In recent years, emerging technologies have gone mainstream in many major industries around the world. Whether it's blockchain used to help combat climate change or artificial intelligence (AI) projected to fuel economic growth.
At the Metaverse Entertainment Worlds (MEWS) conference in Monaco, Cointelegraph sat down with Dr. 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 and a Ph.D. in mathematics, who was recently involved in major lawsuits involving crypto giants such as Voyager and Binance.
The legal expert began the talk by highlighting trust as a fundamental issue in the emerging technology space. He tied the trust to the recent US banking crisis. and commented that this was also a "fundamental idea of a bank" in its conception.
However, banks now “basically run a bad business model,” he said. He pointed out that although the crypto community has visions to revolutionize the financial system through technological innovation, there needs to be regulation.
“Just because crypto is different, there are still laws in place to protect investors that govern crypto investments just 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 "front line" of adopting such technology.
“The banks are going to try to do it for their own benefit,” he said. "To be sure, to have secure money, to have good investments, not to lose, not to go bankrupt, not to solve the enigma of what they do in a bank run."
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Castell went on to point out that, in addition to benefiting banks, the introduction of AI to humanity will cause the "democratization and commodification of intelligence."
"It means that any human being on the planet, maybe even some animals too, can be as smart and creative as the smartest and most creative person who ever lived."
He suggested that humans will need to be "socialized" with AI and other emerging technologies like the metaverse, in order to be useful.
“He's still going to do something for us. Useful, valuable, exciting, productive. It has to do all those things if it's going to go generic."
AI has had no shortage in use cases as it has skyrocketed in popularity among the general public in recent months. Lawmakers in the UK 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, token prices, and events.
“I really hope that all the new technologies that we are talking about really create a new ethic for this new human species that we are.”
Castell believes that what is now being seen in the emerging tech space is just the beginning of what he called the "cyborgization" of humans.
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