FTC Provides Guidance on Using Artificial Intelligence and Algorithms – JD Supra

Posted on May 7, 2020 by admin

Updated: May 25, 2018:

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Continued here:
FTC Provides Guidance on Using Artificial Intelligence and Algorithms - JD Supra

Is artificial intelligence the answer to the care sector amid COVID-19? – Descrier

Posted on May 7, 2020 by admin

It is clear that the health and social care sectors in the United Kingdom have long been suffering from systematic neglect, and this has predictably resulted in dramatic workforce shortages. These shortages have been exacerbated by the current coronavirus crisis, and will be further compounded by the stricter immigration rules coming into force in January 2021. The Home Office is reportedly considering an unexpected solution to this; replacing staff with tech and artificial intelligence.

To paraphrase Aneurin Bevan, the mark of a civilised society is how it treats its sick and vulnerable. As a result, whenever technology is broached in healthcare, people are sceptical particularly if it means removing that all-important human touch.

Such fears are certainly justified. Technology and AI itself has become fraught with issues: there is a wealth of evidence that points to prove algorithms can become susceptible to absorbing the unconscious human biases of its designers, particularly around gender and race. Even the Home Office has been found using discriminatory algorithms that scan and evaluate visa applications while a similar algorithm utilised in hospitals in the US was found to be systematically discriminating against black people as the software was more likely to refer white patients to care programmes.

Such prejudices clearly present AI as unfit in healthcare. Indeed, technology is by no means a quick fix to staff shortages and should never be used at the expense of human interaction, especially in areas that are as emotionally intensive as care.

However, this does not mean that the introduction of AI into the UK care sector is necessarily a slippery slope to a techno-dystopia. Robotics have already made vital changes in the healthcare sector; surgical robots, breast cancer scanners and algorithms that can detect even the early stages of Alzheimers have proved revolutionary. The coronavirus crisis itself has reinforced just how much we rely on technology as we are able to keep in touch with our loved ones and work from home.

Yet in a more dramatic example of the potential help AI could deliver in the UK, robots have been utilised to disinfect the streets of China amid the coronavirus pandemic and one hospital at the centre of the outbreak in Wuhan outnumbered its doctor workforce with robotic aides to slow the spread of infection.

Evidently, if used correctly, AI and automation could improve care and ease the burden on staff in the UK. The Institute for Public Policy Research even calculated that 30% of work done by adult social care staff could be automated, saving the sector 6 billion. It is important to stress, though, that this initiative cannot be used as a cost cutting exercise if money is saved by automation, it should be put back into the care sector to improve both the wellbeing of those receiving care, and also the working conditions of the carers themselves.

There is much that care robots cannot do, but they can provide some level of companionship, and can serve as assistance with medication prep while smart speakers can remind or alert patients. AI can realistically monitor vulnerable patients safety 24/7 while allowing them to maintain their privacy and sense of independence.

There are examples of tech being used in social care around the world that demonstrate the positive effect that it can have; in Japan specifically, they have implemented the use of a robot called Robear that helps carry patients from their bed to their wheelchairs, a bionic suit called HAL that assists with motor tasks, and Paro a baby harp seal bot that is a therapeutic companion which has been shown to alleviate anxiety and depression in dementia sufferers. Another, a humanoid called Pepper, has been introduced as an entertainer, cleaner and corridor monitor to great success.

It is vital, though, that if automation and AI is to be introduced on a wide scale into the care sector, it must work in harmony with human caregivers. It could transform the care sector for the better if used properly, however the current government does not view it in this way; and the focus on automation is ushered in to coincide with the immigration rules that will prohibit migrant carers from entry. Rolling out care robots across the nation on such a huge scale in the next 9 months is mere blue sky thinking; replacing the fresh-and-blood and hard graft of staff with robots is therefore far-fetched at best, but disastrous to a sector that is suffering under a 110,000 staff shortage at worst. Besides, robots still disappointingly lack the empathy required for the job and simply cannot give the personal, compassionate touch that is so important; they can only ease the burden on carers, and cannot step in their shoes alone.

