Emerging tech to create “new ethics” for humankind: MEWS 2023

cointelegraph.com:

In recent years emerging technologies have been pervasive in many major industries around the world. Whether it’s blockchain used to help combat climate change or artificial intelligence (AI) projected to drive 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 Ph.D. in mathematics, who has been recently involved in major lawsuits involving crypto giants like Voyager and Binance.

The legal expert began the talk by highlighting trust as a foundational theme in the emerging tech space. He tied trust to the recent banking crisis in the U.S. and commented that this was also a “fundamental idea of a bank” at its conception.

However, banks now “basically run on 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.

When it comes to emerging technologies like AI, Castell predicts that banks will be at the “forefront” of the adoption of such technology. 

“The banks are going to try and do it for the benefit of themselves,” he said. “To be safe, to have safe money, to have good investments, not to lose, not to go bust, not to solve the conundrum of what they do on a bank run.”

Related: US vice president gathers top tech CEOs to discuss dangers of AI

Castell continued to point out that, aside from benefiting banks, the introduction of AI into humanity will cause the “ democratization and commoditization of intelligence.”

He suggested