Artificial Intelligence
Webtel.mobi’s Roadmap for Globally-Valid Digital Currencies and CBDCs – Requirements, Obstacles, Solutions and Rewards
ST PETER PORT, Guernsey and NEW YORK, Oct. 25, 2021 (GLOBE NEWSWIRE) — Currently, discussions, workgroups, task forces and a wide array of organizations worldwide are discussing and working on the creation of either Globally Valid Digital Currencies or CBDCs. These entities have been having these discussions for almost 10 years now – without any concrete result or action resulting from them.
This is because other than a relatively modest group who understand these matters in their entirety, there are four other categories of experts engaged in these discussions, which can be loosely categorized as follows:
- Persons highly qualified and experienced in Economics and Finance – but who lack the corresponding Technology & IT, Political & Geopolitical qualifications, and experience. They think their aims can be achieved because they do not realize the nature and scope of the Technology & IT, and Political & Geopolitical hurdles to be traversed.
- Persons highly qualified and experienced in Technology and IT – but who lack the corresponding Economic & Financial, Political & Geopolitical qualifications and experience. They think their aims can be achieved because they do not realize the nature and scope of the Economic & Financial and Political & Geopolitical hurdles to be traversed.
- Persons highly qualified and experienced in Politics and Geopolitics – but who lack the corresponding Technology & IT and Economic & Financial qualifications and experience. They think their aims can be achieved because they do not realize the nature and scope of the Technology & IT and Economic & Financial hurdles to be traversed.
- Persons who are highly qualified and experienced in raising or lending funds. They may not have experience or qualifications in any other arena, and may not know or care whether Globally Valid Digital Currencies or CBDCs are practical or achievable. Their focus is only on making money from the funds they raise for, or lend to, these groups. They will happily continue to raise funds or lend funds – on top of the USD Hundreds of Billions already spent on these matters to date – for as long as the multitude of entities continuing with their working-groups / task forces want to continue to talk, and plan, without reaching any conclusions or results.
This is why despite nearly a decade of talking, many of the most basic and entry-level considerations in these matters have not yet been addressed. Perhaps if they were, resolution on how – or if – to proceed could move past the working-group / task force talking phase and on to action. Some of the matters that should be addressed include the following:
Suitability of Cryptocurrencies for a Globally Valid Digital Currency or CBDC
Cryptocurrencies are:
- Speculative Retail Commodities – not currencies or generally-accepted Mediums of Exchange,
- That rely solely on the permanent application of Artificial Scarcity to maintain value – and raising the number of their “coins” from the Artificially Limited 30 to 50 million to the thousands of Trillions required for global transactions in all markets will collapse their speculative value,
- That have no underlying value other than being a Speculative Commodity in, and of, themselves (i.e., they are not backed by money or gold),
- That have fluctuating values, so there is a complete absence of stable value – the absolute and unalterable prerequisite for any medium of exchange,
- That cannot be used for digital transactions by the 50% of mobile phones in use in the world that are Pre-Smart Phones, because Mobile Apps cannot function on those Phones (Mobile Phones and Mobile Data being the only source of internet access for 50%+ of the world’s population),
- That cannot be used in the 60% of countries worldwide where mobile data is so slow and expensive it would use people’s entire month’s mobile data allowance for one transaction.
Cryptocurrencies have their own markets and uses, and the entities in those markets have spent a great deal of time and energy to develop them to be fit for their purpose. Their purpose is to facilitate trading in Speculative Retail Commodities, which have fluctuating values, derived from the maintenance of Artificial Scarcity, combined with methods to stimulate Artificial Demand. Their purpose is not – and cannot be – to act as Globally Valid Mediums of Exchange in global economic and financial transactions or markets.
