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Cars of Tomorrow: The Future of Automobiles – ReadWrite

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Steve Hoffman


Everyone knows self-driving cars are coming and will upend the automotive experience, but what other jaw-dropping inventions are headed our way? Here I’m talking about the cars of tomorrow and the future of automobiles.

Let’s start with electric vehicles (EVs). Elon Musk, the visionary CEO of Tesla, and when he announced that the company is working on a million-mile battery.

Well, the battery won’t allow you to drive for a million miles without recharging, but it will last for a million miles before it must be replaced.

This is a big step forward considering EV batteries typically last 200,000 miles. With a million-mile battery, the car would fall apart long before the battery goes dead. This also means the owner can sell it or transfer it to a new car, resulting in less pollution and waste.

It’s nice to have a battery that can outlast the car, but what about the headache of charging an EV?

The brains at Huawei are working on a solution. They want to make charging your car effortless and are developing a system for wirelessly charging vehicles.

These charging pads could be placed anywhere, from parking garages to carports—and maybe even on city streets. At some point, we may no longer have to worry about charging our cars. It will just happen.

If we look further out into the future, Daimler and Toyota are developing fuel-cell vehicles, which will convert hydrogen into electricity.

A hydrogen-powered car would emit only water vapor, saving both money and cutting down on greenhouse gas emissions. Hydrogen can also be produced on site. Already, in the UK, they have refueling stations that produce their own hydrogen on a commercial scale using solar power.

Hydrogen cars typically have longer ranges than EVs, and they only take five minutes to refuel. These are tangible benefits, but hydrogen still has a long way to go. Unlike EVs, which consumers can recharge in their garages by simply plugging them in, hydrogen vehicles lack this infrastructure. Refueling stations are few and far between.

Thirteen companies, including Toyota, BMW, and Daimler, have committed to invest $10 billion to develop hydrogen technology and infrastructure over the next ten years. By 2023, Germany should have 400 hydrogen fuel stations. And California is expected to have 200 hydrogen stations by 2025.

Hydrogen isn’t the only alternative fuel.

In the United States, there are already 175,000 natural-gas-powered vehicles on the road, along with 1,600 refilling stations. Despite being available for some time, however, natural gas-powered vehicles haven’t taken off for several reasons.

They don’t get nearly the mileage that gasoline vehicles do. They are considerably more expensive to buy — and the models available are limited and uninspired.

Methane is another possibility.

In the United States, the oil industry spews 13 million metric tons of methane into the atmosphere every year. If we harvested this potent greenhouse gas, it would be enough to power millions of vehicles and homes. And it’s not just the oil industry.

Cow-Powered Car? Okay by me!

Cattle contribute 37 percent of all industrial methane emissions. A single cow produces between 70 and 120 kg of methane per year. With 1.5 billion cattle spread across the globe, this adds up. T

his is why Toyota is even considering harvesting methane from cows. Scientists are working to capture this gas whenever cows burp it up. So, don’t be surprised if cow-powered cars appear on the road one day.

Parking

On a more practical level, have you ever forgotten where you parked your car in a crowded parking garage? If you have, you’ll know how infuriating that can be. The good news is that Huawei might have a solution in the works.

The company told me how it’s developing AI that will guide the owner to the correct parking spot using their smartphone. This means no more blindly wandering around the garage searching for your car.

If misplacing your car isn’t bad enough, falling asleep at the wheel is. In the United States, there are roughly 90,000 crashes involving drowsy drivers every year, leading to an average of 50,000 injuries and 800 deaths.

Huawei is working on solving this problem too. Using neural networks, the car analyzes the driver’s facial expressions and sends out an alert when the risk of nodding off is high. This same technology can potentially be used to detect drunk drivers.

Every year in the United States, approximately 10,000 people die because of alcohol-impaired driving, accounting for roughly 30 percent of all traffic-related fatalities. If the AI solution determines that the driver is intoxicated, it could send out an alert or even disable the ignition.

With the rapid developments in autonomous driving technology, we can see cars transforming into entertainment and productivity platforms.

Once cars start driving on their own, the drivers will be free to do whatever they want. This means they can kick back, watch movies, play games, get work done, and even enter virtual experiences. It may become commonplace to virtually appear in one meeting as you’re driving to another.

The interiors of cars will change. People may sit at a table facing one another, like in railway cars. Cars may also become a second bedroom. When people have a long drive, they may choose to travel overnight, saving the hassle of flying.

Speaking of flying, will cars soon be taking to the air?

