At A Glance – Machine Economics
Machine economics is helping to build trust in an artificially intelligent world
Machine economics refers to the application of blockchain technologies to organise society, organisations, and the interactions that happen between them. Combined with machine intelligence and machine ethics, machine economics aims to ensure that humans can thrive alongside the exponential rise of AI.
Machine economics is growing steadily, but there are barriers to its expansion. Blockchain has received mixed reactions, coming up against various challenges including scalability and security. However, by combining machine economics with machine intelligence, a number of pressing problems can be resolved. Through pattern recognition, machine learning can monitor distributed ledgers and flag up suspicious transactions. AI can also optimise energy consumption by making data sharing more efficient.
The development of machine economics has led to the deployment of economic incentives and decentralised platforms that are fundamentally changing organisational structures. Self enforcing smart contracts, for example, have enabled the creation of distributed autonomous organisations (DAOs) that can essentially run themselves without the need for third party interference. As well as streamlining interactions and contributing to trust, machine economics can be used to encourage the beneficial application of intelligent machines. Intelligent software can also be limited to protocols that only allow it to undertake certain actions. Ultimately, machine economics is helping to build confidence an artificially intelligent world.
To learn more about machine economics from internationally renowned speaker Nell Watson, register for Disruption Summit Europe 2018 here.