Practicality of Retail CBDCs – At the Top-Level
The vast majority of Central Bank-issued money is already Digital Currency – and has been for decades. There is nothing to be developed here – in terms of product, system, or distribution flows between from Central Banks to Central Banks, Central Banks to Commercial Banks, or IMF to Central Banks (for SDRs). They all work. What seems to be being discussed (although this has also not yet been clearly articulated – after nearly 10 years) is a “Retail CBDC”, entailing Central Banks’ disintermediation of Commercial Banks to transact directly with the public. In this case:
- What will replace the Commercial Bank System – that will definitely fail if Central Banks usurp its primary source of revenue? It needs replacement for the public to have venues and personnel to transact with.
- How – from legal, practical, cost and time perspectives – will Central Banks be able to replicate the Commercial Bank system? Nationalization of the Commercial Banks would be the only option, but that is hardly likely to occur.
- Where will the credit extended to the public be recorded if Central Banks take over this role from Commercial Banks? Will this private debt be recorded as part of the National Debt? How would this huge addition to National Debt affect the stability of the national currency, inflation, global trade in that currency, etc.?
- Would the Central Bank be liable in potential lawsuits brought by the public? If yes, what would the consequences to the Country, National Currency or the Central Bank be if it lost such lawsuits?
Neither the purpose of Central Banks transacting directly with the public nor the practical, legal nor any other ramifications of taking such a step have ever been able to be clearly articulated. Quite apart from lowering transaction costs to the public, it will raise them – exponentially. The Vice Chair for Supervision of the Federal Reserve System – Randal K. Quarles – gave a speech on these matters previously. His points were clear and inescapable, and it is well worth considering them. A copy of his speech is in the “Resources” section of this article.
Blockchain and Distributed Ledger
Both of these processes – either singly or in combination – are touted as “new” developments or developments that will alter the landscape or enable things to be done now that were not possible before. None of these assumptions are valid. Firstly, many companies already have these processes functional in their systems – they just call them by different names (definitions of each are in the “Resources” section of this article). They are not “new” processes. Secondly, these processes alone are neither enough – nor sufficient, by far – to enable or bring create Globally Valid Digital Currencies. For example, WM’s system has Blockchain ++. That means, specifically, Blockchain + 18 additional Blockchain Processes per transaction + Failsafe (Blockchain processes on ITAN Numbers + Currencies + TUV Serial Numbers + Countries + Mobile Numbers + Transaction Types + Transaction Amounts + Transaction Reference numbers + Usernames + Independent Agents X 3 levels + VSMPs X 2 levels + Dates + Times of Day + Consolidation of all. Failsafe is an additional Blockchain Record maintained by the Artificial Intelligence Agent called HAL). It is the most comprehensive Blockchain system that exists – but alone – or even in combination with Distributed Ledger, it is not enough – very by far – for either a functioning Globally Valid Digital Currency or a Global Clearing System. Similarly, WM has Distributed Ledger++. That means, specifically, Distributed Ledger + 7 additional Distributed Ledger records of the same transaction + Failsafe (Distributed Ledger records on all Independent Agent Consoles X 3 levels + all VSMP Consoles X 2 levels + in all participating Member Accounts in “History”. Failsafe is an additional Distributed Ledger maintained by the Artificial Intelligence Agent called HAL). This is why WM was able to create a Programmable Currency (“Smart TUV”) – because all parties to the transaction can not only jointly see the data, they can independently monitor it, approve it, and program it (as well as it being independently monitored). These attributes and processes alone – or in conjunction – do not, however, even scratch the surface of requirements for a Globally valid Digital Currency or Clearing system. There are thousands of requirements for such a product and system – not just two.