Sky Drive, a Toyota-backed startup, has already tested its flying car and expects to launch a manned flight within two years. Not to be outdone, the Alibaba-backed startup, Xpeng, just revealed its flying vehicle. This one looks less like a car and more like a giant drone with seating for one passenger.

Hyundai is thinking bigger. It has plans for models that will carry up to six passengers within metropolitan areas. They anticipate entering the market by 2028. Many experts I’ve spoken with believe that the first generation of flying cars will be used mostly for flights ranging from 50 to 800 miles.

If you want to travel between cities, taking a flying car may become a viable option. Flying within cities is a bigger challenge because of concerns around privacy, noise pollution, and safety. Imagine what could happen if a flying car slams into a home or skyscraper.

For these reasons, ground vehicles will remain the dominant form of transportation within most cities for the next decade or so.

A third option is a hybrid autonomous air-ground vehicle.

This would drive like a car, then sprout wings for longer-distance journeys. These James Bond-like vehicles would transform themselves, driving, flying and even floating, depending on the location, regulations, and weather conditions.

Some futurists even predict that vehicles will become modular. People may choose to zip about in a mini car for short commutes, but for longer trips they may add on a sleeper module or extra trunk. These modular cars may even connect together like pods. Want to take a trip with friends? Simply merge your vehicles into one supercar, where you can party all the way to the destination.

New lightweight materials, like carbon fiber, biomaterials, and graphene, may replace steel and plastic when constructing future vehicles.

AI and the future of cars.

As AI takes over and driving becomes safer, there will be less need for rigid frames. Cars may even be built from flexible, rubbery nanomaterials that don’t exist yet. Or cars may end up looking like inflatable bubbles or hovercraft. Nanotech could entirely alter how cars operate.

Someday in the far future, cars might be able to morph into almost any shape and configuration the driver desires. Want a pickup truck? No problem. Your car simply flattens out, creating a bed in the back for hauling stuff. Prefer to go faster, and the car reconfigures itself for speed.

What about cars, AI and cities?

It’s not only the function of cars that will change but their impact on how we live. Today’s metropolitan areas are designed around cars.

Streets are paved and lined with parking spots, which tend to be eyesores. What if we could replace all this ugly asphalt with greenery, making our streets appear more like parks. With the advent of hovercars that float ten or more feet above street level and flying cars that zip from rooftop to rooftop without ever touching the ground, this could be possible.

Our cities might be transformed into Gardens of Eden, with lush thoroughfares, where pedestrians and cyclists could move without having to constantly be on the lookout for motor vehicles. Considering the fact that cars in the United States kill, on average, one pedestrian every 88 minutes, this would save a lot of lives.

Removing cars from our streets would also make cities more livable, but is that the future of cars?

Most people don’t think about noise pollution, but it has an impact on our psychology and physical wellbeing. Electric cars are already much quieter than gasoline-powered vehicles. In the future, we may have cars floating overhead that are not only silent but invisible.

At the University of Rochester, scientists have developed technology that bends light so as to make an object invisible. If we apply this technology to cars, we may not even know they are there. We could be in the midst of a bustling city, but it might appear as peaceful as a country meadow.

Not only could cars disappear from sight, but they may travel at speeds that make a Lamborghini look like a horse-drawn carriage.

People may drive into a Hyperloop-like transportation tube that accelerates their vehicles to 500 mph or more, while on our freeways, cars may be permitted to drive at 150+ mph, as long as humans aren’t behind the wheels.

Once fully autonomous driving systems become widely deployed, governments may be able to increase speed limits without substantially increasing the risk of accidents.

It’s even conceivable that governments will require all vehicles to be self-driving, and people who wish to drive a car may be required to go to special designated areas.

In other words, a human-driven car may become as obsolete as taking a horse and buggy onto the highway.

This is just a slice of what’s around the corner as cars evolve into flexible, intelligent platforms that not only get you to more places faster but reimagine the experience of driving.

Image Credit: ryutarro tsukata; pexels

Steve Hoffman

Captain & CEO

Steven Hoffman, or Captain Hoff as he’s called in Silicon Valley, is the chairman & CEO of Founders Space (FoundersSpace.com), one of the world’s leading incubators and accelerators. He’s also an angel investor, limited partner at August Capital, serial entrepreneur, and author of several award-winning books. These include Make Elephants Fly (MakeElephantsFly.com), Surviving a Startup (SurvivingAStartup.com), and The Five Forces (FiveForcesBook.com).

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Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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