Bahrain Institute of Banking and Finance announces campus in the metaverse

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March 11, 2023

Bahrain Institute of Banking Finance campus metaverse — Image Credits: BIBF

The opening of its campus in the metaverse was recently announced by the Bahrain Institute of Banking and Finance (BIBF). Students and professionals in the financial and business sectors can benefit from an extensive and immersive learning experience provided by this digital platform.

It will also act as a “holistic platform” for collaboration, idea generation, and innovation between students, professors, and alumni. The BIBF is the first educational institution in Bahrain to open its campus on the metaverse, entirely created and built by Bahraini experts.

The BIBF Metaverse will be launched in two stages, the first of which is already in place and focuses on setting up the BIBF infrastructure and some facilities, and the second of which launches the auditorium and classrooms where live sessions will be held.

The BIBF Metaverse is an online simulation of the BIBF building that enables users to communicate with one another in a virtual setting. Users can participate in interactive learning activities, including videos and tutorials, attend events, work together on projects, and attend events.

For students pursuing various degrees and certificates, the metaverse provides immersive learning environments, augmented reality capabilities, and digital media laboratories. Users can connect with colleagues and experts in the field, attend virtual conferences and events, and develop the skills necessary for success in the banking and finance sector with this networking and professional development platform.

GPT-4 arriving next week with video support

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Sahil Pawar

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March 10, 2023

GPT-4 arriving next week video support — Image Credits: ChatGPT

After much speculation, it appears that GPT-3’s replacement, the language model that drives the popular AI chatbot ChatGPT, will be available soon. The GPT-4 language model would be introduced the following week, according to Microsoft Germany CTO Andreas Braun.

According to Bruan, the new language model will introduce “multimodal models” to provide entirely new possibilities, such as videos. When GPT-4 is released, it may be utilized to enhance Microsoft’s Bing AI-based services and ChatGPT.

The GPT-4 filing should be confirmed by Microsoft’s global staff next week. Nonetheless, the corporation has booked a virtual talk with CEO Satya Nadella on the “Future of Work Rethinking Productivity with AI” for March 16.

On March 9 during an event focusing on “AI in focus,” Microsoft Germany CTO Braun disclosed the creation of GPT-4. Marianne Janik, the CEO of Microsoft Germany, spoke during the event about how AI is causing business disruption.

Clemens Sieber, a senior AI specialist, and Holger Kenn, a lead AI technologist for business development and emerging technologies, were also present and spoke about the application cases for GPT-4.

Starbucks introduces collectible NFTs in metaverse loyalty program

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Sahil Pawar

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March 10, 2023

A digital addition to the Starbucks Rewards loyalty programme is transitioning from a trial to a full launch. Starbucks Odyssey offers Starbucks Rewards members and employees in the United States the chance to earn and buy digital collectible NFT assets. It was first announced in September 2022 and released in beta form in December 2022.

Members of Starbucks Odyssey can participate in “journeys”—a collection of omnichannel activities—after logging in, including challenges and interactive games. Members will receive a digital collectible “journey stamp” as payment for completing journeys.

The journey stamp is an NFT (non-fungible tokens). The Starbucks Odyssey web app offers a built-in market area where Starbucks Rewards members can buy “limited-edition stamps” (NFTs). For Starbucks Odyssey members, the first set of 2,000 limited-edition stamps are now available.

The Starbucks Odyssey marketplace will offer stamps for purchase for $100 each. Also, Starbucks Odyssey programme participants will receive extra points that can be used to access the program’s premium benefits.

Each digital collectible stamp will have a point value dependent on how rare it is. Members of the marketplace can buy or sell the stamps, and ownership is verified on a blockchain. Starbucks Odyssey members will be able to access experiences that have never been made available before using bonus points from stamps, such as a virtual espresso martini-making class, one-of-a-kind products and artist collaborations, and invitations to exclusive events at Starbucks stores and coffee farms.

US Chamber of Commerce advocates for AI Regulation

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Sahil Pawar

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March 10, 2023

US Chamber Commerce AI Regulation — Image Credits; US Chamber Commerce

In a change from the business lobbying group’s usual anti-regulatory stance, the US Chamber of Commerce advocated for regulation of artificial intelligence technology on Thursday to guarantee it does not harm growth or pose a national security danger.

The rapidly expanding artificial intelligence program ChatGPT, which has garnered praise for its ability to write answers to a wide range of queries, has raised concerns among US lawmakers about its effects on national security and education even though there isn’t much-proposed legislation for AI.

