24th May - Hilton, Malta Conference 3A.I., IoT and Big Data

It is estimated that nearly 2.9 billion people will own a smart phone by 2020. Over 2.5 quintillion bytes of data are generated each day, with ninety percent of world data being generated in the last two years. The scale and magnitude of A.I., IoT and Big Data is both unprecedented and a testament to the human desire to overcome the impossible.

On the A.I. front, Malta has grabbed the bull by the horns the same way it did for cryptocurrency and blockchain ventures. In fact, the Maltese Government introduced a task force to steer its strategy on A.I., called Malta.ai. The project involves partnering up with SingularityNET in order for Sophia (the Robot) to utilise a blockchain protocol for its humanoid database.

The emergence of new technologies has created a competitive landscape amidst an already highly disruptive landscape, forcing companies to analyse new market trends, improve operational efficiency, and find appropriate keys to innovation. The accelerated utilisation of advanced technologies has made customers highly impatient too. Customers expect everything to be available at the tip of their fingers for less money, and without any effort. As such, almost every organisation has entered the era of digitalisation in order to achieve enhanced productivity, development and automation.

The Malta A.I. & Blockchain Summit recognised this looming trend and the enormous potential it has in a multiplicity of industries, be it in iGaming, banking, payments, transport and logistics, marketing and more. For example, under normal circumstances, marketers invest time and resources to create catchy advertisements that would attract and excite customers to buy their products. But today, marketers are streamlining their efforts to provide personalised services to customers based on their individual demands, with the help of ground-breaking technologies that focus on data-driven A.I. predictive algorithms.

Data that has a snowballing effect can provide actionable meaningful insights for ‘highly effective’ marketing strategies, in comparison to manually sorting out and interpreting tons of data. In fact, data analytics is in the middle of an evolution, where marketers can derive knowledge from data points, analyse market trends, gauge customer behaviour and understand competitors better.

Artificial Intelligence allows for things like the inception of chatbots which has revolutionised nearly every business in the last couple of years. Without human intervention, chatbots can engage customers, promote brand recognition while allowing marketers to capitalise on fruitful engagements and also enhance customer experience.

Last but certainly not least, IoT has created a wave of interoperability and connectivity to the millions of smart devices now present in the world. The interplay with aggregating data and A.I.driven data assortment completes the trifecta of relentless digital change.

Having envisioned a future wherein all these projects come together, Malta has seized the opportunity on multiple fronts to ensure that it remains a hub for innovation and entrepreneurship in the digital age.

Barely a year ago the Internet was saturated with talk of Bitcoin and a multiplicity of imminent moon landings. The exuberance that accompanied the Ethereum token and cryptocurrency boom sent Bitcoin-tradeable digital asset pairs skyrocketing, only to plummet thereafter.

However, with the wounds of recent history healing, corporations and venture capitalists are now moving beyond the hype and into the more reasonable world of value-based investments. In fact, according to an analysis by McKinsey & Company, blockchain is estimated to be about three to five years away from mainstream adoption – which means we are arguably in the midst of a large-scale accumulation period before another move onwards and upwards.

Having witnessed the power of mobile applications in providing fiat payment solutions, it isn’t any wonder that borderless digital assets and new forms of value are also being explored by traditional financial gate keepers and entrepreneurs alike.

On the investment front, a survey conducted by Deliotte with companies in the U.S., China, France, and Germany with at least $500 million annual sales revealed that over 75% of respondents are building blockchain-based systems for their businesses.

For instance, Walmart is exploring the possibility of blockchain in overhauling its current supply chain in order to inspire greater consumer confidence.

The company believes that consumers are looking for transparency in the supply chain, such as gaining knowledge of how their food travels from farm to table. This means that tracking food origins, processing and supplier data is redefining quality assurance standards, creating increased value for companies that adopt this approach relative to the competition. Meanwhile, the very foundation of the Internet is also undergoing a radical change, with Brave Browser and Waves platform leading the way. Indeed, Brave Browser is redefining the online advertising game by paying its users in BAT (Basic Attention Token) to view adverts, Waves platform released its vision of Web 3.0 thought its own API (Application Programming Interface) –melding the benefits of decentralised technology and the convenience of centralised systems. Waves is focusing on three projects with mass adoption in mind; a decentralised voting platform, a social network and a Vostok enterprise network to rival Hyperledger.

The progression of technology often echoes previous trends. Indeed, the projects are a mere drop in an ocean teeming with possibilities - as was the start-up scene of 2006. Back in the day, software firms struggled with infrastructure and manpower costs. Today, companies are deliberating the right blockchain and smart contract solution for their product.

Those that manage to create viable, scalable solutions are set to open the floodgates for millions of small to medium sized enterprises to capitalise on blockchain in the long run, and the Malta A.I. & Blockchain Summit stands resolute in its anticipation of this bright future. Will you?