While in the long term it is possible that automation in the care sector could help ease the burden on staff, and plug gaps as an when it is needed, the best course of action that is currently attainable in order to solve the care crisis is for the government to reconsider just who it classifies as low skilled in relation to immigration as some Conservative MPs have already made overtures towards.

In order to remedy the failing care sector, the government should invest both in home grown talent and relax restrictions on carers from overseas seeking to work in the country. A renovation of the care sector is needed; higher wages, more reasonable hours, more secure contracts, and the introduction of a care worker visa is what is so desperately needed, and if this is implemented in conjunction with support from AI and automation we could see the growing and vibrant care sector for which this country is crying out.

Continued here:
Is artificial intelligence the answer to the care sector amid COVID-19? - Descrier

USPTO Rules Artificial Intelligence Cannot Be Named As Inventor for Patent Application – JD Supra

Posted on May 7, 2020 by admin

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

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USPTO Rules Artificial Intelligence Cannot Be Named As Inventor for Patent Application - JD Supra

FISA Surveillance and Possible Reforms Are Back on the Senate’s Agenda – Reason

Posted on May 7, 2020 by admin

Next week the Senate is poised to resurrect some federal surveillance powers that expired in the midst of the coronavirus pandemic. A handful of senators are hoping to force through reforms to better protect Americans' privacy.

In March the USA Freedom Act expired, somewhat unceremoniously, as lawmakers were unable to reach a consensus on a renewal as the pandemic began to pick up steam and overtake all public policy priorities.

The USA Freedom Act authorized (but restricted) the collection of Americans' phone and internet record metadata that the National Security Agency (NSA) had been gathering without citizen knowledge before Edward Snowden exposed it. A compromise bill, the USA Freedom Act added some buffers to how the NSA would collect the data and required more reporting of the activities of the Foreign Intelligence Surveillance Act (FISA) courts, so citizens would have a better sense of the extent that this "foreign" surveillance was in fact targeting Americans.

The NSA has since abandoned the metadata collection, which had proven ineffective at tracking down terror threats even as it violated Americans' Fourth Amendment rights. But the Act has other surveillance components (authorizing roving wiretaps, tracking so-called "lone wolf" terrorists). And even though the NSA has stopped using its metadata collection powers, President Donald Trump's administration has asked for the entire USA Freedom Act to be renewed, intact, permanently.

Fortunately, that's not going to happen: The House passed a renewal bill in March that officially killed off the records program once and for all. Now surveillance critics in the Senate, such as Rand Paul (RKy.), Mike Lee (RUtah) and Ron Wyden (DOre.), are pushing for further reforms to the way the government targets American citizens for secret surveillance. Their demands for amendments to the House's bill stopped the bill from moving forward in March. Now the Senate plans to consider the House's bill along with these proposed amendments.

The USA Freedom Act played no role in the FBI's use of the FISA court to secretly wiretap former Trump aide Carter Page. But the discovery that the FBI played fast and loose with the truth when requesting these warrants from the FISA court, and the subsequent evidence that the FBI regularly does a terrible job of documenting its evidence when targeting any Americans for FISA surveillance, have created an opening for civil libertarians to call for stronger privacy protections.

The Hill reports:

Sen.Rand Paul (RKy.) will get a vote on his amendment that would bar the FISA court from issuing warrants for American citizens and instead require law enforcement agencies such as the FBI to obtain a warrant from a normal court established under Article III of the Constitution.

Sens.Mike Lee (RUtah) and Patrick Leahy (DVt.) will get a vote on their amendment to require the appointment of amicus curiae, or outside advisers, with expertise in privacy and civil liberties to advise the FISA court on surveillance warrants.

Sens.Steve Daines (RMont.) andRon Wyden (DOre.) will get a vote on an amendment to bar law enforcement from obtaining internet browsing and search history without a warrant.

These are all great amendments. Unfortunately, they will probably fail. Far too many lawmakers on both sides of the aisle are against serious surveillance reforms.

Senators like Paul are banking on Trump's outrage over what happened to Page to push these additional reforms through. Establishment Republicans and Democrats are banking on Trump only caring about how surveillance affects him and the people around him.

