Digital business models Archives | Page 402 of 581

Ethereum launches new security initiative

The Ethereum Foundation has launched the Trillion Dollar Security Initiative to boost security across its network. The project aims to improve user experience, wallet protection, smart contract safety, and infrastructure resilience.

It is led by Fredrik Svantes and Josh Stark, with support from ecosystem experts samczsun, Medhi Zerouali, and Zach Obront.

Ethereum remains the leading platform for decentralized finance (DeFi), holding 50-60% of total value locked across blockchains, with nearly $80 billion as of mid-May. The Foundation emphasises that billions of users collectively secure trillions of dollars on the Ethereum network.

Ethereum’s recent Pectra upgrade, the most significant since The Merge, has introduced key enhancements including smart contract external accounts, higher staking limits, and data blobs per block.

Since the upgrade, Ethereum’s native token ETH has surged over 43%, signalling renewed market confidence.

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Apple opens NFC chip, PayPal taps into it

PayPal has launched its tap-to-pay feature for iPhone users in Germany, allowing contactless payments at terminals that support Mastercard.

The rollout follows pressure from the European Union under the Digital Markets Act, which forced Apple to open up its NFC chip to third-party apps.

Currently, the feature is exclusive to iPhones and does not support Apple Watch. It mirrors earlier moves by other apps like Norway’s Vipps, which began using Apple’s newly accessible NFC hardware late last year.

Apple has also started expanding NFC access globally, enabling developers to integrate in-app payments and allowing businesses to accept contactless payments via iPhones using third-party apps like Venmo and PayPal Zettle.

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Android adds new scam protection for phone calls

Google is introducing new protections on Android devices to combat phone call scams, particularly those involving screen-sharing and app installations. Users will see warning messages if they attempt to change settings during a call and Android will also block the deactivation of Play Protect features.

The system will now block users from sideloading apps or granting accessibility permissions while on a call with unknown contacts.

The new tools are available on devices running Android 16 and select protections are also rolling out to older versions, starting with Android 11

A separate pilot in the UK will alert users trying to open banking apps during a screen-sharing call, prompting them to end the call or wait before proceeding.

These features expand Android’s broader efforts to prevent fraud, which already include AI-based scam detection for phone calls and messages.

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Audible and Spotify embrace AI to scale audiobook production

Audible, Amazon’s audiobook service, announced this week that it is partnering with publishers to convert print and e-books into AI-narrated audiobooks. The move is part of Audible’s strategy to expand its catalogue quickly as competition heats up with platforms like Apple and Spotify.

Using Amazon’s AI technology, Audible now offers publishers access to more than 100 synthetic voices across English, French, Spanish, and Italian, including various accents and dialects. More language options are expected to roll out over time.

Audible also revealed plans to launch a beta version of AI-powered translation services later this year. The tool will support both text-to-text and speech-to-speech translations from English into Spanish, French, Italian, and German.

Publishers will be able to request professional linguists to review the AI translations for accuracy. Amazon began experimenting with synthetic narration in 2023, launching an invite-only virtual voice tool for self-published authors.

The tool enables authors to transform their e-books into audiobooks using AI-generated speech. Audible also allowed a group of voice actors to train AI models using their voices.

Currently, more than 50,000 titles on Audible are listed as being ‘Narrated By: Virtual Voice’, indicating strong adoption by authors who may lack the budget or resources for traditional audiobook production.

Still, the rise of AI narration has sparked debate within the publishing world. Critics argue that automated voices could compromise the emotional nuance and performance quality that listeners expect from professional narrators.

Audible’s chief rival, Spotify, is also investing in AI-powered audiobooks. In February, Spotify partnered with voice AI company ElevenLabs to accelerate audiobook production across its platform.

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Google tests AI mode on Search page

Google is experimenting with a redesigned version of its iconic Search homepage, swapping the familiar ‘I’m Feeling Lucky’ button for a new option called ‘AI Mode.’

The fresh feature, which began rolling out in limited tests earlier in May, is part of the company’s push to integrate more AI-driven capabilities into everyday search experiences.

According to a Google spokesperson, the change is currently being tested through the company’s experimental Labs platform, though there’s no guarantee it will become a permanent fixture.

The timing is notable, arriving just before Google I/O, the company’s annual developer conference where more AI-focused updates are expected.

Such changes to Google’s main Search page are rare, but the company may feel growing pressure to adapt. Just last week, an Apple executive revealed that Google searches on Safari had declined for the first time, linking the drop to the growing popularity of AI tools like ChatGPT.

