FTC hosting FinTech event on Blockchain and AI


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The third Federal Trade Commission FinTech Forum next month will focus on the consumer implications of two of the most rapidly emerging transformative technologies: artificial intelligence and blockchain.

In a news release, the FTC said the half-day event on March 9 at the University of California Berkeley would be open to the public and appealed for volunteers to take part in panel discussions.

Blockchain technology involves using cryptography and distributed computing to create a permanent and unforgeable record of a transaction shared among all the participants. “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,'” explains the FTC notice.

Artificial intelligence is the capability of machines to reproduce human thinking, including learning and problem solving. The FTC says the technology “may be used, for example, to provide personalized financial services for consumers, including providing money management tools.”

The event aims “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,” states the notice.