The Federal Trade Commission (FTC) hosted its third FinTech Forum which was “designed to bring together industry participants, consumer groups, researchers, and government representatives, to examine the ways in which these technologies are being used to offer consumers services, the potential benefits, and consumer protection implications as these technologies continue to develop.” The March 9, 2017 FTC program entitled “FinTech Forum: Artificial Intelligence and Blockchain” included these comments about AI and Blockchain:
Artificial intelligence focuses on the capability for machines to mimic human thinking or actions, including learning and problem solving. The technology may be used, for example, to provide personalized financial services for consumers, including providing money management tools.
Blockchain technology involves a distributed digital ledger for recording transactions that can be shared widely. It first emerged as the foundation for digital currency, and it is now being explored for other consumer-focused uses including payment systems and “smart contracts.”
Since AI and Blockchain affect all businesses and consumers it’s great that the FTC held this Forum.