The driverless revolution in cars is just starting despite there being some twists and turns in its adoption. The invention of self-driven cars is poised to impact the transportation industry greatly. Since the first car got invented decades ago, their basic control has been a human being behind the steering wheel.
There had been no major strides as far as vehicle control is concerned. However, that is changing drastically, thanks to the new technological advancements happening in the automotive industry. Tech experts have been working on using technology to enhance car safety.
One of their biggest milestones, however, has been the introduction of self-driven cars. Right now, various car manufacturers are making cars that can move without any human input. But then, it is not certain what the future holds for these cars and conventional human-driven ones.
Will Self-Driven Cars Replace Humans in the Future?
Many people ask themselves whether this advancement spells doom for regular cars. This article looks into whether the world will fully adopt self-driven cars in the future. Besides, it looks into how safe they are, what they mean environmentally, etc.
Here’s all the information you need to know.
How Exactly Do Self-Driving Cars Work?
Before getting into the nitty-gritty of self-driving cars, it is vital to understand exactly how they work. Many people think that these cars use rocket science to move from one place to another. However, they work in a simple and easily understandable manner.
These cars basically use cameras mounted at the front, back, and sides. These cameras detect objects around the car; the car processes this information and steers to avoid hitting them. Then, there’re in-car computers that can understand traffic rules then guide the car to any destination.
You could be thinking about how they estimate braking distance and many more. These cars bounce sound and light off objects to determine how far they are and calculate the time it will take to stop without hitting the objects.
Besides, they can detect motion, for instance, when in moving traffic. They can determine the direction that traffic is taking and its average speed before adjusting accordingly. Although this isn’t a conclusive description of how these cars work, it gives a short description of how self-driven cars work.
Why is it Taking Longer Than Expected to Get Self-Driving Cars on the Road?
One would expect that these sophisticated cars should have been popular worldwide today. However, these types of cars are yet to become as popular as they should be. Experts have attributed this because these cars rely on artificial intelligence to work, a technology whose adaptation has been slow. There are a lot of things that factor in this delay.
- One of the biggest challenges has been in training in-car computers on how to navigate roads. The easiest way to do this ideally is to teach cars with billions of videos showing real-life drives. That teaches the computers proper driving behavior making the road safe for all users.
- Even though engineers pour their heart and soul into developing a technology that facilitates a self-driving experience, they still have some shortcomings that are deal-breakers. These cars’ mistakes leave them falling down as obstacles and causing a ruckus.
- Although billions of videos can serve this purpose well, it is becoming increasingly difficult to train cars about how to navigate certain situations. For instance, it isn’t easy to train cars on what to do when they encounter debris on the road or during an accident, as few videos show that.
However, carmakers and tech experts have tried to create as many such situations to train cars. They have engineered certain situations to represent real road situations. Despite doing this, it is evident that training cars on every road situation is daunting and yet to be possible; thus, their slow adoption.
Will People Accept Self-Driving Cars?
Another thing that will determine whether self-driven cars will take over is whether they’ll get accepted. Perception issues aren’t new in the tech world, and that’s one thing self-driven cars will need to overcome. Otherwise, getting accepted in a world with varied opinions on new technologies isn’t easy.
- According to a 2019 survey, 71% of people said they’d be scared to be driven by a computer. That shows there’s a huge percentage of people that are yet to accept driverless vehicles. According to many people, they’ll need to see evidence of how safe this technology is before they start to trust it.
- Reuters’ further research in 2019 showed that many people think that driverless cars are dangerous than those driven by human beings. Experts say that this technology will not get accepted easily because of how it has performed in its early stages. There have been accident reports, and that doesn’t click well the less tech-savvy.
Thus, the first step towards enhancing the acceptance of this technology is educating the masses. Tech experts must teach people about AI and how important it is. Besides, the sensitization should extend to how this technology will help to change the transport industry.
The best thing about technology is that it only gets better. Although people haven’t embraced AI in cars, technology keeps improving in safety and other aspects. Soon, people will have no option other than accept it as it will become safer to be a passenger in an autonomous car than a regular car.
Are Self-Driving Cars Safe?
Safety is a concern everywhere, and it is even more vital when it comes to cars. Self-driven cars have to prove that they’re safe if they’re to replace regular cars fully. Thankfully, expert reports from the tests that have already been conducted show that these cars are safer than human-driven ones.
However, self-driven cars are yet to become safer and better in all aspects. There are still instances in which human-driven cars have proved to be better. As mentioned earlier, it takes more than following traffic rules to be safe. Self-driven cars cannot perform some critical functions that humans can perform.
But then, self-driven cars excel in certain aspects that humans have constantly failed. For instance, a self-driven car doesn’t get fatigued, drink, drive, or suffer from sleep deprivation. All these have been attributed to many road accidents globally; driverless cars help mitigate them, making them safe.
The accident reports that have involved self-driven cars have led to heated debates. One of the most popular cases is when a woman got hit by a car in self-driving mode. Before that, a man had died as his self-driven Tesla hit a truck, adding to the statistics.
It is worth mentioning that self-driven cars have a long way to go as far as safety is concerned. The safety limitations that these cars are experiencing are making it difficult to convince people. In general, self-driven cars may not outperform human-driven cars soon regarding road safety.
Are Self-Driving Cars Going to be Good for the Environment?
Eco-friendliness is another concern that car manufacturers and users have to think about. Self-driven cars have been a great part of this discussion. Many people question whether these cars can help to solve the existing environmental issues and how efficient their solutions will be today and in the future.
There have been different arguments to support this debate. For instance, experts say that self-driving cars will reduce the need to own a car as people will be requesting one when they need to move. That will mean lesser car trips and fewer emissions into the environment, thus conserving it.
