On this week's episode of The MadTech Podcast, Erfan Djazmi, chief digital officer EMEA at Mediahub, joins ExchangeWire editorial lead Mariam Ahmad and head of research Mat Broughton to discuss US AI leaders' safety commitments, Indonesia's new crypto exchange, the future of NFTs, and more.

Tech leaders commit to AI safety in US

Will this agreement be enough to ensure the safe development of AI before binding regulatory practices come into force? Could we see similar agreements in other markets?

Seven large tech companies have agreed to voluntarily implement safeguards around their artificial intelligence offerings. Seven firms, including ChatGPT-maker OpenAI, Google, and Microsoft, have committed to eight cautionary measures proposed by the US government in a meeting at the White House last week. The measures centre around the principles of safety, security, and trust, and include allowing independent professionals to examine AI models, sharing safety information with the government, and investing in cybersecurity.

The commitment will lapse once AI regulation is passed by the US Congress. A number of bills for policing such technologies have already been proposed and are at various stages of the review process.  

Indonesia crypto exchange opens

Is this an endorsement of the viability of cryptocurrencies? Will we see more national governments embrace crypto?

Indonesia’s Commodity Futures Trading Supervisory Agency, Bappebti, has announced a new crypto currency exchange and clearinghouse. The platform, which debuted last week, was intended for launch in 2021, but had met with delays.

The country’s Financial Services Authority, central bank, and Ministry of Finance will jointly run the new exchange alongside Bappebti. The move reflects the Indonesian government’s interest in exploring crypto’s potential. In a statement, Bappebti chief Didid Noordiatmoko said that “The establishment of exchanges, clearing houses and managers of crypto asset storage is proof that the government is present in an effort to create a fair [...] crypto asset trading ecosystem to guarantee legal certainty and prioritise protection for the public as customers.”

NFTs still of value to media agencies

Do you think that NFTs still hold potential, and if so, that businesses will recognise it?

While non-fungible tokens (NFTs) have been largely written off by investors and private buyers, the technology that underpins them remains of interest among media agencies. According to reports, blockchain can be used to power new means of engaging with consumers (such as via reward schemes and loyalty programs), and more brands are exploring how they can use the technology to reach existing and prospective audiences.

Although investment in Web3 technologies has fallen overall, the NFT market is still experiencing growth, with revenue expected to reach a global annual growth rate of 18.55% between 2023 and 2027. Some agency figures are optimistic that the tempered excitement around NFTs gives brands an opportunity to fully realise the potential and practical applications of blockchain technology. However, some warn that the term “NFT” has developed negative connotations.