Technology and society

Researchers from MIT and the Federal Reserve Bank of Boston have developed a theoretical, high-performance transaction processor for a Central Bank Digital Currency using open-source software, reports Jason Brett for Forbes. "What is clear is that open-source software provides an important way to collaborate, experiment, and implement,” says Neha Narula, director of MIT’s Digital Currency Initiative. “In addition to supporting collaboration, monetary systems benefit from transparency and verifiability, which open-source offers."

Boston Business Journal executive editor Doug Banks highlights new research from MIT’s Digital Currency Initiative and the Federal Reserve Bank of Boston in developing two sets of computing source code for a hypothetical Central Bank Digital Currency. The researchers “selected concepts from cryptography, distributed systems, and blockchain technology to build and test platforms that would give policymakers substantial flexibility in the potential creation of a CBDC,” writes Banks.

Reuters reporter Jonnelle Marte writes that researchers from MIT’s Digital Currency Initiative and the Federal Reserve Bank of Boston have developed two different approaches to processing transactions in a hypothetical digital currency. “The first phase of the multi-year project, dubbed ‘Project Hamilton,’ resulted in code that is capable of handling 1.7 million transactions per second,” writes Marte. “Researchers also found the ‘vast majority’ of transactions settled in under two seconds.”

Bloomberg reporter Allyson Versprille spotlights how researchers from MIT and the Federal Reserve Bank of Boston have released a new paper and open-source code, called OpenCBDC, aimed at furthering understanding of how a hypothetical central bank digital currency might be developed. Of the importance of making the software open-source, Neha Narula, director of the MIT Digital Currency Initiative, explains that “we believe that this is the best way to ensure that OpenCBDC is vetted by a large number of people--all of whom will bring unique knowledge, skills, and ideas for improvement.”

Researchers from MIT and the Federal Reserve Bank of Boston have released a new paper and open-source code to help further understanding of how a hypothetical central bank digital currency might be developed, writes Tory Newmyer for The Washington Post. Neha Narula, director of the Digital Currency Initiative, explains that they aimed to “create a flexible system that can work with a variety of models.”

Boston Globe reporter Jim Puzzanghera writes that researchers from MIT’s Digital Currency Initiative and the Federal Reserve Bank of Boston have developed experimental open-source software, called OpenCBDC, to help further examine a potential Central Bank Digital Currency.  Neha Narula, director of the Digital Currency Initiative, said she was optimistic that they could develop a system that “can help preserve strong privacy for users.”

Zero-knowledge proof (ZKP), a cryptographic method invented by three MIT researchers in 1985, enables authentication of private information without revealing information that could be compromised, reports Victor Shilo for Forbes. “ZKP has the potential to protect privacy in a wide range of cases,” writes Shilo. “By implementing ZKP, businesses and society can evolve to ‘open data 2.0’ where daily transactions are completed in today’s digital economy but without disclosing unnecessary sensitive information.”

Media Lab researcher Joy Buolamwini writes for The Atlantic about the dangers posed by government agencies adopting the use of facial recognition technology. “No biometric technologies should be adopted by the government to police access to services or benefits,” writes Buolamwini, “certainly not without cautious consideration of the dangers they pose, due diligence in outside testing, and the consent of those exposed to potential abuse, data exploitation, and other harms that affect us all.”

Prof. David Autor speaks with New York Times columnist Peter Coy about the new book he wrote with Prof. David Mindell and Elisabeth Reynolds, “The Work of the Future: Building Better Jobs in an Age of Intelligent Machines.” Autor explains that: “Most people’s fear of technology is really a fear of capitalism, what the markets will do with the technology. You can’t make a lot of progress if you’re making people poorer at the same time.”

The driverless car industry lacks a clear business model in comparison to its competitors, reports Patrick McGee for Financial Times. “Driverless does not mean humanless,” says research scientist Ashley Nunes. “Robotaxis replace one set of human costs, the human driver, with another, inefficiency.”

PBS Gzero World host Ian Bremmer spotlights “The Age of AI And Our Human Future,” a new book written by Schwarzman College of Computing Dean Daniel Huttenlocher, former Google CEO Eric Schmidt, and Former Secretary of State Henry Kissinger that explores how humanity can learn to coexist with artificial intelligence. “The conclusion in our book is that the only way to sort these issues out is to widen the discussion aperture,” says Schmidt. 

Prof. Muriel Médard speaks with NBC Boston reporter Raul Martinez about 5G technologies and helps demystify the concerns surrounding 5G networks and airline safety.

Forbes reporter Richard Kestenbaum spotlights “The Age of AI And Our Human Future,” a new book written by Schwarzman College of Computing Dean Daniel Huttenlocher, former Google CEO Eric Schmidt, and Former Secretary of State Henry Kissinger that explores how software is creating a new reality for us. In the book, Huttenlocher, Schmidt, and Kissinger note that “now is the time to establish guidelines for how AI will act and what its north star will be,” writes Kestenbaum.

A new study by MIT researchers finds people are more likely to interact with a smart device if it demonstrates more humanlike attributes, reports Brian Heater for TechCrunch. The researchers found “users are more likely to engage with both the device — and each other — more when it exhibits some form of social cues,” writes Heater. “That can mean something as simple as the face/screen of the device rotating to meet the speaker’s gaze.”

GBH reporter Megan Smith spotlights how the Educational Justice Institute at MIT, which offers learning programs to incarcerated individuals, was able to expand its reach through a new virtual platform that allows for real-time interaction, and provides an opportunity to bring together students from different facilities and local universities. “I really enjoy the humanity in the course because over a period of time you realize — it’s not about ‘inside’ students or ‘outside’ students, really,” said Mackenzie Kelley, a student in the program. “It’s just, we’re all human and we all make mistakes.”