The New Frontier

Clyde / 31/07-17 / 12:08:58 PM

Artificial intelligence (AI) has long been forecast to replace a large number of, if not all, blue collar and white collar jobs. The new frontier according to one Cyprus based outfit is to replace management too.

Robotization, is exerting a slow but sure degradation on work's value and availability, both in the form of money paid along with the number of adults in full-time jobs. This widespread disappearance of jobs is set to usher in a social transformation which will be unlike anything ever previously experienced or imagined.

The issue is not going to be about saving jobs, it will be about recasting how we see the activity we currently call work.

Piotr Pietrzak founded his AI company back in 2006, after obtaining a Master of Science Degree specializing in Economics and years as a trader on the Warsaw Stock Exchange where he built up a substantial fortune. The business is focused on artificial intelligence, monitoring machine learning algorithms for trend and volatility, and forecasting financial markets.

In Piotr's eyes the new frontier is the creation of what he calls "Autonomous Companies". He explains: "Yes, you read it right: not autonomous vehicles, not smart phones or washing machines, not other gadgets that make your life or work easier. Autonomous companies that would make your work...Well, sorry to say it... extinct!"

He points out that replacing a labor force with robots has been a continuous process that for several decades has been giving companies a competitive edge. But he believes the evolution is about the envelope the fintech concept.

As Piotr says it "is a more recent development, a natural step forward to replace slightly more complex, but still repetitive tasks, with robots, in this case in the form of software".

In Piotr's opinion, there is one more element to replace with AI:  top management. He adds: "For us, the new frontier is a totally autonomous company, with no workers and no management – just AI software and robots. The proprietary financial trading sector could be one of the first areas where this concept could be applied. As a matter of fact, the software platform to apply this concept is already available.

"Our AI trading systems already decide autonomously what to trade, when to trade, how big the position should be. It is also able to assess the risk in split seconds and, what may cause hair to stand on end for some people, our software can autonomously take leverage, lots of leverage… all under control of artificial intelligence."

So what is challenging the first autonomous company? According to Piotr it's not legally possible to entirely remove every human element - specifically the board of directors - from a company. But he is excited by the European Parliament opening discussions about the legal aspects of autonomous robots.  The European politicians are discussing how robots -they call them "electronic persons" - could be held responsible for their “acts or omissions”.

It may sound like legal science fiction, but affording Piotr's AI trading software the status of an “electronic person” he hopes would spur on the breakthrough legislation for his dream to come true.

As Piotr himself says: "Once the law of the future is in place we will establish a fully robotic autonomous company that will use our technology of today - namely our autonomous trading robots - just like our Forex Trading Algorithm. This vision is what makes me happy every day I go to work - that is, before my own software takes my work from me."