‘Generative AI and Web 3.0 – How are they benefitting governments, investors and the public?’

The digital era has seen countless advancements, but none as revolutionary as the emergence of generative AI and Web 3.0. To understand the benefits that both generative AI and Web 3.0 can bring, SuperBridge Summit Dubai spoke to Steve Nouri, distinguished data science leader and Founder of AI4Diversity, Dr. Bo Bai, Executive Chairman and Founder of Asia Green Fund (AGF) and MVGX Holdings, and Vanessa Xu, Co-founder, SuperBridge Council, Executive Chairman & CIO of VS Partners who will be speaking at the inaugural Summit taking place from 16-17 October 2023, in the iconic Museum of the Future.

Generative AI – inherent potential across economic sectors

In essence, generative AI refers to systems that can produce new, original content, from writing to images and beyond, based on vast amounts of learned data. Tracing its origins from the simple algorithms of the early 2000s, it has evolved by the 2020s to sophisticated models like OpenAI’s GPT series and Google’s DeepDream.

“While generative AI promises an array of benefits across sectors, it isn’t devoid of challenges. Key among them are risks of biased outputs, potential copyright infringements, and concerns over transparency and trust” according to Nouri. “As we delve deeper into its practical applications, it becomes imperative to weigh its transformative potential against these concerns”.

The beneficial practical applications of generative AI are myriad. Helping to meet the most fundamental needs of the world’s population, it can be applied in agriculture, healthcare and education. By simulating various growth scenarios it can optimize crop yields, helping farmers make informed decisions; this has potential to address global food security concerns. AI also holds promise in predictive imaging, allowing for early disease detection and tailored treatment strategies, revolutionizing patient care. In the academic world, generative AI can assist in content creation, from educational voiceovers to customized learning materials, paving the way for a more personalized educational experience.

Building from the level of basic needs, generative AI also brings benefits across many subsectors of manufacturing, as well as e-commerce. From aerospace to pharmaceuticals, generative designs can lead to faster product development and novel innovations in manufacturing. Predictions suggest that by 2025, 30% of drugs and materials could be produced via generative AI, for example. Through personalization, generative AI can tailor marketing messages, enhancing customer experience and sales in the e-ecommerce space. Retailers can also use it for lead identification and optimization, driving efficiencies in outreach.

Unlocking the power of generative AI

There are numerous ways that countries around the world can secure these benefits. From the regulatory perspective, implementing comprehensive legal frameworks can ensure ethical use, data privacy, and mitigate biases associated with AI applications. Building robust digital infrastructure is also key to the successful implementation and optimization of AI technologies in various sectors.

With these building blocks in place, the next step is sufficient investment in research and development is crucial for leveraging the benefits of generative AI, along with the development of human capital. Upskilling and reskilling of the workforce are essential to adapt to the new technologies and mitigate the risks of job displacement.

The final piece of the puzzle is to encourage collaboration with key stakeholders. Forming partnerships with leading tech companies and AI developers, for example, can facilitate knowledge transfer and technical expertise. Public-private partnerships can also be instrumental in driving the AI agenda forward, fostering innovation, and ensuring sustained economic growth. Educating and involving the community is crucial for the acceptance and successful integration of AI into everyday life.

Web 3.0 – Making financial services more transparent and data-rich

Web 3.0, meanwhile, is the third generation of the World Wide Web, an evolution of the second and current generation of the web, and represents another paradigm shift in the digital era. It is meant to be decentralized, open to everyone (with a bottom-up design), and built on blockchain technologies and leveraging AI.

Application of Web 3.0 to financial services has meant a step change in the “transparency, traceability [of assets] and abundance of data in the public domain” according to Dr. Bo Bai. By allowing “far more data available in a full transparent manner”, web 3.0 can also help financial services providers meet “Know Your Customer (KYC) and Anti-Money Laundering (AML) [requirements], especially in an environment of increasing regulation” Dr. Bai continued. Asian and Middle East financial services providers are currently leading adoption and innovation of web 3.0 for financial services in his opinion.

In the short term, Dr Bai sees “a lot of opportunities for the use of stablecoins and central bank digital currencies (CBDCs) to foster cross border payments and business”, pointing to PayPal as one key player that is looking into the adoption of stablecoins for crossborder payments. He is also excited about asset backed tokens, an innovation whereby “the underlying assets are digitalized real world assets, such as distributed solar, which can be tokenized.”

Vanessa Xu, the SuperBridge Council Co-founder, who is also the Executive Chairman and CIO of VS Partners, an institutional global asset allocator, said that, with the rapid development of institutionalized ecosystem, there have been increasing investment opportunities in digital assets in an institutional setup. Well-recognized and regulated service providers have developed infrastructure that enables investment in a more secured and transparent manner, which drives the growing adoption of digital assets by Institutional asset owners into their future-facing portfolios.

“I expect the inaugural SuperBridge Dubai Summit to bring governments, businesses and individuals from different backgrounds together, to create collaboration and joint growth, in an era of “de-risking” between east and west” Dr. Bai concludes.

Exploring transformative opportunity at the Summit

The enormous potential of both Web 3.0 and generative AI will be an important area of focus at the inaugural SuperBridge Summit Dubai, taking place from 16-17 October 2023 at Dubai’s iconic Museum of the Future. The Summit will be a unique platform convening more than 500 investors, business, government, policy and cultural leaders from 20 countries to accelerate investment and co-creation opportunities in hitherto untapped and under-explored markets.

A pioneering initiative by KAOUN International, a subsidiary of Dubai World Trade Centre (DWTC), and the SuperBridge Council, the SuperBridge Summit Dubai will be held in partnership with the 43rd edition of GITEX Global, the world’s largest and most influential tech event hosted in Dubai, attracting tech executives and investors from 170 countries.