Requirement for a Global Clearing System
One cannot simply create a Globally Valid Digital Currency or CBDC in isolation. To do that would be like creating a motor vehicle that runs on air, does not break, can last forever, and can have shape or color modified whenever one wants to – but creating it so that it can only function in a small patch of open space in the Amazon jungle, and it will break if it leaves it. Nice car – but useless outside its small patch. This is what any Global Digital Currency and/or any CBDC is – without a Global Clearing System. The same applies to a Digital Currency or CBDC that has no Global Exchange or Clearing System for the free and open storage of, transfer to, receipt from, exchange of, conversion of, settlement or redemption of the Digital Currency. All the time and money in the world can be spent on creating any type of Global Digital Currency or CBDC, but without the Global Clearing System, every one of them will be utterly useless outside its own small patch. Moreover, the Global Digital Currency and/or CBDC must be created to function in harmony with the Global Clearing System – otherwise it will not function, at all, within that environment. This, naturally, means the Global Clearing System has to be created before the Global Digital Currency or CBDC is created. To create such a Global Clearing System for CBDCs will require multilateral political consensus globally – not the solving of economic or technological requirements. This is because Central Banks’ issuing of National Currencies is at play – which is a matter of strategic national security for all countries. A Global Clearing System for CBDCs between Central Banks will require sharing of sensitive national financial and economic information – which requires countries to disclose their monetary policy and secrets that go hand-in-hand with that. When countries such as the USA and China, Russia and Ukraine, Israel and Palestine, the UK and Argentina, Greece and Turkey and multiple other countries that have historical or ongoing issues between them are prepared to disclose their economic secrets to each other, a Global Exchange Mechanism for CBDCs could be created. It may require a long wait for this to happen. For a Global Clearing System for a Globally Valid Digital Currency to be created – outside CBDCs / Central Banks, there are tens of thousands of economic, financial, legal, regulatory, structural, process, component and other requirements that need to be satisfactorily addressed. This can be done (WM has done it), but it requires many years of focused and steady work, and then many more years of testing and refinement. Nevertheless, it can be done.
What Entities can most realistically create Globally Valid Digital Currencies?
The only entities capable of doing this in the foreseeable future – as a fact – are Telecommunications companies. Even current Legacy Systems for all Transfers, Payments, Settlement, and all other transactions run on Telecommunications rails. SWIFT – and the entities that run off its rails including the IBAN system, China’s CIPS system, the USA’s Fedwire and all others – are all Telecommunications systems. That is why SWIFT – and all entities that run on its rails – are in the Telecommunications sector (and have been since the inception of “Wire Transfers” – via Telegraph Wires). WM – a Global Telephony Company – has already successfully created a tested, proven, due diligenced and fully-operational worldwide Digital Currency (the TUV) and Global Clearing System. It would not have been able to do so had it not been for the structural, process, logistical, interconnectivity, regulatory and (many) other factors inherent within the global telephony sector. Telecommunications Companies already have at least 50% of the required products, processes, flows, components, infrastructure, and global connectivity fully functional in their existing systems, and are able to do this from regulatory and legal perspectives. There would still be 50%+ to create, and significant restructuring of existing facilities – as well as creation of Artificial Intelligence Complex Adaptive Systems to make it feasible and enable dual-use of their Telephony Facilities. It will take enormous amounts of time, money, and resources – and several years of work – to complete this restructuring, but it would be worthwhile to do this.
Why it is worthwhile to go to the trouble of Creating a Global Digital Currency and Clearing System
In the recent past, various expert commentators have provided their views on the potential advantages a Globally Valid and Multicurrency Digital Currency could bring about. Two of these commentaries – one from the World Economic Forum and one from the Forbes Financial Council – are attached in the “Resources” section of this article, and are well worth reading. Every single one of their prescient predictions is valid and 100% correct. However, those predictions – as seemingly exceptional as they are – do not even begin to describe, even remotely, the extraordinary and unprecedented breadth and scope – and the astounding market opportunities and scale of market opportunities, unprecedented in Economic, Financial, Business, or Commercial history – that are opened up to any entity that achieves this goal. As WM has achieved this goal, and it is already in the position to enter into every market – from basic to sophisticated, and from the smallest to the largest transactions in the world, with unmatchable value-propositions – it can state this as a matter of fact, not as a view or opinion based upon a future but as-yet unrealized aspiration. The markets, market volumes and market values – worldwide – that are available once an entity develops – in reality – a fully functioning Globally Valid, Distributable, Accessible, Recognizable, Convertible, Transactable, Transferable, Redeemable, Stable Store of Value and Medium of Exchange – that has the utility of cash and the security and convenience of Digital Currency – make virtually any effort worthwhile.
