Do you think you could live without your mobile phone? What about the navigation and backup camera in your car? Could you drive as well without them? Could you get by without your smartwatch reminding you how often to get up from your desk to keep healthy or weather conditions for the day so you know how to dress?
Our obsession with technology and the information it delivers daily has progressed beyond the point of external mobile phones and smartwatches to implanted heart monitors and Fitbits. At one time, consumers were too paranoid to enter their Social Security or credit card number online, but now, they are willing to implant sensors and other wearable technologies into their bodies. In turn, companies are leveraging these devices to collect as much data about their potential customers as possible.
The latest fashion: Wearing data
Think about it: You’re carrying (and generating) large amounts of data everywhere you go with wearable and implanted technologies. This means 24/7 data collection for the companies that manufacture those devices, which in turn helps them create a 360-degree view of the patients, athletes or customers they serve with the appropriate products, services and marketing campaigns.
According to research by Talend, a cloud and big data integration software company, 33 percent of consumers already own wearables like the Apple Watch or smart clothing, and another 30 percent are expected to make a purchase within the next three years. That’s a lot of new sources of data for companies to utilize – and a plethora of information companies can use to more accurately define the preferences and needs of its customers.
How we’re using wearables
Topping the list of today’s most common consumer-use cases for embedded wearables is healthcare (57 percent), privacy (28 percent) and convenience (20 percent), all contributing to the rapid dissemination and uptake of these devices.
Healthcare is the leading use for implanted technologies, with the introduction of advanced-tracking devices such as Medtronic’s FDA-approved Reveal LINQ Insertable Cardiac Monitor with TruRhythm Detection, introduced in March of this year, which is designed to accurately identify abnormal heartbeats. This life-saving device is implanted just beneath the skin and communicates wirelessly with the patient’s bedside monitor, which uploads device data to the Medtronic CareLink network. Once the data is loaded, algorithms can be run to determine if the patient is experiencing slower than average heart rate, which can deprive the brain and other organs from getting enough oxygen. This advanced use of embedded wearables and machine learning helps physicians find answers for patients at risk of cardiac arrhythmias to better manage a range of patient populations.
Outside of healthcare, the second biggest use for embedded wearables is physical security. Several companies have started utilizing biochip implants to replace card keys and manual entry codes for employees. For example, Three Square Market offered employees implanted chips in July to make purchases in their cafeteria and break rooms, open doors, log in to computers and use the copy machine. Approximately 50 employees underwent the minimally invasive procedure, many of whom believe the chip is worth any potential discomfort, as it helps to streamline their daily processes. Though this may seem like a massive invasion of privacy for many, for others, biochip implants present a way to make life easier.
Establishing trust: Should you be worried about privacy of information?
While the results of Talend’s survey seem to point to the fact that consumers are getting more digitally comfortable, with greater trust from consumers comes greater responsibility for companies to understand the many ways they need to protect customer data.
According to Talend’s survey, the most likely scenario that would drive consumers to break up with a brand and take their business elsewhere is a breach of personal data. In fact, 78 percent of consumers want to be assured they have full visibility into what companies are doing with their data. But as implanted and wearable technology becomes increasingly common and technology improves, the trade-off between data privacy and convenience will only increase.
Consider a future of augmented reality where implanted contacts could allow you to visualize and interact with the world around you in practical ways, or a future with implanted audio wearables that translate languages in real time. Would that convenience and experience move you to adopt wearable technology even if it means relinquishing more of your personal information and privacy? At what point of technology adoption do we all essentially become cyborgs, guided each day by the obvious and subliminal information being fed to us via embedded and external devices? The day of total automation may be here sooner than you think.
Quantum Technologies Flagship kicks off with first 20 projects
The Quantum Technologies Flagship, a €1 billion initiative, was launched today at a high-level event in Vienna hosted by the Austrian Presidency of the Council of the EU.
The Flagship will fund over 5,000 of Europe’s leading quantum technologies researchers over the next ten years and aims to place Europe at the forefront of the second quantum revolution. Its long term vision is to develop in Europe a so-called quantum web, where quantum computers, simulators and sensors are interconnected via quantum communication networks. This will help kick-starting a competitive European quantum industry making research results available as commercial applications and disruptive technologies. The Flagship will initially fund 20 projects with a total of €132 million via the Horizon 2020 programme, and from 2021 onwards it is expected to fund a further 130 projects. Its total budget is expected to reach €1 billion, providing funding for the entire quantum value chain in Europe, from basic research to industrialisation, and bringing together researchers and the quantum technologies industry.
Andrus Ansip, Commission Vice-President for the Digital Single Market, said: “Europe is determined to lead the development of quantum technologies worldwide. The Quantum Technologies Flagship project is part of our ambition to consolidate and expand Europe’s scientificexcellence. If we want to unlock the full potential of quantum technologies, we need to develop a solid industrial base making full use of our research.”
Mariya Gabriel, Commissioner for Digital Economy and Society, added: “The Quantum Technologies Flagship will form a cornerstone of Europe’s strategy to lead in the development of quantum technologies in the future. Quantum computing holds the promise of increasing computing speeds by orders of magnitude and Europe needs to pool its efforts in the ongoing race towards the first functional quantum computers.”
In the early 20th century, the first quantum revolution allowed scientists to understand and use basic quantum effects in devices, such as transistors and microprocessors, by manipulating and sensing individual particles.
