Latest In Web3, AI & Emerging Tech

Hello, and welcome to the latest edition of my weekly newsletter, where I bring you updates on the latest happenings in the world of Web3, AI, and Emerging Technologies.?

There are just so many things happening all at the same time in this industry and it’s often a job in itself to keep up to date with the latest, so it’s my pleasure to digest it all for you and share with you some of my favourites or most important developments in the space.

So, without further ado, let's dive into this week's news!

Mastercard Launches Crypto Credential for Web3 User Verification

Mastercard has announced the launch of a new Web3 solution called "Mastercard Crypto Credential" to enhance user verification standards and minimize opportunities for bad actors in the digital asset space. Users will receive a unique identifier, which enables verification that the recipient's address has been vetted by Mastercard and meets its compliance standards. The solution also supports compliance through metadata exchange to comply with regulations.

The credential is expected to reduce risks associated with bad actors and the potential loss of funds for good. If bad actors get the unique identifier, Mastercard can revoke their verification if they have engaged in illicit activities. The solution is a collaborative effort, and Mastercard has partnered with Bit2Me, Lirium, Mercado Bitcoin, and Uphold on the wallet side. On the blockchain side, they have partnered with Aptos, Avalanche, Polygon, and Solana.

CipherTrace's services, including CipherTrace Traveler, will also be used to verify addresses and support Travel Rule compliance for cross-border transactions. The announcement comes after Mastercard launched a gated musician accelerator program with Polygon, offering free access to materials, unique AI tools, and other experiences to holders of Mastercard's Music Pass NFT.

Visa also recently made a move in the crypto sector, announcing a new stablecoin payments-focused project that is building the next generation of products to facilitate commerce in everyone's digital and mobile lives. Visa is looking for candidates with experience in Web3 and blockchain technology to join the project.

AI pioneer Geoffrey Hinton resigns from Google over rising dangers

Geoffrey Hinton, a 75-year-old man who is considered the "godfather of artificial intelligence," has resigned from Google, expressing his regrets about his contributions to the field. Hinton warns about the potential dangers of AI chatbots and how they could become "scary" in the future. He explains that chatbots could soon surpass human knowledge and could be used for malicious activities. The scientist named a "worst-case scenario" where bad actors could use AI chatbots to create sub-goals that may lead to obtaining more power.

Hinton's pioneering research on neural networks and deep learning has laid the groundwork for current AI systems, including ChatGPT. In March, an open letter co-signed by Hinton, Elon Musk, and other AI experts, called for a halt on AI developments more advanced than ChatGPT, as AI capabilities are accelerating rapidly, and safety measures need to be implemented.

Although Hinton acknowledges the benefits AI has to offer, he also emphasizes the need to worry about its dangers. He suggests that the responsibility of controlling AI's rogue possibilities falls on the government. He also commends Google's responsible approach to AI and adds that his resignation will give credibility to his praise for Google.

Hinton's resignation comes amid growing concern among experts about the direction and speed at which AI is developing. The rise of AGI, or artificial general intelligence, has caught the attention of many as it can perform a range of tasks within a specific remit.

IBM announces they will pause hiring for jobs AI could potentially do

IBM CEO, Arvind Krishna, announced that the company will pause hiring for certain back-office functions, such as human resources, that they believe could be replaced with artificial intelligence (AI) in the coming years. These non-customer-facing roles amount to approximately 26,000 workers, of which roughly 30% could be replaced by AI and automation over a five-year period. This amounts to a potential loss of 7,800 jobs. However, part of the reduction would include not replacing roles vacated by attrition, according to an IBM spokesperson.

Krishna believes more mundane tasks, such as providing employment verification letters or moving employees between departments, will be fully automated, while certain HR functions, such as evaluating workforce composition and productivity, probably won't be replaced over the next decade. IBM currently employs around 260,000 workers and continues to hire for software development and customer-facing roles.

Krishna has been CEO of IBM since 2020 and has focused the company around software and services such as hybrid cloud. He has divested lower-growth businesses and is currently considering selling its weather unit. Earlier this year, IBM announced job cuts that may amount to about 5,000 workers once completed. Nevertheless, Krishna said IBM has added to its workforce overall, bringing on about 7,000 people in the first quarter.

Krishna's plan marks one of the largest workforce strategies announced in response to the rapidly advancing technology, with many observers worrying about the potential for AI to disrupt the labour market. As artificial intelligence tools continue to automate customer service, write text and generate code, it could replace many non-customer-facing roles.