We'll soon find out which side is correct. My money's on the establishment, but I'll be happy to be wrong this time.

See the article here:
FISA Surveillance and Possible Reforms Are Back on the Senate's Agenda - Reason

Hardware Encryption Market Growth Development and Challenges with Forecast 2025 – Press Release – Digital Journal

Posted on May 7, 2020 by admin

This press release was orginally distributed by SBWire

San Francisco, CA -- (SBWIRE) -- 05/07/2020 -- Global Hardware Encryption Market: Snapshot

A variety of factors or specific business needs influences the choice of specific encryption solutions among various end-use industries. Hardware encryption is gaining popularity for protecting sensitive data on portable devices such as laptops and USB flash drives. Its ease of use, consistent performance, and robust protection against numerous common and less sophisticated attacks offsets its high cost compared to software-based encryption. For instance, any brute-force attacks by hackers to gain access to hardware encrypted chips can be easily thwarted with the help of this. The mechanism of hardware encryption works on the device's on-board security, which performs the needed encryption and decryption. Unlike software-based encryption, it doesn't require drivers and has minimal configuration requirements.

Get Exclusive PDF Sample Copy Of This Report: https://www.tmrresearch.com/sample/sample?flag=B&rep_id=647

However, since it is tied to a particular device, hardware encryption methods may not prove so helpful. Nevertheless, the soaring use of mobile devices by several governmental agencies and the storage of confidential financial and healthcare data in mobile devices have propelled the demand for hardware encryption methods. In case the devices are stolen, the data cannot be compromised.

In recent years, Advanced Encryption Standard (AES), a specification standard by the National Institute of Standards and Technology (NIST) has been gaining prominence for data security for hardware as well as software encryption method. The cryptographic module is fast gaining adoption among several military, government, healthcare institutions, and financial organizations world over, especially in developing and developed nations. AES has become one of the most popular algorithms adopted in symmetric key cryptography by various governmental agencies in the U.S. Boasting of marked improvements over its predecessors, AES employs longer cryptographic keys, offers easy implementation, and can be used in restricted environments such as in smart cards.

Global Hardware Encryption Market: Overview

The global market for hardware encryption is projected to witness healthy growth throughout the forecast period, thanks to the advent of portable storage devices in order to transfer files and information between computers. In addition, these devices help in improving the security concerns and confidentiality of data. These devices cannot be altered or removed by any malware or virus or be uninstalled by the user, owing to which the market is likely to witness high growth over the coming few years.

The research report on the global hardware encryption market offers a thorough overview, focusing on the key growth drivers and currents trends in the market. The research study throws light on the product segmentation, applications, technological advancements, and the regional segments of the global hardware encryption market. In addition, the limitations and challenges that are being faced by the prominent players in the overall market have been discussed in the research study.

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Global Hardware Encryption Market: Drivers and Restraints

The rising concerns related to the privacy of data and data security and tremendous expansion of the digital content are anticipated to encourage the growth of the global hardware encryption market throughout the forecast period. In addition, several advantages offered by hardware encryption in comparison with software encryption technology and the rising need of regulatory framework are some of the other factors estimated to accelerate the growth of the overall market in the near future.

On the contrary, the need for high capital investment and the lack of awareness among consumers reading the benefits of hardware encryption technology are projected to restrict the growth of the global hardware encryption market in the next few years. Nevertheless, the emergence of economical and compact hardware encryption technique and the rising adoption of cloud computing are expected to offer promising opportunities for market players in the coming years.

Global Hardware Encryption Market: Region-wise Outlook

The global market for hardware encryption has been divided on the basis of geography into Europe, the Middle East and Africa, North America, Latin America, and Asia Pacific. The research study has provided a detailed analysis of the leading regional segment, highlighting the market share and anticipated growth rate. In addition, the key factors that are encouraging the growth of these segments have been discussed in the scope of the research study.

