Opinion | Skepticism of Digital Currency Needs to Be Taken Seriously: Amazon, Google Scramble To Keep Pace With OpenAI Despite Huge AI Teams

Sanjay Sharma

Hatched by Sanjay Sharma

Jul 20, 2024

4 min read

0

Opinion | Skepticism of Digital Currency Needs to Be Taken Seriously: Amazon, Google Scramble To Keep Pace With OpenAI Despite Huge AI Teams

In recent years, digital currency has gained significant attention and popularity. With the rise of technologies like ApplePay, PayPal, and Venmo, electronic funds have become a convenient way for people to transact. However, skepticism towards digital currency needs to be taken seriously, especially when it comes to central bank-issued digital currency.

Central bank digital currency (CBDC) offers the reliability of government-issued cash along with the convenience of electronic funds. It would provide ordinary people with a widely available public currency that will always be accepted, ensuring the smooth functioning of the economy. The Bank of England and HM Treasury have emphasized the importance of a public currency that is universally accepted.

Currently, a surprisingly small portion of the world's money is government-issued. The money in our checking and savings accounts is an obligation of the bank where we hold those accounts, not the government. The only government-issued money available to the general public is physical cash and coin. This means that private forms of payment are increasingly dominating the financial landscape, potentially sidelining central banks.

To address this, central banks are considering the issuance of their own digital currency. By doing so, they aim to maintain their relevance and ensure that they are not shunted aside by private forms of payment. A central bank digital currency would allow them to reclaim their position as the authority in monetary transactions.

However, there are concerns surrounding the implementation and adoption of digital currency. One of the main concerns is privacy. With digital currency, every transaction can be tracked and monitored, raising concerns about surveillance and the potential abuse of personal information. Additionally, there are concerns about the vulnerability of digital systems to cyberattacks and hacking attempts.

Despite these concerns, the benefits of central bank digital currency cannot be ignored. It would provide individuals with a secure and reliable form of money that is backed by the government. It would also allow central banks to regain control over monetary transactions and ensure the stability of the economy.

In the world of technology and artificial intelligence (AI), companies like Amazon and Google are constantly striving to stay ahead. Exclusive data from a London-based startup reveals that these tech giants have dedicated a significant number of employees to AI research and development. Amazon leads the pack with 10,113 AI-focused employees, followed by Microsoft with 7,133 and Google with 4,970.

Interestingly, while these companies have large AI teams, they still struggle to keep pace with OpenAI. OpenAI, a small team of just 154 artificial intelligence experts, has managed to make significant strides in the field. This highlights the importance of expertise and focused efforts, rather than simply relying on the sheer number of employees.

One notable example of this is Amazon's virtual assistant, Alexa. Introduced nearly a decade ago, Alexa seemed like a game-changer in the world of AI. However, despite the significant investment and the large team behind it, Alexa has not lived up to its initial hype. Many users simply use it for basic tasks like playing music or setting timers.

This highlights the need for companies to prioritize quality over quantity when it comes to AI development. Simply having a large team does not guarantee success. Instead, companies should focus on cultivating expertise and fostering innovation within their AI teams.

In conclusion, skepticism towards digital currency should be taken seriously, especially in the context of central bank-issued digital currency. While there are concerns surrounding privacy and cybersecurity, the benefits of a secure and government-backed digital currency cannot be ignored. Additionally, companies like Amazon and Google should prioritize expertise and innovation over the sheer size of their AI teams. Quality should be the focus, rather than quantity.

Actionable Advice:

  • 1. Stay informed about developments in the digital currency space. Educate yourself about the benefits and risks associated with central bank-issued digital currency.
  • 2. Protect your privacy by being mindful of the information you share and the platforms you use for financial transactions. Consider using secure and encrypted platforms for digital payments.
  • 3. Encourage companies to prioritize expertise and innovation in their AI teams. Quality should be the driving force behind AI development, rather than simply relying on the number of employees.

By taking these actions, we can navigate the evolving landscape of digital currency and AI technology more effectively, ensuring that we reap the benefits while mitigating the risks.

Hatch New Ideas with Glasp AI 🐣

Glasp AI allows you to hatch new ideas based on your curated content. Let's curate and create with Glasp AI :)