Besides, some technological advancements are also positively impacting the environment. For instance, experts say that adaptive cruise control is making the environment more efficient by 5-7%. But then, there isn’t any solid evidence showing that these cars are better for the environment.
Although regular cars emit more gases to the environment, they do not impact industries. Therefore, there’s no reason to rate them lower than self-driving cars. The only positive has been better fuel efficiency, but that doesn’t make any machine good for the environment.
Even though preliminary research has shown that driverless cars reduce the number of trips people make, it isn’t conclusive. Many researchers are getting their hands dirty out there to confirm that.
Meanwhile, the question of whether they’re an eco-friendlier option than regular cars hasn’t been settled. There needs to be more proof to confirm that these cars are an excellent option.
What Benefits Could Self-Driving Cars Offer?
Self-driving cars have faced a lot of hurdles in regards to acceptance and adoption. However, the benefits of using these cars outweigh the disadvantages making them worth thinking about. As manufacturers continue to convince people to accept this technology, the final decisions lie with users.
If you’re undecided about whether to buy a self-driving car or not, you need to consider the benefits and limitations first. According to experts, one thing that driverless cars will impact is road safety. They will significantly reduce the number of automotive accidents reported making them worthy investments.
- Some statistics associated with human-driven cars are worrying. For instance, according to the National Highway Traffic Safety Administration, 94% of auto accidents in the US result from human error. That alone shows that there’s a need to find alternatives to human-driven cars to enhance safety.
- Besides, people are getting busier than before, with many doing more than a single job to sustain their lifestyles. That means lesser free time to run other important errands. The best thing about self-driven cars is that they will increase the amount of free time people have by moving from one place to another without human beings.
Thus, self-driven cars contribute a lot to how much produce companies manage. Besides making it easier to move, they also impact a person’s quality of life, making it more bearable.
Also, many self-driven cars are comfortable and make it easier for passengers to do their personal work while enjoying long drives, almost like creating car offices.
Is the Rise of Self-Driving Cars an Investment Opportunity?
Business-minded people could be wondering what the rise in self-driving cars means for them. It is common to hear people ask whether it is worth investing in these cars. And since investing in such cars requires a big budget, it is worth taking your time to get the facts right before deciding.
A 2016 Business Insider report projected that there would be over 10 million driverless cars on roads by 2020. More projections show that this growth will not only directly relate to these cars.
In short, the impact of self-driven cars isn’t limited to car manufacturers only. There are lots of other professionals who’re set to benefit from this technological advancement. For instance, tech professionals should consider this a suitable opportunity to find employment and practice what they love.
Thus, the rise of driverless cars is an opportunity to invest. But then, you should not limit yourself. Casting your net wider can help you make more wise decisions. That means everyone has an opportunity to benefit from this emerging tech, and the best thing is that it will impact even those who won’t directly interact with it.
What Do Self-Driving Vehicles Mean for Car Companies?
Car companies are another lot that could be greatly interested in self-driven vehicles. The question that arises here is on what the introduction of this tech means to car companies globally. Many car companies are quick to jump on the bandwagon of self-driving cars.
Soon, Kia dealerships will be filled with vehicles that are autonomous in their driving. They are planning to have a complete fleet by 2030. It is rumored that Kia is in its testing phase now. This is also the story for other car manufacturers such as Tesla, BMW, etc.
A situation where car companies do not have to employ drivers may attract more investors. With the technology fitted in these cars, it will be easier to request a ride from any location. The car will arrive by itself, pick up the customer and drop them at their destination without human assistance.
The ridesharing industry will be one of the biggest beneficiaries once self-driving vehicles become popular. Many companies will grow their businesses and achieve consistent profitability, making self-driving cars great investments that will shape the future of car companies.
Could Driverless Vehicles Completely Replace Regular Cars?
Now the big question is whether these cars will completely replace human-driven cars. The reason this question keeps coming up is that more people lose their lives on roads every year. Finding solutions that will reduce these numbers will be great and driverless cars look like a possible solution.
Although safety could be a reason to shift to self-driven cars, it will still not be implemented soon. There’re major technological strides that the industry needs to make before reaching such a point. Thus, human-driven cars are not about to go extinct unless the self-driven car manufacturers do better in some aspects.
One of the ways to ensure that human-driven cars exist on the roads is to use legislation. A few significant strides in enhancing safety in these cars may push governments to think about improving security. But then, there’s more research to do and prototyping to ensure that these cars are safer before phasing out the conventional models.
The complete shift to autonomous cars is also facing a lot of criticism. For instance, many people argue that technology isn’t trusted as it has had glitches and total breakdowns in other sectors.
In the transport sector, a simple glitch could cost lives and lead to huge financial losses. Thus, the question of whether driverless cars can replace regular cars is difficult to answer.
However, there’s light at the end only if the industry that can make major strides both safety and convenience wise.
As you can see, driverless cars are a true way for the future. Everyone desires roads that are free from accidents and that are safe for all users. The invention of self-driven cars is timely and has already shown great efforts in reducing accidents.
However, it hasn’t convinced experts and the rest of the people that it can guarantee safety. But then, its development looks promising, and the wait won’t be too long. Several factors will determine how quickly the world gets there.
For instance, the acceptance of this technology will be critical. The faster people embrace this technology the easier the stakeholders will implement it including manufacturers and car companies. Soon, you will be moving in a fully computerized car that moves without any human assistance.
Fintech Kennek raises $12.5M seed round to digitize lending
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!
Fortune 500’s race for generative AI breakthroughs
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!
UK seizes web3 opportunity simplifying crypto regulations
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!