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The Third Economy?

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South African inventor and investor Stafford Masie on the economy that will unfold as a result of bitcoin offering greater capability than cash.

South African technology entrepreneur and artificial intelligence (AI) enthusiast Stafford Masie has headed Google in South Africa, invented Payment Pebble (a payment solution), and has had over 20 years in IT. At a recent lecture to engineering students at the University of Johannesburg, Masie said: “The future is already here. It is just unevenly distributed.” He also spoke to FORBES AFRICA on the tech forecast for 2019.

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AI gone rogue

Almost all industries have been impacted by AI and Masie believes it has potential to lose control.

“AI is the difference between the third and fourth industrial revolution. We now have this algorithm in the world that says we should measure companies by output so companies are trying to do more with less. [Companies are thinking] ‘get rid of the humans and let’s build automation and we increase our operating margin and our share price goes up’. That is not sustainable. That’s the world in which we find ourselves today. AI has already gone rogue. There is no expert of AI in the entire world. It’s still very early.”

Masie says should be seen as plural and not singular.

“Take a look at Uber. It’s a coalition of disparate AIs and a dual special awareness of intelligence. It’s intelligence on the phone, it’s intelligence in the car, it’s all of those things coming together to deliver on that service. That’s AIs, not an AI.

“AI does not need to take away jobs. AI is makes us look in the mirror and ask, ‘should we be doing that work?’ I don’t think we should. I think we have a higher purpose. We need to start rethinking this notion of employment and jobs and start thinking about work. Humans should be released from doing what they are doing today. A job that measures efficiency and productivity will ultimately be taken over by robots…We were not meant to do jobs that measure efficiency and productivity. We were meant to be [creative]. We need to allow humans to have a purpose.”

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Bitcoin will unlock the third economy

Despite experts predicting the fall of Bitcoin and its technologies, Masie predicts otherwise.

“The Bitcoin world is going to be interesting to watch over the next year. That’s very exciting. I just think because it’s still so infantile, it’s still so small. I think Bitcoin wasn’t built for the people who are actually using it today. It was built for the people not financially included in the world today. And what’s exciting in the next few years is to see those people being unlocked and emerging. We have the formal economy, then we have the informal economy. The formal economy has all the financial instruments that you and I use. The security, the credit cards, the bank accounts etc. Then you get the formal economy which is cash.

“But I think bitcoin is going to establish a third economy, and that third economy will surface new transaction types, new value exchange instruments that we still haven’t imagined today and that will come to the fore.

“What excites me more is this third economy that will emerge because Bitcoin offers greater capability than cash. You can program your money. You can expand it, you can create contracts around it. You can exchange value without a third party and that’s what am very excited to see within the next 12 to 24 months, that’s really big for me.”

The tech smoothie

“I’m excited to see what will happen in retail over the next four months. That’s the big one. I can feel it in the water. All the retailers are looking immensely at investing in technology, better customer service, optimization and then there’s logistics in the supply chains driving down production costs, doing more with the humans that they have, sweating their assets, etc. In retail, when you start mixing up the Internet of Things, AI and Bitcoin, that little smoothie looks very interesting to me.”

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5 Ways Tech Can Revolutionize Education

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Professor Sally Smith, Dean of School of Computing at Edinburgh Napier University, was in South Africa to share how tech can revolutionize education and what Africa can learn.


With the Fourth  Industrial Revolution gaining speed, the nature of work and economic activity is set to dramatically change. One woman is on a mission to prepare the education system for such changes.

Professor Sally Smith, the Dean of School of Computing at Edinburgh Napier University, traveled from Scotland to South Africa to share her know-how, as one of the speakers at the Future of the Education Summit in Johannesburg.

Hosted by Africa Business News, the summit brought together thought-leaders and professors from all over the world. Smith met FORBES AFRICA a day before the summit to speak about her experiences in the education industry for 26 years:

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1.What trends have you picked up in the sector over the years?

In terms of technology, it has been very fast-moving so the big challenge for universities is conducting research and translating that into useful programs for students when they graduate.

In terms of the kind of trends and developments, we have seen huge growth in areas such as creative computing. There have been developments around designing meaningful interactions with computers, and that’s no longer just [limited to] a desktop computer; that will be your mobile phone, it’ll be augmented reality systems, virtual reality systems and other recent trends like cyber security.