The second quantum revolution will make it possible to use quantum effects to make major technological advances in many areas including computing, sensing and metrology, simulations, cryptography, and telecommunications. Benefits for citizens will ultimately include ultra-precise sensors for use in medicine, quantum-based communications, and Quantum Key Distribution (QKD) to improve the security of digital data. In the long term, quantum computing has the potential to solve computational problems that would take current supercomputers longer than the age of the universe. They will also be able to recognise patterns and train artificial intelligence systems.
From October 2018 until September 2021, 20 projects will be funded by the Flagship under the coordination of the Commission. They will focus on four application areas – quantum communication, quantum computing, quantum simulation, quantum metrology and sensing – as well as the basic science behind quantum technologies. More than one third of participants are industrial companies from a wide range of sectors, with a large share of SMEs.
Negotiations are ongoing between the European Parliament, Council and Commission to ensure that quantum research and development will be funded in the EU’s multi-annual financial framework for 2021-2028. Quantum technologies will be supported by the proposed Horizon Europe programme for research and space applications, as well as the proposed Digital Europe programme, which will develop and reinforce Europe’s strategic digital capacities, supporting the development of Europe’s first quantum computers and their integration with classical supercomputers, and of a pan-European quantum communication infrastructure.
Since 1998, the Commission’s Future and Emerging Technologies (FET) programme has provided around €550 million of funding for quantum research in Europe. The EU has also funded research on quantum technologies through the European Research Council (ERC). Only since 2007, the ERC has funded more than 250 research projects related to quantum technologies, worth some 450 million euro.
The Quantum Technologies Flagship is currently supported by Horizon 2020 as part of the FET programme, which currently runs two other Flagships (The Graphene Flagship and the Human Brain Project Flagship). The FET programme promotes large-scale research initiatives to drive major scientific advances and turn them into tangible innovations creating benefits for the economy and society across Europe. Funding for the Flagship project comes from Horizon 2020, its successor programme Horizon Europe and national funding.
The Quantum Technologies Flagship is also a component of the Commission’s European Cloud Initiative launched in April 2016, as part of a series of measures to support and link national initiatives for the digitisation of Europe’s industry.
Russiagate and the current challenges of cyberspace: Interview with Elena Chernenko
PICREADI presents an interview with a prominent Russian expert in journalism and cybersecurity Elena Chernenko, Deputy head of Foreign Desk at the Kommersant daily newspaper in Moscow. The talk is about hackers, Russiagate and current challenges of the cyberspace.
Asia Needs a Region-Wide Approach to Harness Fintech’s Full Potential
Asia’s policy makers should strengthen cooperation to harness the potential of new financial technologies for inclusive growth. At the same time, they should work together to ensure they can respond better to the challenges posed by fintech.
New technologies such as mobile banking, big data, and peer-to-peer transfer networks are already extending the reach of financial services to those who were previously unbanked or out of reach, boosting incomes and living standards. Yet, fintech also comes with the risk of cyber fraud, data security, and privacy breaches. Disintermediation of fintech services or concentration of services among a few providers could also pose a risk to financial stability.
These and other issues were discussed at the High-Level Policy Dialogue on Regional Cooperation to Support Innovation, Inclusion, and Stability in Asia, organized by the Asian Development Bank (ADB), Bank Indonesia, and the ASEAN+3 Macroeconomic Research Office (AMRO).
The panel comprised Ms. Neav Chanthana, Deputy Governor of the National Bank of Cambodia; Mr. Diwa Guinigundo, Deputy Governor of Bangko Sentral ng Pilipinas; Ms. Mary Ellen Iskenderian, President and Chief Executive Officer of Women’s World Banking; Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore; Mr. Takehiko Nakao, President of ADB; Mr. Abdul Rasheed, Deputy Governor, Bank Negara Malaysia, and Mr. Veerathai Santiprabhob, Governor of the Bank of Thailand. Mr. Mirza Adityaswara, Senior Deputy Governor of Bank Indonesia, gave the opening remarks at the conference and Ms. Junhong Chang, Director of AMRO, gave the welcome remarks.
“Rapidly spreading new financial technologies hold huge promise for financial inclusion,” said Mr. Nakao. “We must foster an enabling environment for the technologies to flourish and strengthen regional cooperation to build harmonized regulatory standards and surveillance systems to prevent international money laundering, terrorism financing, and cybercrimes.”
“Technology is an enabler that weaves our economies and financial systems together, transmitting benefits but also risks across borders,” said Ms. Chang. “Given East Asia’s rapid economic growth, understanding and managing the impact of technology in our financial systems is essential for policymakers to maintain financial stability.”
“Asia, including Indonesia, is an ideal place for fintech to flourish,” said Mr. Adityaswara. “In Indonesia’s case, there are more than a quarter of a billion people living on thousand of islands, waiting to be integrated with the new technology; young people eager to enter the future digital world; more than fifty million small and medium-sized enterprises which can’t wait to get on board with e-commerce; a new society driven by a dynamic, democratic middle class which views the digital economy as something as inevitable as evolution.”
Despite Asia’s high economic growth in recent years, the financial sector is still under-developed in some countries. Fewer than 27% of adults in developing Asia have a bank account, well below the global median of 38%. Meanwhile, just 84% of firms have a checking or savings account, on a par with Africa but below Latin America’s 89% and emerging Europe’s 92%.
Financial inclusion could be increased through policies to promote financial innovation, by boosting financial literacy, and by expanding and upgrading digital infrastructure and networks. Regulations to prevent illegal activities, enhance cyber security, and protect consumers’ rights and privacy, would also build confidence in new financial technologies.
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