4.67/5 (3)

 

Bitcoin is a virtual currency which made its entrance in 2009. It is not an actual coin, but a string of numbers and letters. Each bitcoin has an unique identification code. The bitcoin is not administered by a central bank, like the euro, but by a network of users. There is no ‘middleman’ or third party involved, but instead, a decentralized peer-to-peer network in which people from all over the world help move the digital money by validating other bitcoin transactions, with their personal computers, earning a small fee in the process. They actually do the same as the bank or notary: to check if transactions are valid. This concept in known as ‘Blockchain’. People who run the system use their computer to hold bundles of records summited by others know as ‘blocks’ in a chronological chain. The Etherium Blockchain, in which bitcoins are traded, uses cryptography to ensure records can’t be simulated or changed by anyone else. In this way people can make reliable transactions with others.

 

Reliable, but legal?

 

The bitcoin transaction is a fast way to transfer money and cheap, since there are no transaction costs involved. You can send money to who ever you want, whenever you want, wherever you want. This makes bitcoin trading attractive for criminal activities, such as terrorist financing. Initial coin offerings (ICO) such as the bitcoin were subjected to fraud activities in China.

For this reason, the authorities in China have decided, two weeks ago, to withdraw from bitcoin trading, which will have a negative influence on the crypto currency. At least 10% of all bitcoin trading happened in China and the value of the currency has dropped in only 2 weeks from $5000 dollar to $3226. According to Bloomberg, in the long term, China is thinking about developing their own currency. Now, bitcoin lost a lot of it’s value,  but what the exact effects in the long- and short term of this decision will be is not clear yet.

What do you think that will happen to Bitcoin in the future? Please leave a comment!

Chen, M. and Lee, M. (2017). Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal. [online] Bloomberg.com. Available at: https://www.bloomberg.com/news/articles/2017-09-04/china-central-bank-says-initial-coin-offerings-are-illegal [Accessed 5 Oct. 2017].

Hsu, S. (2017). Forbes Welcome. [online] Forbes.com. Available at: https://www.forbes.com/sites/sarahsu/2017/09/15/chinas-cryptocurrency-crackdown-is-bitcoin-a-threat/#118ddb016667 [Accessed 5 Oct. 2017].

de Mulder, M. (2017). Bitcoin, Ethereumkrach gaande: China verbiedt nieuwe munten. [online] Quote. Available at: http://www.quotenet.nl/Nieuws/Bitcoin-Ethereumkrach-gaande-China-verbiedt-nieuwe-munten-203140 [Accessed 5 Oct. 2017].

de Waard, P. (2017). Volkskrant | de Volkskrant. [online] Volkskrant.nl. Available at: https://www.volkskrant.nl/economie/china-verbiedt-lancering-van-nieuwe-digitale-munten-koers-cryptomunt-bitcoin-in-vrije-val~a4514925/ [Accessed 5 Oct. 2017].

 

Please also look at: https://www.bloomberg.com/news/videos/2017-09-05/china-halts-initial-coin-offerings-video

5/5 (4)

Nowadays a lot of technological advances have been made in the healthcare industry, improving the quality of care. Different artificial intelligence technologies help doctors assess the health risks of a patient. Moreover, AI can monitor and advice patients on the side effects of certain medication.

With data-science of the human body and mathematical algorithms AI can make a faster and more accurate diagnose compared to medical professionals. Hence, specialists can make a more rapid decisions and actions in critical circumstances.

 

Artificial intelligence has the ability to store information like medical records, clinical trials, research data and real-time data (e.g. personal fitness bands). Using analytics and insights this technology can give the best diagnoses and even compare the results with prior cases for more effectiveness. AI is a valuable asset for the healthcare industry, especially in early diagnoses of diseases and therefore early treatment.

Machine learning is progressing rapidly; IBM Watson uses an AI technology that can diagnose certain types of cancer and recommend treatment. Together with Quest Diagnostics they’ve developed a service that can even target all of the mutations a tumor might undergo.

 

Thus, AI is a valuable technology for doctors enhancing rapid and accurate decisions making. It is also valuable for patients: earlier diagnosing and reducing the cases of human error. Specialist have a profession with a lot of responsibility; one error can lead to severe situation which may eventually cause death.

 

Is it possible that technology will replace doctors?

 

There are concerns that AI technology will replace specialists in the healthcare industry. A study shows that when we take a look at the work of the professionals that many tasks turn out to be routine and process-based and do not need to involve human judgement, creativity or empathy. Furthermore, the study claims that the machines do not need to copy the way that professionals work (AI-fallacy), since they outperform professionals with results based on big data, algorithms and high processing power. Not only the profession of doctors, but also those of lawyers, school teachers, etc. are believed to be replaced.

 

I believe that technology will evolve and will improve the quality of care even more, especially with techniques such as the 3d printing of organs. Nevertheless, I believe that AI will not replace healthcare specialists (at least in the following few decades), because in my opinion human reasoning and thinking are still needed in for example decision making. Especially in novel situations, since AI technology can only learn from past data.

Ahier, B. (2017). Fact or Fallacy: Could Artificial Intelligence Replace Doctors?. [online] HealthTech. Available at: https://healthtechmagazine.net/article/2017/05/fact-or-fallacy-could-artificial-intelligence-replace-doctors [Accessed 8 Oct. 2017].

Celi, Leo (2016). Machine learning that matters in healthcare: breaking down the silos. [Web] Accessed October 6, 2017 https://mediasite.chla.usc.edu/Mediasite/Play/032abc7ef7164937bf5e611143b1be911d

Karam, A. (2017). Artificial Intelligence in Health Care. [online] AziKar24. Available at: http://azikar24.com/artificial-intelligence-in-health-care/ [Accessed 8 Oct. 2017].

Susskind, R. (2016). Technology Will Replace Many Doctors, Lawyers, and Other Professionals. [online] Harvard Business Review. Available at: https://hbr.org/2016/10/robots-will-replace-doctors-lawyers-and-other-professionals [Accessed 8 Oct. 2017].

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