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With more of our lives being conducted online, there’s a need to make sure we secure our data security, our identity is secure and businesses as well need to protect themselves. Those have been really interesting ways in which I have seen a big change in recent years.

And the other thing that has changed is there has been a lot of growth in AI. Some of those kinds of machine learning tools are now being put to wider use than ever before by things like self-driving cars. So that’s an area of great interest now to our students and when they graduate to apply these algorithms.

2.What do you think are the challenges in this sector?

One of the things we’ve been disappointed with in much of the western world is how few women are interested in studying computer science and it has been fairly constant at sub-20% of our undergraduate program since I have been in academia. And we have really been unable to make any great inroads into changing that.

3.What differences have you picked up between education in Scotland and South Africa?

Making sure graduates have the right skills to go to work, and part of that is getting work experience and it’s a challenge for all of us to make the case for businesses to take on a student so they can take on relevant work experience before they graduate. Some of the challenges I have seen around are about trying to get those partnerships.

4.How do you see collaborations of universities around the world with the 4th Industrial Revolution?

Yes, I think there are fantastic ways we collaborate over research and a lot of the big funds now are only interested in collaborations where we can draw on the strengths of universities from different countries and I think that the same will be true about teaching.

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At the moment, we are competing with each other but if we can put great programs together that draw on the strength of different universities, there’s a future for more collaborative work.

5.How can the private sector help upskill young people?

We’ve introduced a new way in which people can get degree level qualifications in the UK and degree level apprenticeships. Industry will employ someone and they attend university 20% of the time and work towards their degree while they are in work.

So that is a new way to make sure the degree is appropriate for employers and these programs are employer-led so employers are part of designing the program. The other project we have is a digital skills partnership which is where we try and get industry and lecturers to work more closely together on things like developing curriculum.

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Banks Are Promoting ‘Female’ Chatbots To Help Customers, Raising Concerns Of Stereotyping

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Meet Amy. And also Debbie, Inga, Mia, Erica, Eva and Cora.

These aren’t the members of a new, all-female rock group, but names that several large banks have been giving to their automated digital assistants.

So-called chatbots have become a useful cost-cutting tools for companies with large subscriber bases (think banks, insurance firms and mobile phone operators). As they replace human call-center workers, such bots will help save banks an estimated $7.3 billion in operational costs by 2023, Juniper Research predicts.

But the proliferation of bots with female names raises questions about whether they might also perpetuate gender stereotypes, particularly around the notion of women in the role of assistants. That criticism has already been levelled at Amazon’s digital assistant Alexa and Apple’s Siri.

Now a Forbes analysis of Europe’s 10 biggest banks ranked by assets shows that at least three have deployed chatbots with female names on their websites and apps. HSBC has a chatbot named Amy; Deutsche Bank’s Debbie helps market traders; ING of the Netherlands has Inga, a chatbot that will “respond with empathy” to customer problems such as losing a card.

ING’s other chatbot Marie, available to retail customers on Facebook Messenger, was given the name “because it conjures up an image of someone who is helpful and friendly,” Tim Daniels, a programme manager for ING was quoted as saying on the bank’s website. (ING has a male chatbot named Bill, aimed at dealing with corporate customers.)

Among the other lenders, Santander, Barclays and Societe Generale appear to have unnamed chatbot assistants. Credit Agricole has an internal chatbot with a male name: Hector.

Female chatbots abound in other regions and industries. Bank of America recently deployed a digital assistant called Erica, while Mia, the chatbot released by Australian digital bank UBank, was described by the company earlier this month as “empathetic,” “fun” and “a little bit cheeky.”

IPSoft, a New York-based software company that sells chatbot technology to banks like Sweden’s SEB as well as mobile network giant Vodafone, has its own white-label version of a customer-facing chatbot, named Amelia.

IPSoft’s CEO Chetan Dube denied that the chatbot’s name perpetuated stereotypes, when asked by Forbes during an interview in December, and said it instead highlights “the thought leadership that is represented in females.”

“She was the first female aviator that tried to go around the world,” Dube added, referring to the 1930’s aviator Amelia Earhart.