According to the research study, Asia Pacific is anticipated to witness strong growth throughout the forecast period, owing to the robust development of the IT industry. In addition, a substantial contribution from China, India, Malaysia, and South Korea is expected to accelerate the growth of the hardware encryption market in Asia Pacific throughout the forecast period. Furthermore, with the presence of a large number of established hardware encryption manufacturing companies, North America is anticipated to witness healthy growth in the next few years.

Key Players Mentioned in the Research Report are:

The global hardware encryption market is projected to witness a high level of competition in the coming few years. The leading players in the market are focusing on offering new products to consumers in order to enhance their market penetration and maintain their dominant position throughout the forecast period. Some of the prominent players operating in the hardware encryption market across the market are Netapp, Maxim Integrated Products, Inc., Toshiba Corp., Gemalto NV., Micron Technology, Inc., Samsung Electronics Co. Ltd., Kanguru Solutions, Thales (E-Security), Winmagic Inc., Kingston Technology Corp., Western Digital Corp., and Seagate Technology PLC.

Furthermore, the research study has provided a detailed analysis of the competitive landscape of the global hardware encryption market. An in-depth overview of company profiles and their financial overview have been discussed at length in the scope of the research study. Additionally, the business strategies, SWOT analysis, and the recent developments have been included to offer a clear understanding of the overall market.

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TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today's supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients' conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends.

For more information on this press release visit: http://www.sbwire.com/press-releases/hardware-encryption-market-growth-development-and-challenges-with-forecast-2025-1290200.htm

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Hardware Encryption Market Growth Development and Challenges with Forecast 2025 - Press Release - Digital Journal

Quantum AI in the 2020s and Beyond: What IBM Is Doing – RTInsights

Posted on May 7, 2020 by admin

The most important investments that IBM is making in quantum AI is to build out its developer and partner ecosystem and to provide them with sophisticated tools, libraries, and cloud services.

Quantum computing promises to accelerate artificial intelligence (AI) faster than the speed of light. But first, this futuristic technology must prove its worth as an alternative to more mature, traditional approaches to process data-driven statistical algorithms.

IBM continues to take a leadership position in quantum computing. Among other efforts, it is evangelizing quantum computing to developers of AI, deep learning, and machine learning applications.

Quantum computing might be capable, in its current form, of performing feats that are practically impossible for computers built on traditional von Neumann architectures. However, that has not been proven, and IBM isnt making this claim, often known as quantum supremacy, pertaining to its own quantum R&D efforts.

See also: Corner the Market: How AI and Quantum Computing will Revolutionize the Speed and Scale of Trading

In fact, IBM has taken a practical approach that keeps expectations for the technologys prowess in check. It has also been in the vanguard of debunking claims of this nature by other tech vendors. A recent case in point was Googles claim in fall 2019 that Sycamore, its 53-qubit quantum hardware platform, had completed a calculation in a few minutes that would have taken 10,000 for the worlds most powerful existing supercomputer, IBM Summit.

Googles benchmark didnt fall into any of thecore use casesincluding AI, optimization, simulation, or even cryptographyforwhich quantum computing might some day hold an advantage over classicalarchitectures. The proof of the pudding for AI is whether a computerbuilt on quantum principles can do data-driven algorithmic inferencing fasterthan a classical computer, or optimistically, faster than the fastestsupercomputers currently in existence.

For its own R&D efforts in this field, IBM is merely aiming at the more realistic goal of quantum advantage. This refers to any demonstration that a quantum device can solve a problem faster than a classical computer. Considering the range of commercial activity in this field, the likelihood that quantum architecture will soon show a clear performance advantage for core use casesespecially AIgrows by the day.

In that regard, we should the range of recent quantum productannouncements by IBM and other leading tech vendors all focus on AI use cases:

All of these vendors are building developer ecosystemsaround their various quantum computing platforms.

In January, IBM announced the expansion of Q Network, its 3-year-old quantum developer ecosystem. To encourage the development of practical quantum AI applications, IBM provides Q Network participants with Qiskit; IBM Quantum platform, which provides cloud-based software for developers to access IBM quantum computers anytime; and IBM Quantum Experience, a free, publicly available, and cloud-based environment for team exploration of quantum applications. Many of the workloads being run include AI, as well as real-time simulations of quantum computing architectures.

