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In recent times, innovative technologies have become widespread across numerous significant sectors globally, whether it involves blockchain technology aimed at addressing climate change or artificial intelligence (AI) anticipated to stimulate economic advancement.
During the Metaverse Entertainment Worlds (MEWS) conference in Monaco, Cointelegraph engaged in a discussion with Stephen Castell regarding how these emerging technologies are establishing new ethical standards, transforming the banking sector, and more.
Castell serves as an expert witness in class-action lawsuits in the United States, holds a Ph.D. in mathematics, and has recently participated in high-profile legal cases involving major cryptocurrency firms, including Voyager and Binance.
Cointelegraph editor-in-chief Kristina Lucrezia Cornèr conversing with Dr. Stephen Castell at MEWS 2023.
The legal authority commenced the discussion by emphasizing trust as a core theme in the realm of emerging technologies. He connected trust to the recent banking crisis in the U.S., noting that this concept was also a “fundamental idea of a bank” at its inception.
However, he remarked that banks currently “essentially operate on a flawed business model.” He indicated that while the cryptocurrency community envisions transforming the financial landscape through technological advancements, regulation is necessary.
“Just because it’s crypto is different, there still are laws to protect investors, which govern crypto investments as much as they do any other potential investment.”
Regarding emerging technologies such as AI, Castell anticipates that banks will be at the “forefront” of embracing this technology.
“The banks are going to attempt to do it for their own benefit,” he stated. “To ensure safety, to secure funds, to make sound investments, to avoid losses, and to address the dilemma of what they do during a bank run.”
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Castell further noted that, in addition to benefiting banks, the integration of AI into society will lead to the “democratization and commoditization of intelligence.”
“It means that any human on the planet, maybe even some animals, too, can be just as intelligent and as creative as the most intelligent and most creative person that there’s ever been.”
He proposed that humans will need to be “socialized” with AI and other emerging technologies like the metaverse for them to be effective.
“It’s still going to do something for us — useful, valuable, exciting, productive. It’s got to do all of those things if it’s going to become generic.”
AI has seen no shortage of applications since its surge in popularity among the general public in recent months. Lawmakers in the United Kingdom are exploring the technology as a means for economic development.
Within the cryptocurrency sector, exchanges are adopting AI-driven chatbots to assist users with information ranging from industry updates to token valuations and events.
“I really hope that all the new technologies that we’re talking about actually will create new ethics for this new human species that we are.”
Castell believes that the current developments in the emerging tech landscape represent merely the onset of what he refers to as the “cyborgization” of humanity.
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