Web 3.0, Blockchain, and The Future of Inclusive Tech
In the past few years, the Middle East and North Africa (MENA) region has seen a meteoric rise in its startup scene. Tech startups are burgeoning, largely fueled by increased investments and governmental initiatives aimed at bolstering innovation and entrepreneurship. The region is now a hotbed for emerging and advanced technologies, with fintech, blockchain, and web 3.0 sectors leading the charge. These developments are propelling the MENA region into a digital future, attracting global attention, and making it an exciting space for tech innovators and investors alike.
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Meet Our Esteemed Guest: Amna Usman Chaudhry
In the most recent episode of Couchonomics with Arjun, our listeners are introduced to a trailblazer in the tech world, Amna Usman Chaudhry. She holds several prestigious roles and accolades. Currently, Chaudhry is part of the UNICEF Giga Blockchain, Metaverse, and Web 3.0 team. This project aims to connect every school in the world to the internet by 2030, providing each child access to information, opportunity, and choice. It's an ambitious initiative, undoubtedly, but one Chaudhry approaches with her characteristic zeal.
Previously, she was part of the first cohort of the Oxford Blockchain Strategy Program, an initiative run by the revered University of Oxford. Chaudhry was also a founding member of Blockclean, a blockchain project based in Slovenia, which focuses on combating plastic pollution via tokenization. A founding member of the Oxford Blockchain Foundation, a global organization with over 190 members, Chaudhry continues to contribute to the development and understanding of blockchain technology on a broader scale.
Chaudhry's academic background includes an MSc. in Financial Economics from the UK, with research experience garnered from a project under the World Bank. In addition to this, she holds a Chartered Institute of Management Accountants (CIMA) diploma in Islamic Finance. This unique combination of finance and tech makes Chaudhry a distinctive voice in the emerging tech landscape, particularly in discussions involving the potential impacts of blockchain, Metaverse, and Web 3.0 on both fintech and Islamic fintech.
Listen to the episode
The Promises and Perils of Generative AI
Generative AI, a branch of artificial intelligence that leverages machine learning algorithms to generate human-like content, is one of the hot topics discussed in this episode. Citing the World Economic Forum's Future of Jobs report 2023, Chaudhry highlights that generative AI is set to create an astounding 69 million more jobs in the future. This would reshape labor markets and open up vast new opportunities.
However, she also cautions about the potential hazards if generative AI isn't adequately regulated and ethically deployed. She points to the misuse of AI for deepfake creation, which has significant potential to disrupt information integrity. Chaudhry emphasizes the need for careful consideration in the development and deployment of such technologies to prevent misuse and unforeseen negative impacts.
Understanding the Blockchain Revolution
Blockchain technology is a transformative force that's redefining the way we transact, store data, and verify authenticity. Chaudhry deep-dives into various aspects of blockchain, including its potential for establishing digital identities and the issues it can run into, such as smart contract vulnerabilities. She draws from her experience with the infamous DAO hack of 2016, emphasizing the need for meticulous smart contract auditing.
She also draws attention to the varying environmental impacts of different blockchains, pointing out that not all are energy-intensive. Chaudhry notes that some blockchains, like Ethereum, have significantly reduced their energy consumption through shifts in their consensus mechanisms.
Decoding the Web 3.0 Paradigm
Web 3.0 represents the next phase in the evolution of the internet, promising a more decentralized, semantically intelligent, and user-centric experience. Chaudhry and Arjun delve into the implications of this transition, debating whether Web 3.0 is a destination or a journey. They agree on its potential to reshape societal norms and power structures but emphasize that this transition must be inclusive and fair.
Chaudhry introduces the ethical philosophy of John Rawls, specifically the concept of the "veil of ignorance," as a potential framework for shaping AI regulations. In this context, regulations should be formulated such that they benefit the least advantaged members of society, promoting equality and justice.
Women, Diversity, and Inclusion in Tech
As a woman in tech, Chaudhry advocates fervently for increased diversity and inclusion in the industry, particularly within the realm of Web 3.0. She points to the UNDP's Gender Social Norms Index, which reveals that a staggering 90% of men and women harbor biases against women. She emphasizes the need for conscious effort to dismantle these biases and foster more inclusive environments.
In her role as the Head of AllStarsWomen DAO UAE Chapter, Chaudhry spearheads initiatives aimed at increasing female participation in the Web 3.0 ecosystem. This DAO is committed to improving diversity through three main avenues: a Start-up Academy, a Web 3.0 Academy, and a Diversity Recruitment Agency.
Final Thoughts
In this insightful episode of Couchonomics with Arjun, listeners are treated to an enlightening conversation with Amna Usman Chaudhry. Her understanding of frontier technologies like AI, blockchain, and web 3.0, combined with her dedication to promoting diversity and inclusion, provides a fresh perspective on the tech landscape. This conversation is not just a commentary on the current state of these technologies but a visionary exploration of their potential. As we witness the continuous evolution of tech, insights from leaders like Chaudhry are instrumental in guiding our collective journey towards a more inclusive and sustainable digital future.
Learn more about open banking and open finance by checking out this exciting episode of Couchonomics with Arjun. Join us as we chat with Amna Usman Chaudhry, financial economist and emerging tech strategist, about the future of finance. So, if you're interested in staying up to date with the latest trends in fintech and finance, be sure to listen to the latest episode of Couchonomics with Arjun today!