When we think about AI and future job security, we firstly think about the automation of jobs by artificial intelligence.

There has been survey asking about 30 researchers, most of whom have PhDs in various disciplines including artificial intelligence, computer science, robotics, and linguistics, about what they believed would be the risks of AI in 20 years and 100 years. Mostly of them believe that the biggest risk of AI would be to the economy through automation.

But there are three factors ensuring the job security;

Factor 1: Context;
Most people believe that machines will take over mostly blue-collar jobs, such as in factories and manufacturing. While machines can improve some efficiencies, some tasks will require more context than machinery can handle.
If it is possible for someone to do a job in isolation without having to take into account any outside factors, influences, or situation, then job security in the face of AI is not assured.
If the context requires that there is need of human interaction, then job security might be of some assurance.

Factor 2: Coordination;
Coordination is primarily about managing people. It could be a small team of auditors doing an audit at a client or it could be a whole team of engineers scatters around the world. In either case, the human element is the most important and confounding in effective coordination. AI cannot understand the human element. AI can surely help with coordination, but it is a human coordinator that is able to factor in the human element and make a final decision.

Factor 3: Connection;
In a similar way, connection is important in ensuring job security in many sectors. It does not necessarily involve connecting with people in order to manage them, but jobs that require some type of human connection are probably going to be safe from human obsolescence.

AI can replace a lot of jobs but the jobs where the human factor is essential will stay.
Jobs that machines can do better will replace humans. But these 3 factors will help you to determine if your job is at risk. The most vulnerable occupations are those that deal with numbers and data. Occupations that require human interaction at high level will not be in danger.

Do you also agree with these factors?
Or are the more factors to consider before thinking if AI can take it over a job?

Three Factors for Job Security in the Age of Artificial Intelligence

Is Tesla made from Teflon? You would almost think that after the insane summer that the automaker and CEO Elon Musk have had.
There was the ongoing fight against short sellers, Musk accused a diver involved in the Thai rescue operation of pedophilia, the notorious tweet that there was funding to take Tesla off the stock market, the tear-jerking interviews, the ramp up of the production speed of Model 3 , the production line in a tent, the lawsuit of the SEC, the settlement with the SEC …
Almost too much to mention. And yet Tesla is still standing proudly.
Tesla probably closes the year with 200,000 to 300,000 cars delivered. That is a big improvement compared to 2017, when a total of 100,000 cars rolled off the belt. And that was already a record for the automaker.
It comes down to the fact that it is very necessary for the whole world that Tesla sells 200,000 cars this year, next year 400,000 and then millions as soon as possible.
These past weeks the UN’s report on global warming made it clear that humanity must do what Musk has always said: leaving the era of fossil fuels behind. Otherwise, the catastrophe can strike from 2040 onwards.
To prevent an existential threat to our civilization, we need a lot of more electric cars to replace those on petrol. And we also need to generate the required electricity with sustainable sources.
Sometimes it is good to know what to expect and to have a deadline. Two decades is in principle enough time to replace many of the current cars that drive around the world with electrical alternatives.
But we must start now, and we cannot do it without Tesla. There are few other successful electric cars now. And although they sell reasonably, they do not have the impact that Tesla does.
And that will not be enough. All other automakers must join Tesla and replace the billion petrol cars that drive around on our planet with much cleaner alternatives.
This means that Tesla is ‘too big to fail’, although the company itself is not (yet) big. What is too big, is the impact of Tesla. Without the urging of Musk, the development of the electric cars would not be as far away as it is now.

If Tesla falls over, we might lose five or maybe even ten years of the 20-year period we have.

Let’s save our planet.

Nowadays the banking industry is being taunted by a lot of ‘disruptive’ change and
competition. Financial institutions are being squeezed by the growing costs and continuous
margin pressure. Agile Finance Technologies are driving an imperative for banks to become
more agile and open in order to offer more compelling services to clients.
The Banking Industry
Before the entry of digitalisation and Blockchain every action in the traditional banking
industry had to be done manually. Resulting in poor customer experience, complex clearing
processes, large amount of manual inspection, leaking personal information and high costs.
The involvement of a third party in a transaction is the main problem that has been
solved by the creation of Blockchain due to one central shared database. In the past this was
not possible because every transaction required communication between two databases with
an authorizing controlling layer (the third party).
Blockchain Technology
The Blockchain is a distributed ledger network. Every change will be synchronized in real
time, which results in a transparent and secure network. Every ledger can be seen as a block
and all blocks are linked together cryptographically. Because the Blockchain is a
decentralized network, it is impossible for anyone or group of people to gain control of it. The
Blockchain is steering a new era.
In 2008 when an anonymous person or group of people under the name ‘Satoshi
Nakamoto’ published a paper which posited an electronic peer-to-peer cash system,
Blockchain was born.The Blockchain was originally developed to support Bitcoin, but now it
is used for more than 900 cryptocurrencies, which resulted in a Long Tail Effect. It is just now
that the Blockchain technology has reached the required level of maturity for a widespread
and mainstream use.
Disruption
The elimination of the involvement of a third party in transactions by Blockchain, is disrupting
the banking industry, as it’s secure, cuts cost, reduces delays and it is very efficient.
The decentralisation and permissionless of Blockchain, can lead to more major
disruptions in the financial sector, especially in payment clearing. According to IBM 66% of
banks will have commercial Blockchain at scale within four years.

Future Forecast
Looking at the future the assumption is that there are a lot of opportunities. For example, the
implementation of Point-to-point payment, sharing credit data and smart contracts. The
financial industry is highly sensitive for technological changes. To keep up with these
changes, banks have to invest more in research on Blockchain. To improve the customer
experience in the banking industry, banks would have to improve their payment systems and
reduce the information handling between the different parties. That is why Blockchain will
become the underlying technology for the financial sector and banking industry in the near
future.
Video Assignment Blockchain in the Banking Industry

Team 10: A. Man, B. I. Bergevoet, J. Getrouw, T. Zandstra

References:
• Blockchain 3.0 (12): Restructuring existing credit information system by Blockchain credit
[EB/OL])
• https://www.cbinsights.com/research/industries-disrupted-Blockchain/
• https://www.theclearinghouse.org/research/2016/2016-q4-bankingperspectives/
Blockchain-cross-border-payments
• https://www.ibm.com/blogs/insights-on-business/banking/banks-rely-hybrid-cloud/
• https://www.forbes.com/sites/bernardmarr/2017/08/10/practical-examples-of-how-
Blockchains-are-used-in-banking-and-the-financial-services-sector/#b3cd7bf1a116
• https://fd.nl/beurs/1218524/zijn-we-getuige-van-een-knappende-bitcoin-zeepbel
• https://www.youtube.com/watch?v=G3psxs3gyf8
• http://www.ameda.org.eg/files/gs-16-1-distributed-ledgertechnology.
pdf
• https://link.springer.com/content/pdf/10.1007%2Fs12599-017-0467-3.pdf
• https://link.springer.com/article/10.1186/s40854-016-0034-9
• McKinsey (Report by McKinsey:Blockchain—Disrupting the Rules of the Banking
Industry,2016-05.)