AI, blockchain, and the coming online economic boom

by Peter Roff

There’s a boom coming. Bitcoin has arrived, and its price is setting records. Artificial Intelligence is hot. And the American people just elected a president with a deregulatory mindset.

All the ingredients are there. If everything is handled right, America will soon embark on a period of extended wealth creation rarely seen in modern history. For that to occur, a few things must happen, starting with the government staying largely out of the way.

That’s hard to do since people rely on government to keep the currency and other mediums of exchange stable. It’s also supposed to root out and protect against fraudsters who take advantage of the hype surrounding any innovative technology to prey on unsuspecting, naïve investors looking to, as the saying goes, “get rich quick.”

None of that has to be tossed overboard in pursuit of the newest “new economy.” As we move forward with the integration of crypto technology into the global financial system and overlay AI onto the manufacturing sector, Caveat Emptor – Let the buyer beware – is still a sound strategy for everyone. The better the industry educates the American public about what digital tokens are, how to tell the good from the bad, and how they can be used to transform commerce, the more quickly it will be adopted widely. The same goes for AI, which, up to now, is still talked about as though it were part of a science-fiction future where computers dominate humankind.

What people don’t know or are choosing to ignore is that AI is already being used – to significant effect – in healthcare, energy, and manufacturing, leading to lower costs, increased efficiency, and driving breakthroughs that benefit us all.

The Mayo Clinic says that AI is already improving the quality of preventive screenings, diagnoses, and treatments, particularly for cancer patients who are experiencing improved outcomes. Bitcoin is also making healthcare better, at least IBM thinks it does. The company has used blockchain, the technology that makes cryptocurrency viable as a transferable store of value, to make health data systems for the Centers for Disease Control better and safer.

Accenture and Shell have partnered to use crypto technology to develop an airline booking system for American Express where business travelers can choose to reduce their carbon footprint by quickly matching them with flights that use cleaner fuel.

There are groups out there, like the National Cryptocurrency Association, that are working to share information and best practices and educate consumers about the benefits of broader adoption of blockchain. They’re also working to combat misinformation and address the general lack of understanding at the end-user level regarding crypto.

Blockchain seems to have a leg up on AI in this regard, but that’s perhaps because it’s been around longer. Nevertheless, the rules of the road are still being written. Gary Gensler, the crypto skeptic who served as chairman of the United States Securities and Exchange Commission under President Joe Biden, announced recently he’d be stepping down at the end of the current administration. Trump can now replace him with someone friendly to crypto who can promulgate a set of rules that will allow America to close the gap its regulatory inaction has created with nations like China, which are much farther down the road on digital finance.

There is growing recognition that a similar effort needs to be made with AI so that the public better understands how it works. The American Association of Retired Persons is one group that recently launched a major initiative, but more needs to be done. Groups like it and the NCA can and should take the lead in educating the public about these technologies, how they work, and why they are worth paying attention to.

Modern technologies are for everyone, not a select few. Increasing awareness and education will help us better leverage these technologies from both a practical and policy perspective and will open the door for safe and beneficial mass adoption. We need to bring the public along instead of frightening them.

Copyright 2024 Peter Roff distributed by Cagle Cartoons newspaper syndicate. Peter Roff is former U.S. News and World Report contributing editor and UPI senior political writer now affiliated with several DC-based public policy organizations. He writes for numerous publications and appears regularly on international television talking about U.S. politics. You can reach him at RoffColumns@gmail.com and follow him on Twitter @TheRoffDraft.

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