Cryptocurrencies have been closely linked with disruptive ideas since their inception in 2008, making them the perfect medium for exploring the radical concepts showcased at the Consensus 2023 conference. Many of these ideas seek to revolutionize the existing banking system, using blockchain to offer an alternative approach to transactions, data and start-up funding.
Revolutionizing Collaborative Finance with Blockchain
Through ‘collaborative finance’, the traditional banking system is being challenged and pushed to the brink of evolution. The immutable nature of blockchain technology could allow for a new level of trust, where multiple people could control common funds and collaborate securely and publicly. This could revolutionize how businesses, investors and customers interact, streamline the banking process and offer a more secure and transparent way to invest and transact.
Furthermore, the use of blockchain to provide data provenance could lead to huge advantages within the AI industry. Beyond its use as a collaboration tool, this technology could ensure the accuracy and integrity of data collected, as well as provide a transparent way of tracking its use and circulation. This could be beneficial for a range of autonomous applications, from legal record-keeping to healthcare, as well as for AI startups, who could benefit from increased trust amongst partners and investors.
The Horizon Project, Worldcoin, and AI Rights
The launch of the Horizon project further demonstrates the potential of cryptocurrencies in reshaping traditional banking structures. This project seeks to provide startups with a ‘crowdfunding’ platform, comparable to traditional venture capital, but with the added benefit of being able to access advice and support from industry experts. This could give rise to a new generation of innovative startups, while providing essential support to existing, blockchain-based projects.
Finally, Worldcoin and AI rights provide the most radical example of these revolutionary concepts. Worldcoin uses AI to distribute a universal basic income, allowing for a fundamental shift in the labor market. Whilst AI rights suggest a system whereby AI can have their own agency with regards to their own decisions, freed from traditional ethical constraints.
Exploring Revolutionary Ideas for Central Banking
Naturally, these concepts have provoked a mix of responses, ranging from optimistic to incredibly wary. Innovation Circle experts, such as Eleizer Yudkowsky, have argued for the need to implement a “very strong global monitoring” of encryption, in order to prevent “hostile AGI behavior”. Whilst there are opportunities to be gained from AI and cryptocurrency, the implications of their use must be managed effectively and with precaution.
Ultimately, it is clear that there are a range of revolutionary concepts associated with cryptocurrency and AI, each of which could have an impact on central banking. Although these bold and innovative ideas are still at the early stages of development, they promote a future of secure and transparent transactions, while offering exciting new opportunities for startups and investors. Cryptocurrencies may seem like an unusual place to search for new ideas, however, these revolutionary notions could represent the next steps for central banking.
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