Another key industry milestone came in March when Google launched TensorFlow Quantum. This new software-only framework extends TensorFlow so that it can work with a wide range of quantum computing platforms, not limited to its own hardware, software, and cloud computing services.

As quantum techniques start to prove their practicality on core AI use cases, they will almost certainly be applied to AIs grand challenges.

At the level of pure computer/data science, AIs grandchallenges include neuromorphic cognitive models, adaptive machine learning,reasoning under uncertainty, representation of complex systems, andcollaborative problem solving.

We expect that quantum AI developers in the ecosystems ofIBM and its rivals will tackle all of these grand challenges using theirrespective quantum AI tools, libraries, and platforms.

The most important grand challenges for quantum AI will have compelling practical applications. Chief among these is trying to mitigate a key risk that quantum technology has itself unleashed on the world: the prospect that it might break public-key cryptography as we know it. Fortunately, IBM and others are making progress on developing quantum-resistant cryptographic schemes.

Though its not clear how much IBM is investing in the R&D needed to combat the technologys more malignant misuses, you best believe that they are deeply enmeshed in some fairly secretive projects in these domains.

Developers are everything to the future of quantum AI. Themost important investments that IBM is making in quantum AI is to build out itsdeveloper and partner ecosystem and to provide them with sophisticated butconsumable tools, libraries, and cloud services.

Among commercial solution providers, IBMs quantum developer ecosystem, Q Network, is the most mature and extensive. Lets hope that sometime this year IBM begins to support TensorFlow Quantum within Q Network and integrates it seamlessly into IBM Quantum Experience.

See the original post here:
Quantum AI in the 2020s and Beyond: What IBM Is Doing - RTInsights

Justin Tobin Reigns Crackables 2.0 Champ at Crackables 2.0 Grand Finale Sponsored by OnePlus and Verizon – Olean Times Herald

Posted on May 7, 2020 by admin

NEW YORK, May 7, 2020 /PRNewswire/ --After weeks of testing the wits of novice and experienced puzzle enthusiasts, Crackables 2.0 Grand Finale sponsored by OnePlus and Verizon was held live on May 7, streaming online, and hosted by game fanatic PrestonPlayz. Hailing from Oswego, Illinois, United States, Justin Tobin reigned supreme among the top 10 fastest players from around the world competing to win the Championship Title and a Grand Prize of $10,000 USD. Tobin also received an additional $10,000 USD donated in his name to a charity of his choice supporting those affected by COVID-19.

Knocking his competitors out with over a 100-point lead, Tobin is no stranger to puzzles. Although Crackables 2.0 is a mobile puzzle game, he credits this win to his time spent offline.

"Puzzle games are actually one of the few types of games I am reasonably good at and what makes up most of my game library," Tobin said. "I actually spend more time solving puzzles from puzzle hunts and magazines than gaming."

With finalists from across the United States, France, Lebanon, Hungary, Slovenia and the Netherlands playing on the blazing-fast OnePlus 8 5G UW smartphone available at Verizon, Tobin made a big splash all from the comfort of his home in Illinois. Now that he has won, Tobin is excited to announce he will be donating $10,000 to the American Red Cross to continue its live saving mission during this national pandemic.

An addictive, crypto-puzzle phenomenon originally conceptualized in partnership with Google and created by UNIT9, Crackables 2.0 used digital puzzles as the core of the experience, enhanced with a state-of-the-art design, user-experience and cryptography. As thousands of eager viewers tuned in, the Crackables 2.0 Grand Finale itself was created byInvisible North, which designed and built the virtual environment, inclusive of motion graphics and custom content including a remote-shot product reveal spot, both 2D & 3D elements and green screen technology that transported the viewers and players to a virtual arena.

About OnePlus

OnePlus is a global mobile technology company challenging conventional concepts of technology. Created around the "Never Settle" mantra, OnePlus creates exquisitely designed devices with premium build quality and high-performance hardware. OnePlus thrives cultivating strong bonds and growing together with its community of users and fans. For more information, please visit OnePlus.com.

