We all know that the tech industry is abuzz with hype. I even joke that 5G, blockchain, and AI will solve all the world’s problems. Remember when 5G was the talk of the town? Yes, I do. Philippine telecommunications companies even pitched 5G to universities, as if it would revolutionize everything! As if 5G is an enabling technology that provides more than faster and better connections. In fairness, 5G is here now, and what did we get? Faster connections, that’s all.
Next in the hype train is blockchain. When the blockchain hype started, various companies claimed to have superior solutions based on this technology. I’ve heard about blockchain-based transcripts of records for universities and colleges, blockchain-based patient record systems, and more. If blockchain doesn’t offer a better and simpler solution, then it’s not the answer.
Cryptocurrencies, NFTs, Web 3.0, and 4.0, and so on, are all based on blockchain technology, and they’re mostly hype! Bitcoin, for instance, has been touted as the next big thing that will revolutionize the global financial system, and we’re still waiting for that to happen. What about NFTs? Most scam. Are you on this hype train? Until when will the hype continue? If you don’t believe me, check out Molly White’s Web3 is Going Just Great.
The current buzzword is AI, specifically Large Language Models (LLMs) and other generative AI models, which are misleadingly called AI (which encompasses more than just LLMs). For simplicity, I’ll refer to these generative AI models as “AI.” This hype claims that AI will solve climate change and cure cancer! Another claim is that it poses an existential threat to humanity. How can an LLM, a turbo-charged, glorified word/phrase generator, solve climate change or provide a cure for cancer? It’s not intelligent, there I’ve said it. How intelligent can an image or video generator be? Also, consider that these “AI” hosted on the cloud consume a ridiculous amount of electricity and water, similar to the energy consumption of blockchain on server farms. Watch the Distributed AI Research Institute team discuss this “AI” hype train.
Don’t get me wrong; I have nothing against blockchain or “AI.” These technologies are great when used ethically and responsibly. Unfortunately, most of these big tech companies are not doing so. Tread carefully.