This is because the Market Scope, Volumes and Values that then become available to the company possessing the Globally Valid Digital Currency and Global Clearing System – as WM does – are so vast in size (cumulatively in excess of USD 25 Trillion+ per day), that they are literally unmatched and unmatchable, by factors and by degrees of magnitude, by any and every single other form of business in the world.
Resources:
Media Contact:
Nick Lambert: [email protected]
5 Ways Digital Currencies will Change the World – World Economic Forum:
https://www.weforum.org/agenda/2015/01/5-ways-digital-currencies-will-change-the-world/
Eight Ways Digital Currencies will Change the Financial Landscape – Forbes Financial Council:
https://www.forbes.com/sites/forbesfinancecouncil/2017/08/25/eight-ways-digital-currencies-will-change-the-financial-landscape/?sh=77e3628b2304
Speech on CBDCs by the Federal Reserve System’s Vice Chair for Supervision, Randal K. Quarles:
https://www.federalreserve.gov/newsevents/speech/quarles20210628a.htm
Comments on the WM System’s Capacities by Professor Jan Kregel of the Levy Economics Institute:
https://youtu.be/XYBrCikUhn8
Research Papers on WM’s Global Clearing System and TUV Digital Currency:
Media Articles on WM:
https://webtel.mobi/info/current-media/
Characteristics of WM’s TUV Digital Currency:
https://webtel.mobi/info/tuv-characteristics
WM’s urls:
https://webtel.mobi/pc (Tablets / Laptops / Desktops)
https://webtel.mobi (Smart Phones)
https://webtel.mobi/wap (Pre-Smart Mobile Phones)
Definition of “Blockchain”:
https://www.investopedia.com/terms/b/blockchain.asp
Definition of “Distributed Ledger”:
https://www.investopedia.com/terms/d/distributed-ledgers.asp
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d34f371e-0e03-4782-9983-d85bb13b7298
The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.
Artificial Intelligence
Key Tech Stocks Optimizing AI Usability and Infrastructure for a $20-Trillion Future
USA News Group CommentaryIssued on behalf of Avant Technologies Inc.
VANCOUVER, BC, June 21, 2024 /PRNewswire/ — USA News Group – Several big winners have been made already in the ongoing artificial intelligence (AI) revolution. However, there’s clearly none bigger than chipmaking giant NVIDIA Corporation (NASDAQ: NVDA), which just surpassed two of its big tech peers to become the most valued publicly-traded company on the planet. To put it into perspective, NVIDIA’s market cap is currently larger than each of Europe’s largest stock markets, while lucky investors who bet $1000 on NVIDIA stock just ten years ago would be sitting on an extra $297,600 today. Now as analysts are predicting that AI and cryptocurrency could inject $20 trillion into the global economy by 2030, the best minds in the tech sector are moving their pieces into place to secure their piece of the pie. Behind the scenes, tech stocks are optimizing the infrastructure, security, and usability of AI, including new developments from Avant Technologies Inc. (OTCQB: AVAI), International Business Machines Corporation (IBC) (NYSE: IBM), Cloudflare, Inc. (NYSE: NET), and Accenture plc (NYSE: ACN).
Known as a pioneer in the sector for its innovative AI technology, Avant Technologies Inc. (OTCQB: AVAI) has improved its main product, Avant AI™. This sophisticated AI system, celebrated for its advanced machine and deep learning capabilities, is adaptable across a wide range of industries.
In a recent strategic development, Avant has signed a Binding Letter of Intent (BLOI) with Flow Wave, LLC (FW), a Florida-based leader in immersible computer server technology. This agreement allows Avant to acquire up to 50 cutting-edge immersible computer servers from FW in a deal valued at $50 million.