According to the Chamber research, lawmakers and corporate executives need to act rapidly to intensify their efforts to build a “risk-based regulatory framework” that will guarantee AI is used responsibly.

It further stated that by 2030, AI is expected to contribute $13 trillion to the growth of the world’s economy and that it has already made significant contributions, such as reducing the lack of nurses in hospitals and mapping wildfires to expedite emergency response times. The importance of being prepared for the technology’s impending pervasiveness and its risks was underlined in the paper.

According to the research, “almost every” business and government organization will employ AI within 20 years. The report is a result of a commission on AI that the Chamber established last year. The Chamber acknowledges the crucial role the business community will play in the deployment and management of AI.

Discord Announces New AI Chatbot and Messaging Features

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Sahil Pawar

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March 10, 2023

Discord AI chatbot messaging features — Image Credits: LOGO

In the newest effort by tech companies to create generative AI tools, chat app Discord announced on Thursday that it would roll out new artificial intelligence features that can summarize lengthy chats or add decorations to a user’s avatar.

Discord, which enables group chats via text, video, and audio, announced it would update the Clyde bot with OpenAI technology. According to the business, Discord users can ask the AI-powered Clyde to provide trivial answers, assist with meeting scheduling, or suggest songs.

Users will be able to “remix” the avatars of their friends using another AI function that uses generative picture models. For instance, to commemorate a person’s birthday, the feature might put a crown on their head in their profile picture.

The AI tool will be able to summarize the dialogue if users have been away from Discord and have missed a stream of messages, allowing users to rapidly return to certain points in the message thread to catch up on the chat. According to the company, the feature will start to roll out in a few select Discord groups the following week.

In order to enhance a current content moderation tool that helps automatically reject damaging or undesired communications from discussions, Discord announced it would also explore OpenAI technology. According to the firm, the updated technology can flag communications for moderators and comprehend the context of the dialogue.

BharatGPT, a rival to ChatGPT by CoRover.ai

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Sahil Pawar

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March 9, 2023

BharatGPT rival ChatGPT CoRover — Image Credits: Pxfuel

The conversational AI platform CoRover, located in Bengaluru, has announced the release of BharatGPT, a large language model (LLM) that supports over 120 international languages in addition to more than 12 Indian languages.

OpenAI’s ChatGPT, in contrast, only supports 95 languages and mostly accepts English-only commands. Unlike ChatGPT, CoRover’s chatbot can run rich data in addition to text, including graphics, audio, video, and even maps.

BharatGPT has an accuracy rating of 90%, according to CoRover. Moreover, CoRover’s BharatGPT makes use of the enormous quantity of data and knowledge that is accessible online as its foundation while simultaneously giving users a chance to customize and enhance its content.

Including contextually relevant information based on variables like area, sector, domain, client, business, and particular use cases allows the system to do this, thereby ensuring that customers receive relevant and up-to-date information in answer to their questions.

Additionally, it has the capacity to link with any ERP/CRM systems and support Application Programming Interfaces (APIs) for real-time transactions. It also offers the option to build a customized knowledge base.

Top AI News of the Day | 9 March 2023

By

Sahil Pawar

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March 9, 2023

top ai news of the day 9 March 2023 — Image Credits: AD

DuckDuckGo’s Search Engine introduces AI-generated responses

The most recent search engine to implement artificial intelligence is DuckDuckGo. The company has introduced a brand-new feature called DuckAssist that will automatically gather and summarize data from Wikipedia in response to specific queries. Nevertheless, only through DuckDuckGo’s mobile apps and browser extensions is DuckAssist’s beta available on the search engine at this time. If the experiment “runs well,” according to DuckDuckGo founder and CEO Gabriel Weinberg, the service will be made available through the website-based search engine.

Conversational AI platform CoRover announces the release of BharatGPT

The conversational AI platform CoRover, located in Bengaluru, has announced the release of BharatGPT, a large language model (LLM) that supports over 120 international languages in addition to more than 12 Indian languages. OpenAI’s ChatGPT, in contrast, only supports 95 languages and mostly accepts English-only commands. Unlike ChatGPT, CoRover’s chatbot can run rich data in addition to text, including graphics, audio, video, and even maps.

Indian Meteorological Department to use AI to improve weather predictions

To provide greater forecast accuracy, the Regional Meteorological Centre, Chennai, wants to gradually extend its observational network. In order to improve weather forecasting methods and evaluate radar data, S. Balachandran, Assistant Director General of Meteorology, RMC, Chennai, stated, “We are aiming to employ artificial intelligence. By providing a nowcast, artificial intelligence and machine learning would be employed to enhance projections over a shorter period of time.”

