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AI & Economics: Public-private Partnership Aimed at Forging Sustainable Path

The intersection of finance, artificial intelligence and the responsible development of both was among the chief concerns raised during a joint-venture, public-private symposium hosted recently in Washington, D.C.

artificial intelligence 3382521 1920The event, which was titled “Artificial Intelligence and the Economy: Charting a Path for Responsible and Inclusive AI,” featured prominent voices in the space like Acting Comptroller of the Currency Michael J. Hsu, Deputy Secretary of Commerce Don Graves and former Secretary of State Condoleezza Rice. It covered a range of topics including stablecoins, blockchain and economic equity.

Hsu compared nascent stablecoin development—these are cryptocurrencies pegged to the value of assets like fiat currency—being explored to the early days and development of the internet, and in that same spirit, he called upon principal actors to come together to develop a foundation for both governments and private entities to build upon.

“Well-designed standards can promote inclusive and responsible innovation. Take the internet, for instance. The technical foundations of the internet provide for an open, royalty-free network–something we take for granted today. Those foundations did not emerge on their own,” Hsu said. “They were developed by standard setting bodies like [Internet Engineering Task Force] and [World Wide Web Consortium], which had representatives with differing perspectives, a shared public interest ethos, and a strong leader committed to the vision of an open and inclusive internet."

The event was hosted by the U.S. Department of Commerce, National Institute of Standards and Technology, FinRegLab and the Stanford Institute for Human-Centered Artificial Intelligence on Wednesday, April 27 at the Herbert C. Hoover Building in Washington, D.C.

From Twitter

Department of Defense @DeptofDefense

".@SecDef: I'm proud that our budget seeks more than $130b for research, development, testing, and evaluation—the largest R&D request this Department has ever made. This includes $1b for artificial intelligence, $250m dollars for 5G, nearly $28b for space capabilities. https://twitter.com/i/status/1521494452195450880"

“Emerging technologies such as AI and stablecoins enable transactions in blockchain-based systems. Stablecoins lack shared standards and are not interoperable. To ensure that stablecoins are open and inclusive, I believe a standard setting initiative similar to that undertaken by [Internet Engineering Task Force," Hsu said in a statement. 

“At the Commerce Department, we’re working to position America’s workers and businesses for success in the 21st century. And all Americans, especially those that have been historically excluded, should share in our prosperity,” Graves added.

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