“Avant’s revolutionary AI software platform is poised to transform the landscape of data center management,” said William Hisey, CEO of Avant. “By integrating proprietary machine learning algorithms with open-source innovations into these servers, Avant is developing a highly intelligent system designed to optimize resource allocation, enhance performance, and drive unprecedented levels of efficiency and automation. This marks the beginning of a new era for Avant Technologies, positioning us at the forefront of the supercomputer-driven data center industry and setting new standards for managing and storing AI applications.”
Flow Wave Immersible AI Supercomputer Servers are great for heavy AI and machine learning tasks because they have strong processing power, meaning they can analyze data faster and more efficiently. Their special cooling technology uses less energy, saving money and reducing environmental impact. The servers are also compact and easy to set up, making them ideal for data centers with limited space. Plus, their design helps them last longer and require less maintenance.
Avant plans to tackle the challenges of the digital age by buying up to 50 of these high-performance servers from Flow Wave. These servers, with their advanced cooling technology, boost performance and save energy. This deal shows Avant’s dedication to providing top-notch AI infrastructure and improving efficiency. More details about the transaction will be shared once a definitive agreement is finalized.
One of the most active tech giants in the AI space is International Business Machines Corporation (IBC) (NYSE: IBM), which recently released a new methodology through its IBM Research® wing called LAB (Large-Scale Alignment for ChatBots), through an open-source project called InstructLab with its subsidiary Red Hat®, which IBM acquired for $34 billion in 2019. The InstructLab project builds on the LAB technique for a community-driven approach to language model development through skills and knowledge training.
As well, IBM has teamed up with WPP and LinkedIn to launch a new business-to-business (B2B) solution powered by IBM’s AI and data platform watsonx, designed to reinvent how B2B markets identify and engage clients and prospects across the buying journey. WPP Open for B2B will help marketers solve complex B2B marketing challenges, accurately identify and engage buying groups, and improve clients’ return on investment.
“B2B marketers have been focused on creating truly personalized, relevant and consistent experiences for buying groups at scale for years,” said Jonathan Adashek, Senior Vice President of Marketing and Communications at IBM. “Our collaboration with WPP and LinkedIn provides real-time, actionable insights that are based on trusted data. We are excited to create and use these new, powerful and trusted AI solutions to deliver a force multiplier for B2B marketing.”
Cloud-based security solution provider Cloudflare, Inc. (NYSE: NET) recently announced the general availability of its AI Gateway platform, dubbed as a unified interface for managing and scaling the generative AI workloads of clients. Since its beta launch in September 2023, AI Gateway has handled over 500 million requests and is now ready for full client use.
The general availability release followed upon another Cloudflare announcement of a collaboration with Hugging Face, the leading open and collaborative platform for AI builders, for a one-click-simple global deployment for AI applications. With its Workers AI platform now generally available, Cloudflare became the first serverless inference partner integrated on the Hugging Face Hub for deploying models, enabling developers to quickly, easily, and affordably deploy AI globally, without managing infrastructure or paying for unused compute capacity.
“Workers AI is one of the most affordable and accessible solutions to run inference,” said Matthew Prince, CEO and co-founder, Cloudflare. “With Hugging Face and Cloudflare both deeply aligned in our efforts to democratize AI in a simple, affordable way, we’re giving developers the freedom and agility to choose a model and scale their AI apps from zero to global in an instant.”
Reporting impressive generative AI revenues in its latest Q3 2024 fiscal results has caused shares of Accenture plc (NYSE: ACN) to jump this week, reporting more than $900 million in generative AI bookings in the latest quarter alone.
“Our actions to stay laser-focused on the needs of our clients are clear in our third quarter results,” said Julie Sweet, Chair and CEO of Accenture. “We… achieved two significant milestones this quarter — with $2 billion in Generative AI sales year-to-date and $500 million in revenue year-to-date — which demonstrate our early lead in this critical technology.”
Prior to the financial report, Accenture announced its intent to acquire Italian-based network services company, Fibermind, which specializes in fiber and mobile 5G networks deployment, as well as infrastructure engineering services. Together, Accenture and Fibermind will offer clients network engineering capabilities, deep industry knowledge, and technology assets powered by automation, robotics, data and AI.