Forbes revealed earlier this month that Vodafone was measuring the success of its chatbots on how many staff could be replaced by the software. While that may be an uncomfortable metric, the more worrying consequence of chatbots, according to four industry experts questioned by Forbes, is the risk that they could reinforce certain stereotypes.

“Gender bias is an increasingly serious issue in chatbot design, especially for voice-based chatbots,” says John Taylor, CEO of action.ai, a British startup that makes chatbot software for banks and travel companies. “These assistants often perform tasks that many view as menial.”

Vitor Shereiber, a language specialist at the German language-learning app Babbel, says that focus-group testing might lead companies to assign a gender to a chatbot on the notion that it makes customer feel more comfortable.

But, he adds, bots could spread unrealistic expectations of how women should present themselves professionally, just as photoshopped pictures have done for women’s perceptions of their bodies.

Part of the challenge for companies is finding a balance between automating customer service without putting customers off. PwC recently described chatbots as being able to “massively enhance customer delight and loyalty” because of their “personal touch.”

Taylor suggests software designers should try creating more chatbots with male names and male voices.

On the sidelines of a technology conference in London on Wednesday, Seth Juarez, an artificial-intelligence engineer based in Redmond, Washington takes it a step further. He calls Siri up on is iPhone to ask the time, and a male voice responds.

“I make it a guy specifically because I find it morally reprehensible that all of the service-based bots are female, and all the intelligence based bots [like IBM’s Watson] are named after dudes.”

He added that artificial intelligence generally shouldn’t be anthropomorphised. Chatbots should be used to manage “cheap thoughts,” or “stuff that a human would do robotically” rather than on more complex issues. “I would leave those problems to humans.”

-Parmy Olson;Forbes Staff

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BMW And Daimler Pool Resources On Automated Driving Technology

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Daimler and BMW deepened their alliance on Thursday to share spiraling development costs for highly automated driving technologies, even as each carmaker pursues separate efforts to develop fully self-driving cars.


The enormous cost of designing and building computer-powered vehicles has already prompted Honda to pool its efforts with General Motors, while Volkswagen is pursuing talks with Ford about an alliance on autonomous cars.

BMW and Daimler deepened their alliance for similar reasons, said Michael Hafner, head of automated driving at Mercedes-Benz research and development said in a blog post which accompanied a joint press release by the companies on Thursday.

“We have learned that the development of these systems is a bit like climbing a mountain,” he said.

“Taking the first few meters from the base station to the summit seems easy. But the closer you come to the goal, the thinner the air around you becomes, the more strength is required for each further step, and the more complex become the challenges you have to resolve.”

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It made sense to distribute the technological and financial challenges of automated driving, Hafner said, so BMW and Daimler will jointly develop technology to enable automated driving on highways.

“Initially, the focus will be on advancing the development of next-generation technologies for driver assistance systems, automated driving on highways and parking features,” the companies said in the statement.

“In addition, the two partners plan to discuss the possibility of extending their collaboration to cover higher levels of automation, both on highways and in urban areas.”

BMW and Daimler’s move comes as even deep pocketed technology companies struggle to gain traction in autonomous driving. Apple Inc said on Wednesday it planned to lay off 190 employees in its self-driving car program, Project Titan.

READ MORE |Apple Dismisses Over 200 Staff From Autonomous Vehicle Group

The market for advanced driver assistance systems and autonomous vehicles is expected to grow to $96 billion in 2025 and $290 billion in 2035 from about $3 billion in 2015, according to Goldman Sachs.

BMW and Daimler already cooperate in high-definition mapping with HERE and in the area of procurement, and earlier this month unveiled a joint ride-hailing, parking and electric car charging business.

They said on Thursday their new partnership will center on so-called level 3 and level 4 automated driving technologies, including cars that still require steering wheels and drivers.

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Daimler will pursue a separate development alliance for level 5 robotaxis between its luxury brand Mercedes-Benz and supplier Robert Bosch. Level 5 cars require no driver.

BMW, for its part, continues its development alliance for robotaxis with Israeli autonomous vehicle tech company Mobileye and chip maker Intel, with the aim of putting autonomous cars on the road by 2021. -Reuters

-Edward Taylor

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