AI-powered system developed to translate Japanese manga to English

AI research graduates from University of Tokyo have introduced a machine translation system, Mantra Engine, that can recognize text placed in the manga and translate it into English by identifying its proper order. It was introduced in the most recent issue of “Kizuna,” the official e-magazine of the Japanese government. With this breakthrough, readers won’t have to wait as long for translated editions of manga, and there won’t be any need for piracy.

Mirror and Express owner publishes first articles written using AI

The Daily Mirror and Express’s owner has published its first stories produced by artificial intelligence, but the boss of the company insists that journalists shouldn’t worry that they will soon be replaced by robots. Reach’s CEO Jim Mullen claimed that after a working group studied the potential applications for AI, the company allowed a bot to create three articles last week.

Crypto-focused lender Silvergate announces collapse

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Sahil Pawar

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March 9, 2023

Silvergate announces collapse — Image Credits: Silvergate

After being financially devastated by the instability in digital assets, cryptocurrency-focused lender Silvergate announced that it is ceasing operations and would liquidate the bank.

Silvergate stated on Wednesday that it thought a voluntary liquidation of the bank and winding down of operations was appropriate given the recent regulatory and industry developments. “Full repayment of all deposits” is part of the bank’s plan.

The stock of Silvergate has dropped 97% from its high in November 2021; this trend is consistent with that of the overall crypto market.

The cryptocurrency sector has been rocked by a spate of scandals and bankruptcies in 2022, including the unexpected collapse of Sam Bankman-corporate Fried’s empire in November. The market as a whole is now only worth roughly $1 trillion, down from a $3 trillion valuation.

The announcement on Wednesday comes a week after Silvergate warned that it would cease operations and postponed its annual filing with the SEC. The bank’s largest cryptocurrency industry clients, including Coinbase and Paxos, withdrew their deposits in response to that revelation.

Indian government brings crypto under money laundering law

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Sahil Pawar

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March 9, 2023

Indian government crypto money laundering law — Image Credits: IDFC

The government has stated that all forms of cryptocurrency operations, including trading, safekeeping, and associated financial services, would now fall under the Prevention of Money-Laundering Act, 2002, in an effort to tighten laws on cryptocurrencies in the nation.

The finance ministry’s department of revenue announced in a notification that the aforementioned Act would apply to all exchanges involving virtual digital assets and fiat money, exchanges involving one or more types of virtual digital assets, and transfers of digital assets.

The participation in and provision of financial services relating to an issuer’s offer and sale of a virtual digital asset, as well as the safekeeping or administration of virtual digital assets that enable control over virtual digital assets, will also be covered under the same law.

Although it has taken certain steps to reduce cryptocurrency usage for unlawful purposes, the Centre has not yet developed complete legislation on the subject. With the recent change, law enforcement authorities will have more authority to combat money laundering through cryptocurrency channels.

In the Union Budget 2022, the government had previously declared a 30% tax on cryptocurrencies. Additionally, it said that 1% TDS would be retained each time an investor sells a virtual digital asset above a predetermined limit.

DuckDuckGo’s Search Engine introduces AI-generated responses

By

Sahil Pawar

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March 9, 2023

DuckDuckGo’s Search Engine AI-generated responses — Image Credits: Entrepreneur

The most recent search engine to implement artificial intelligence is DuckDuckGo. The company has introduced a brand-new feature called DuckAssist that will automatically gather and summarize data from Wikipedia in response to specific queries.

Nevertheless, only through DuckDuckGo’s mobile apps and browser extensions is DuckAssist’s beta available on the search engine at this time. If the experiment “runs well,” according to DuckDuckGo founder and CEO Gabriel Weinberg, the service will be made available through the website-based search engine.

A popup that reads “I can check to see if Wikipedia has relevant information on this issue, just ask” will appear at the top of your search results when you enter a query that DuckAssist can answer. When you click the blue “Ask” button, an AI will generate a response based on summarized Wikipedia content.

According to DuckDuckGo, DuckAssist won’t have an answer for every query. The feature is more likely to be present when searching for terms with “clear Wikipedia answers.” In other words, rather than asking more debatable questions like “What is the best search engine?” try asking, “What is a search engine index?”

DuckAssist can make mistakes just like other AI programs do. In addition to the fact that Wikipedia might not always include accurate information, there is a limit to the quantity of information the feature can synthesize, according to Weinberg. Instead of relying solely on its own data, Weinberg contends that having DuckAssist produce summaries in response to queries lowers the likelihood that it will fabricate information.