Prior to its surge into the position as the world’s most valuable publicly-traded company, NVIDIA Corporation (NASDAQ: NVDA) made a pair of announcements, further cementing its role in the AI revolution.
The first was the announcement of its NVIDIA Omniverse Cloud Sensor RTX, a set of microservices that enable physically accurate sensor simulation to accelerate the development of fully autonomous machines of every kind, allowing developers to test sensor perception and associated AI software at scale in physically accurate, realistic virtual environments prior to real-world deployment.
The second announcement was the NVIDIA AI Computing by HPE, a portfolio of AI solutions and joint go-to-market integrations that enable enterprises to accelerate adoption of generative AI, co-developed with Hewlett Packard (HP).
“Generative AI and accelerated computing are fueling a fundamental transformation as every industry races to join the industrial revolution,” said Jensen Huang, Founder and CEO of NVIDIA. “Never before have NVIDIA and HPE integrated our technologies so deeply – combining the entire NVIDIA AI computing stack along with HPE’s private cloud technology – to equip enterprise clients and AI professionals with the most advanced computing infrastructure and services to expand the frontier of AI.”
All NVIDIA AI Computing offerings by HPE will be available through a combined marketing strategy involving sales teams, channel partners, and training. This strategy includes a global network of system integrators such as Deloitte, HCLTech, Infosys, TCS, and Wipro. These integrators will assist enterprises across various industries in running complex AI workloads.
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
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TIANJIN, China, June 21, 2024 /PRNewswire/ — On June 20th, Tianjin hosted the opening of the 2024 World Intelligence Expo (WIE). Under the theme “Intelligence: Expansive Development Space, Sustainable Growth Driver,” the event was co-organized by the people’s governments of the Tianjin and Chongqing municipalities.
Chinese President Xi Jinping sent a congratulatory letter to the expo, pointing out that AI, as an important driving force for a new round sci-tech revolution and industrial transformation, will have a far-reaching impact on global economic and social development and human civilization progress. In his letter, Xi also noted that China has attached great importance to the development of AI, actively driven the deep integration of the Internet, big data and AI with real economy to cultivate and build the intelligent industry, accelerate the development of new quality productivity, and provide new momentum for high-quality development.
Chen Min’er, secretary of the CPC Tianjin Committee, addressed the opening ceremony of the expo. Wan Gang, chairman of China Association for Science and Technology, delivered the keynote speech. Hu Henghua, mayor of Chongqing; Wu Zhaohui, vice president of Chinese Academy of Sciences; Liu Liehong, head of the National Data Administration; Long Teng, vice minister of the Ministry of Science and Technology; and Shan Zhongde, vice minister of the Ministry of Industry and Information Technology, addressed the expo, respectively. Tianjin Mayor Zhang Gong presided over the opening ceremony.
In his speech, Chen Min’er pointed out that Tianjin has been adhering to sci-tech innovation and industrial innovation at the same time, actively propelling exploration and practical applications in the realm of AI, and accelerating the development of new quality productivity to better empower its high-quality development and living. Chen added, “Leading sci-tech innovation with intelligence, Tianjin will rev up the R&D and application of some key core technologies, vigorously develop the sci-tech service sector, streamline the supply and demand channels for sci-tech achievements, boost sci-tech and innovation parks to improve their quality and efficiency, and accelerate the inter-sector application of AI to help innovation and breakthroughs in the fields of life science, low-carbon technology, and future research.
According to Hu Henghua, Chongqing is speeding up in digital industrialization and industrial digitization to build itself into a new digital economy highland. The 2025 World Intelligence Expo is scheduled to be held in Chongqing. Hu invited everyone to delineate a new AI landscape together, share golden opportunities during the digitization of Chongqing, and co-build a promising future in the AI era.
Wu Zhaohui suggested strengthening the inter-discipline cooperation to consolidate the AI research foundation, enriching AI scenarios with applets, and deepening industry-institute interactions to build an AI innovation ecosystem.