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Justin Tobin Reigns Crackables 2.0 Champ at Crackables 2.0 Grand Finale Sponsored by OnePlus and Verizon - Olean Times Herald

Globally Leading Manufacturers of Quantum Cryptography product Scale up Production to Meet Sharp Spike in Demand Fueled by COVID-32 – 3rd Watch News

Posted on May 7, 2020 by admin

Companies in the Quantum Cryptography market are vying suggestive steps to tackle the challenges resulting from the COVID-19 (Coronavirus) pandemic. Exhaustive research about COVID-19 is providing present-day techniques and alternative methods to mitigate the impact on Coronavirus on the revenue of the Quantum Cryptography market.

The report on the Quantum Cryptography market provides a birds eye view of the current proceedings and advancements within the Quantum Cryptography landscape. Further, the report ponders over the various factors that are likely to impact the overall dynamics of the Quantum Cryptography market over the forecast period (20XX-20XX) including the current trends, business expansion opportunities and restraining factors amongst others.

As per the market report suggested by ResearchMoz.us, the global Quantum Cryptography market is expected to register a CAGR growth of ~XX% during the forecast period and attain a value of ~US$XX by the end of 20XX. Further, the report suggests that the growth of the Quantum Cryptography market is largely influenced by a range of factors including, emphasis on R&D innovations by market players, surging investments to increase product portfolio, and favorable regulatory policies among others.

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Questions Related to the Quantum Cryptography Market Explained:

Competitive Landscape

The report provides critical insights related to the leading players operating in the Quantum Cryptography market. The revenue generated, market presence, product range, and financials of each company are enclosed in the report.

Segment by Type, the Quantum Cryptography market is segmented intoTable ProsTable Cons

Segment by Application, the Quantum Cryptography market is segmented intoFinancialGovernmentMilitary & DefenseOthers

Regional and Country-level AnalysisThe Quantum Cryptography market is analysed and market size information is provided by regions (countries).The key regions covered in the Quantum Cryptography market report are North America, Europe, Asia Pacific, Latin America, Middle East and Africa. It also covers key regions (countries), viz, U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Mexico, Brazil, Turkey, Saudi Arabia, UAE, etc.The report includes country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by Type, and by Application segment in terms of sales and revenue for the period 2015-2026.Competitive Landscape and Quantum Cryptography Market Share AnalysisQuantum Cryptography market competitive landscape provides details and data information by players. The report offers comprehensive analysis and accurate statistics on revenue by the player for the period 2015-2020. It also offers detailed analysis supported by reliable statistics on revenue (global and regional level) by players for the period 2015-2020. Details included are company description, major business, company total revenue and the sales, revenue generated in Quantum Cryptography business, the date to enter into the Quantum Cryptography market, Quantum Cryptography product introduction, recent developments, etc.The major vendors covered:ID QuantiqueSeQureNetQuintessence LabsMagiQ TechnologiesToshibaQuantumCTekQasky

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Regional Landscape

The regional landscape of the report provides resourceful insights related to the revenue share analysis of the Quantum Cryptography market in different regions. Further, the market attractiveness of each region provides players a clear understanding of the overall growth potential in each regional market.

End-User Analysis

The report provides an in-depth understanding of the various end-users of the Quantum Cryptography along with the market share, size, and revenue generated by each end-user.

Important Information that can be extracted from the Report:

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Globally Leading Manufacturers of Quantum Cryptography product Scale up Production to Meet Sharp Spike in Demand Fueled by COVID-32 - 3rd Watch News

China`s grand e-currency experiment set to begin this month – WION

Posted on May 7, 2020 by admin

Reports around China claim that the country is rolling out its digital currency in four cities starting next week.

Owing to the COVID-19 pandemic, the health risk embedded into using physical currencies came to light. This development is interesting because China was the initial epicentre of the outbreak, and now seems to be recovering.

Over the last few months, the Chinese central bank has intensified efforts to develop a digital currency, the Guardian reported. The e-RMB shall mark the first official digital currency operated by a major economy.

