argue that we are a long way from having the computing power or the ability to develop the algorithms needed to achieve full artificial intelligence. They say, it will not hit us as yet for a number of decades.
On the contrary, there is always the fear of what the immediate future brings since we cannot quite know what will happen if a machine exceeds our own intelligence. We can't know if we'll be infinitely helped by it, or ignored by it, or conceivably destroyed by it. When it comes to use of artificial intelligence in powering complex robotics one cannot ignore the worst fears of prominent technologists and scientists like Elon Musk, the late Stephen Hawking and Bill Gates, who have all voiced alarm over the possible emergence of self-aware machines which unless harnessed, may well be out to do harm to the human race.
One may ask who is funding such expensive research. The answer is a cohort of venture capitalists who are constantly poised to look out for talented persons in their ongoing recruiting outreach. It isn't uncommon for research firms to seek top notch university graduates who show leadership potential. Masayoshi Son is a Japanese investor who created Softbank (now with version 2) which he wants to mimic a "virtual Silicon Valley", meaning a platform on which unicorns (start-ups that turned to become a billion dollar marvel) can offer each other contacts and advice, buy goods and services from each other and even join forces. SoftBank CEO Son told CNBC that people should brace themselves for the proliferation of artificial intelligence as it will change the way we live within three decades.
Son, who founded SoftBank in the 1980s, has grand visions of what technological advancements the future holds. SoftBank's subsidiaries are pushing the frontiers of technology in areas such as the "Internet of Things", artificial intelligence and deep learning. It hatched the unique "Vision Fund" with an initial $100bn war chest looking to invest in start-ups with operational experience and technical background.
For this purpose, the Vision Fund is aggressively competing with traditional technology investors in Silicon Valley in a no-holds-barred fight for talent. Son believes he has a unique ability to predict future technology trends and gallantly states he is ready for the gamble. SoftBank is synonymous with its charismatic founder that is reshaping global tech with its colossal treasure box.
It is shaking up the cosy world of Silicon Valley venture capital. Enter the start-up - Behavox, a US data operating platform that enables companies to aggregate, analyse and act on their entire organisation's data, which was funded $100m by SoftBank Vision Fund 2. This company has led leverages machine learning and advanced analytics in a quest to provide a Data Operating Platform that enables organisations to aggregate, analyse and act on their internal data enabling organisations to mitigate compliance, cyber and conduct risk, while identifying revenue opportunities in large volumes of communications data.
One may ask, how can this help humanity fight the scourges of the latest pandemic? The answer is that ability to analyse large volumes of scientific data involved in the research by medical staff in their quest to combat the Covid-19 strain is improved by using AI facilities.
In passing, one may feel that the disruptive path of this new technology cannot find a better champion than Softbank with its aggressive investment appetite to nurture new ventures. Readers appreciate this disruptive technology has a benign purpose and is helping to link various civilisations, improve crop yields, scan persons for trace of infection in airports, schools etc. and speed up progress in complex human Genome classification. Artificial intelligence in machines can even do medical assessments during epidemics when over-worked doctors are busy tending the sick. Imagine how soon, there will be robots which are efficient and devoid of emotions quietly supervising hundreds of complex factory operations - possibly during the temporary absence of workers cordoned off under an extended quarantine mandated during pandemics.
George Mangion is a senior partner of an audit and consultancy firm and has over 25 years' experience in accounting, taxation, financial and consultancy services. His efforts have seen that PKF has been instrumental in establishing many companies in Malta and placed PKF in the forefront as professional financial service providers on the Island. George can be contacted at [email protected] or on +356 2148 4373.