We define Artificial Intelligence as ‘realignment of organizational resources to be more of value’ andwe do not agree with the existing definitions of AI. We define Artificial Intelligence (AI) as replacement of routine-process value to help to maximize and boost value on higher levels of intelligence in societies, organizations and businesses (Ecosystem Perspective on AI). This happens only by making humans and machines function seamlessly together so that both are able to understand each other, but also so that humans are able to raise on the higher levels of intelligence to be able to teach machines to give more possibilities for both humans and machines to create more value. Artificial Intelligence at best is able to teach us, help us to improve the quality of everyday-living for people; it is a form of two-way communication between humans and machines. Where the 20th century automation helped us to do less (resource intensiveness despite the quality or higher levels of intelligence or competence), 21st century automation will help us to do more (and improving the quality). In order for people to communicate with machines, we need to understand the machine first, and in order to do so we need to be smarter than the machine – we need to understand entire ecosystem level (be able to see bigger pictures).
The past decades have been all about overusing the word ‘automation’. This was the description given basically on everything that had some extent parameters in use. This use of parameters was even called as ‘total automation’. This overuse of the word automationdescribed things that were not actually automated compared how we see automation today. At best 20th century automation was typically automation of separate processes or functions. In computing, a
Unlike true Artificial Intelligence (AI) where receiver (machine) could be seen to adapt to the message and predicting wanted outcome based on past data;still the current automation is mainly automation of separate processes or functions and in that sense, we are still not much further than say few decades ago. Still these separate system, process, project etc. ‘automations’ mainly solve resource intensiveness in certain business functions, but do not help to upgrade the entire value chains or re-organize resources to get us at higher levels on competence and intelligence. We do not share the views of the majority of people on Artificial Intelligence (AI). We see Artificial intelligence to be unit of ecosystem design and not as a separate solution, mix of solutions or not even totally automated function. Artificial Intelligence (AI) at best is able to teach us, help us to improve the quality of everyday-living for people; it is a form of two-way communication between humans and machines. Where 20th century automation helped us to do less (resource intensiveness despite the quality or higher levels of intelligence or competence), 21st century automation willhelp us to do more (and improving the quality). In order for people to communicate with machines, we need to understand the machine first and in order to do so we need to be smarter than the machine – we need to understand entire ecosystem level (be able to see bigger pictures).
Financial technology or ‘FinTech’ is the new innovation approach to traditional financial functions, processes and services aiming to find ways to improve things. Fintech aims to find new ways to make things more effective like mobile based banks, mobile payment systems and mobile-usable virtual wallets.FinTech is alsooften associated with blockchain technologies in terms of creating global reach and shrinking the amount of middle men in value chains and doing so without being centralized ledger. Blockchain is perhaps the most commonly known as, a digital decentralized ledger, that keeps a record of all transactions that take place across a peer-to-peer network. Blockchain enables market participants to transfer assets across the Internet without the need for a centralized third party. Furthermore, blockchain technology prevents the multi-use of digital information (copying), and for this reason blockchain technology created the backbone of a new type of internet (based on information stability). Each unit can only be exchanged once at one time compared to for example copied units that can be distributed at the same time unrestricted manner.
Blockchain Technology(or blockchain) does not mean the same as Torrent, the latter of which does not have a distributed ledger to work with, and because Torrents are only used to spread any kind of information across the closed network. Both technologies serve a different purpose: Blockchain technology is all about preventing copying (or double spending) information; whereas Torrents exist solely allowing people to do so and often also allowing people to do so without other people knowing it. Allowing copying (and by getting more information copiers or‘seeders’) torrents ensure that no information gets lost; whereas in a blockchain, no information gets lost or over consumed. Torrents do not even try to protect information from disappearing, it only exists to distribute information as widely in the restricted (closed) network as possible and relays on the seeders to make the network effective not in terms of keeping information safe, but rather forcing unused information to disappear when the time ‘currency’ (interest) runs out. In case of Torrents, loss of seeders kills the information in the network.
As a result of its information protective nature, Blockchain technology enables the existence of digital units such as cryptocurrency.From this perspective, each unit is unique just like money is. Blockchain is, quite simply, a digital, decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network. The major innovation is that the technology allows market participants to transfer assets across the Internet without the need for a centralized third party. A cryptocurrency is often seen as a medium of exchange, even at times mistakenly compared to legitimate currencies like US dollar. Crypto currency is not the same as legitimate currency, as it does not meet the criteria of being currency in the first place. Perhaps the only thing in common between crypto currencies and legitimate currency Is their digital form and identifiable nature. In case of crypto currency, it uses encryption techniques to control the creation of monetary units and to verify the transfer of funds.One major criteria of being currency is the global and in general wide acceptance of that currency. For example, one buys a car by using digital currency, but the currency is exchanged into USD/EUR etc. before or at the time of transaction it is not currency as the merchandise is not accepting the currency but money and this is because all the expenses like salaries are paid in USD/EUR. Because there is commonly no fundamental value with these type of digital formations, they need network like blockchain technology where their existence and uniqueness is protected and double use prevented. Without traceability of transactions and each digital unit, could be multi-used and the entire value (whatever it is) melt down uncontrollable way.
Blockchain technology can work for almost every type of transaction involving value, such as money, goods, services, information and property. Potential ways of utilizing blockchain technology are many ranging from money transfers to governmental level collecting and allocating resources. Blockchain technology, when combined with new generation technologies and solutions (such as FinTech), can be used to improve business processes and functions, radically improving process lead time, decreasing the amount of middle men by lowering the “cost of trust”and by decentralizing the control as a result of end-to-end traceability.Some believe blockchain technology could help to reduce fraud e.g. as a result of every transaction being recorded and distributed on a public ledger for anyone to see.That has not, however, yet been scientifically proved to be so. Furthermore, so far there is no universal blockchain that would have aligned the interests of financial world and the others and that could be even seen as the next world ‘currency’.
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