Zeng Yi, chairman of China Electronics Corporation; Chen Zhongyue, chairman of China Unicom; Yang Yuanqing, chairman and CEO of Lenovo; and Zhou Hongyi, founder of Qihoo 360 delivered speeches.
Contact: Xing MeiqiTel: 0086-22-28209030E-mail: [email protected]
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Artificial Intelligence
Tech Developers Pioneering AI Tools to Revolutionize Future Productivity and Logistics
USA News Group CommentaryIssued on behalf of Scope AI Corp.
VANCOUVER, BC, June 21, 2024 /PRNewswire/ — USA News Group – How we embrace this surging adoption of artificial intelligence (AI) in the economy of the future remains up for debate. Already, we’re seeing the impact of AI adoption in the workplace, in culture, and in finance, but it won’t end there. According to Goldman Sachs, AI is showing “very positive” signs of eventually boosting GDP and productivity, while some experts are remarking that the generative AI tech wave is sweeping in much faster (maybe 10x) than early internet. Behind the scenes, tech developers are building AI-powered tools that could potentially revolutionize productivity and logistics in the future, with recent developments coming from Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF), Meta Platforms, Inc. (NASDAQ: META), Amazon.com, Inc. (NASDAQ: AMZN), Microsoft Corporation (NASDAQ: MSFT), and SoundHound AI, Inc. (NASDAQ: SOUN, SOUNW).
As deep machine learning evolves rapidly, Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF) has rebranded and shifted its market focus to target sectors such as advertising, gaming, and neural networks with its advanced GEM (General Enterprise Machine Learning) technology.
Scope AI’s ongoing development of GEM aims to assist businesses in creating custom object detection and visual information systems, maximizing the potential of neural networks. The company’s strategic initiatives are set to potentially revolutionize advertising personalization, gaming enhancements, and various applications of neural networks.
Recently, Scope AI unveiled significant enhancements to GEM, designed to better serve advertising agencies and the gaming industry. These updates aim to optimize advertising content and improve gameplay experiences through advanced neural network functionalities. By the end of May, Scope AI had announced its collaboration with several leading ad agencies and ad networks, to gain insights into the primary challenges these organizations face in analyzing the efficacy of different ad creatives and page layouts, as well as the difficulties and costs associated with testing.
The timing of Scope AI’s assistance in advertising couldn’t be better, as global advertising executives are currently struggling with the injection of AI into their sphere. The worry is that if everyone is using AI for their images, nothing stands out. This is where Scope AI’s potential with GEM rises, in helping these ad execs to better discern their ad campaigns, and how to deliver them.
“Our approach is to start with the pain points of our potential users and build solutions based on those insights,” said James Young, CEO of Scope AI Corp. “We believe in understanding the real-world challenges faced by our partners, rather than falling into the common software trap of ‘build it and they will come.’ This collaboration ensures that GEM is not just another tool, but a solution that addresses the specific needs of the advertising community.”
GEM’s enhanced object visual recognition capabilities are intended to provide businesses with deeper insights and more precise solutions. Consequently, advertisers may potentially analyze consumer behavior more effectively and refine their campaigns, while game developers could create more engaging and immersive user experiences.
“We’re very pleased at how seamless we were able to streamline, enhance, and strengthen our platform with the latest performance and security upgrades made to our infrastructure,” said Sean Prescott, Founder and Non-Executive Chairman of Scope AI. “The next generation of our platform will set us apart in what kind of data and its sensitivity we can process and store. It’s a potential game-changer for the industry.”
Social media platform giant Meta Platforms, Inc. (NASDAQ: META) recently announced an initiative to release new AI research models in order to accelerate innovation at scale. As per the initiative, Meta’s Fundamental AI Research team is publicly releasing several models to accelerate future research and allow others to innovate and apply AI at scale.
According to the accompanying Meta blog post, the company states, “We believe that access to state-of-the-art AI creates opportunities for everyone.”
Meanwhile, however, Meta has also been asked to delay training its AI on data from users in the European Union. After intervention by the Irish Data Protection Commission, Meta now must delay its plan to train its large language models on Facebook and Instagram content from EU users.