Also read:Facebook's Zuckerberg grilled in US Congress on digital currency, privacy, elections

The cities where trials are underway include Shenzhen, Suzhou, Chengdu, and Beijing'sXiongan.

According to China Daily, a state run media outlet, many government employees across these cities will now receive payments via digital currencies only, many beginning this month.

This means that the e-currency has now been imbibed into the countrys government structure.

Another Chinese news outlet - Sina news claimed that in Suzhou, the currency would be employed solely on public transport. In Xiongan, the focus will be food and retail.

Also read:Digital technology can help minimise the coronavirus impact on economy: here's how

This is part of a blanket coverage plan whereby the need for physical currency will be minimised, if not eliminated. Even though most countries have thought about implementing it, China is the only country to go ahead with it.

A government sanctioned app will be used to store and use the digital currency, many reports claim.

China's central bank set up a research team in 2014 to find out ways of launching its own digital currency which would tremendously cut the costs of circulating traditional paper money and boost policymakers' control of money supply.

Also read:China passes cryptography law to gear up for digital currency

China's proposed new digital currency would be similar to Facebook Inc'sLibra coin, Reuters reported.

It would beused across major payment platforms such as WeChat and Alipay, a senior central bank official told Reuters in October 2019.

China had enforced a cryptography law in January 2020 aimed at "facilitating the development of the cryptography business and ensuring the security of cyberspace and information", the official Xinhua news agency said.

The fear surrounding physical contact may trigger widespread and instant adoption of the digital currency.

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China`s grand e-currency experiment set to begin this month - WION

Vitalik Buterin: How Ethereum will help heal the world – Decrypt

Posted on May 7, 2020 by admin

Ethereum co-founder Vitalik Buterin appeared at Ethereal Summit 2020 today, where he discussed Ethereums possible role in a post-coronavirus future, and whether the current crisis would trigger an influx of users into cryptocurrency.

Speaking to The Defiants Camila Russo, Buterin suggested Ethereum could be the glue that holds a fractured world together in the fallout from Covid-19. However, he stopped short of predicting a global influx to cryptocurrency at the present time.

The last big financial crisis is what gave way to the creation of Bitcoin and crypto believers, stated Russo. She asked Buterin if the present state of the world were living in now will spur a new wave of cryptocurrency adoption.

I think there's some similarities between 2008 and what were going through now. 2008 was entirely a financial crisis. 2020 is not really a financial crisis first and foremost...its a virus crisis, and on top of that it's a political crisis, said Buterin, adding, There are definitely financial elementstheres a lot of the money printing. But the financial side is definitely not at the heart of the story.

When pushed on whether he thought the current wave of quantitative easing and big tech censorship would actually draw more people towards cryptocurrency, Buterin agreed that those elements have some influence, but emphasized the financial difference between now and 12 years ago.

The concerns around censorship, privacy and institutions are all very real. There definitely has been the older censorship resistance thing going on with Tor, Bittotorrent etc. In 2020 were definitely seeing some of the same themes [as in 2008]but somewhat less financially, he said.

Russo proposed a hypothetical post-covid world in which the dollar declines, China rises, and political uncertainty reigns. Will people seek refuge in cryptocurrency, she asked Buterin, adding What is Ethereums role in that situation?

There's definitely an element of seeing more and more political discord and distrust between countries over time. And theres definitely a real role for blockchain to play in helping being part of the glue that holds all of these countries and currencies together, said Buterin, adding, Ethereum definitely has a role to play in being the glue.

When asked directly if he thought Ethereum could be the network that connects all of these disparate elements across the globe, Buterin nodded, I think so.

Moving onto lighter topics, Buterin shed light on his daily schedule of late, which included reading, studying cryptography, working on Ethereum, and, trying to learn. He also revealed hes been hitting the treadmill, and listening to episodes of Dan Carlins Hardcore History podcastfor four hours at a time.

Have a news tip or inside information on a crypto, blockchain, or Web3 project? Email us at: tips@decrypt.co.

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Vitalik Buterin: How Ethereum will help heal the world - Decrypt