“We’re disappointed by the request from the Irish Data Protection Commission (DPC), our lead regulator, on behalf of the European DPAs, to delay training our large language models (LLMs) using public content shared by adults on Facebook and Instagram — particularly since we incorporated regulatory feedback and the European DPAs have been informed since March,” wrote Stefano Fratta, Global Engagement Director for Privacy Policy for Meta in a blog post. “This is a step backwards for European innovation, competition in AI development and further delays bringing the benefits of AI to people in Europe.”
Meanwhile, Amazon.com, Inc. (NASDAQ: AMZN) seems undeterred in Europe, expanding its generative AI listing tools to sellers across the continent. As per the expansion, sellers in France, German, Italy, Spain, and the UK can now leverage the power of generative AI to greatly simplify the process of product listing creation as well as enriching existing product listings to better resonate with customers and help drive sales.
“These generative AI-powered tools simplify the listing creation process, allowing sellers to generate compelling product titles, descriptions, and other details by simply providing a few descriptive words or just uploading a product image,” said Amazon in the accompanying blog post. “We suggest product listings that are high-quality and designed to be engaging for customers in our store. This streamlines operations and allows sellers to focus on other aspects of their business.”
Amazon has long utilized AI to assist its selling partners by pioneering personalized product recommendations based on customer behavior, enabling sellers to highlight relevant products. Advanced machine learning models are used for demand forecasting and inventory management, helping sellers avoid stock shortages. AI-powered pricing tools provide dynamic pricing insights, while recent innovations include generating rich Premium A+ Content and augmented reality visualizations. In fulfillment centers worldwide, AI helps stock products locally to ensure faster deliveries and greater availability of everyday essentials. In Europe, AI reduced the average package travel distance by 25kms in 2023, enhancing delivery speed and sustainability.
Microsoft Corporation (NASDAQ: MSFT) recently decided to delay the release of its Recall AI feature on PCs, based on security concerns. The Recall feature logs activities from web browsing to voice chats, creating a searchable history on the user’s computer. This allows users to easily find and recall actions from months ago.
Experts are already labeling Microsoft as a “frontrunner in the generative AI race”, with analysts expecting big things from the software giant, citing a “strong competitive cloude edge” coming, as they estimate Microsoft’s Copilot deployments could add around $25 billion to the company’s trajectory by fiscal year 2025.
Together with LinkedIn, Microsoft also released the 2024 Work Trend Index on the State of AI at Work, titled “AI at work is here. Now comes the hard part.”
“Generative AI tools have found widespread acceptance in the workplace, and we can see that most employees have placed their trust in AI to help with their daily workloads – without waiting to see if their organization will provide AI tools, services, or directions and guidelines for usage,” said Dhanawat Suthumpun, Managing Director of Microsoft Thailand. “It is critical that business leaders respond to this emerging trend in order to help both the organization and employees make the most beneficial impact from AI – from increased productivity and new capabilities to greater security from well-defined guidance around AI use.”
Global leader in voice artificial intelligence SoundHound AI, Inc. (NASDAQ: SOUN, SOUNW) recently announced the acquisition of key assets from Allset, an online ordering platform that connects restaurants and local customers, to fast-track its vision of a voice commerce ecosystem. Allset is a food ordering platform designed for local pick-up, providing a seamless, cost-effective dining experience that allows both consumers and restaurants to bypass the high fees charged by delivery apps. SoundHound is already a market leader for restaurant voice AI solutions, working with over 10,000 restaurant locations.
“We are thrilled to join forces with SoundHound to combine our established partnerships and marketplace expertise with SoundHound’s class-leading voice AI solutions and capabilities,” said Stas Matviyenko, CEO and Co-Founder of Allset. “From the beginning, we realized that we share the same vision for the voice commerce ecosystem that elevates the consumer experience. This team-up will accelerate our progress toward the next exciting phase of AI-powered ordering convenience.”
Article Source: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
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