By testing ‘AI Mode,’ Google appears to be responding to this shift, exploring ways to stay ahead in an increasingly AI-driven search landscape instead of sticking to its traditional layout.

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SEC insider backs tokenisation to reshape Wall Street

US Securities and Exchange Commission (SEC) Commissioner Hester Peirce recently discussed the potential of tokenising traditional financial assets. These include stocks and bonds, which were addressed during the Crypto Task Force’s roundtable on 12 May.

Peirce highlighted tokenisation as a natural evolution of financial infrastructure, bringing crypto assets onto blockchain networks. She argued that this shift would make financial assets more accessible and flexible, offering significant efficiency and participation benefits.

At the core of the transformation are smart contracts, which automate asset management tasks like dividend distribution and asset transfers. Peirce highlighted stablecoins and tokenised money market funds as examples of blockchain enhancing financial systems.

By decentralising assets, tokenisation allows for broader participation and enables their use in more advanced financial applications, including decentralised finance (DeFi).

Despite its promise, legal uncertainties around tokenisation remain a barrier to its widespread adoption. Peirce called for clearer regulatory guidelines, stressing the importance of treating tokenised assets and traditional securities similarly.

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Spotify adds voice interaction to AI DJ in 60+ markets

Spotify is giving its AI DJ a major upgrade, allowing users to make voice requests for music, mood changes, and genre shifts. Previously a passive listening experience, the AI DJ now offers interactive features for Premium subscribers in more than 60 markets.

Users can now ask the AI DJ to play songs by a specific artist, switch genres, or change the vibe of a playlist entirely. The feature supports English voice commands at launch, with more languages likely to follow.

To access it, type ‘DJ’ in the Spotify search bar, then hold the DJ button in the bottom-right corner to issue a voice request. For quick changes without speaking, users can simply tap the DJ button.

Spotify first introduced the AI DJ in February 2023 in the US and Canada, later expanding the feature globally in August. In late 2023, the company also added a Spanish-speaking AI DJ to its lineup.

The new voice interactions mark Spotify’s latest step in personalising the streaming experience through AI.

Alongside the AI DJ, Spotify also offers another AI tool that allows users to create playlists using text prompts—highlighting the company’s ongoing push to integrate generative AI into music discovery and curation.

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India increases scrutiny of crypto in border regions

India has ramped up surveillance of crypto transactions in Jammu and Kashmir and other border regions, following security concerns. The Financial Intelligence Unit (FIU-IND) advised crypto platforms to monitor transactions linked to ‘private wallets,’ enabling peer-to-peer transfers without oversight.

The government’s move aims to curb illicit finance and cross-border terror funding, which could be obscured by these transactions. The border region has been a flashpoint, with crypto seen as a tool for bypassing financial routes and supporting terror networks.

Crypto platforms now face heightened scrutiny beyond routine reporting, with specific attention on transactions from border areas. Privacy coins like Monero and Zcash could complicate enforcement, but experts believe the right frameworks can balance privacy and security.

India’s action aligns with global efforts to tackle crypto-financed terrorism. Law enforcement agencies worldwide are increasing scrutiny of digital assets linked to terror groups.

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Amazon to invest in Saudi AI Zone

Amazon has announced a new partnership with Humain, an AI company launched by Saudi Arabia’s Crown Prince Mohammed bin Salman, to invest over $5 billion in creating an ‘AI Zone’ in the kingdom.

The project will feature Amazon Web Services (AWS) infrastructure, including servers, networks, and training programmes, while Humain will develop AI tools using AWS and support Saudi startups with access to resources.

A move like this adds Amazon to a growing list of tech firms—such as Nvidia and AMD—that are working with Humain, which is backed by Saudi Arabia’s Public Investment Fund. American companies like Google and Salesforce have also recently turned to the PIF for funding and AI collaborations.

Under a new initiative supported by former US President Donald Trump, US tech firms can now pursue deals with Saudi-based partners more freely.

Instead of relying on foreign data centres, Saudi Arabia has required AI providers to store data locally, prompting companies like Google, Oracle, and now Amazon to expand operations within the region.

Amazon has already committed $5.3 billion to build an AWS region in Saudi Arabia by 2026, and says the AI Zone partnership is a separate, additional investment.

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Thailand embraces digital tokens for public investment

Thailand’s Finance Ministry is preparing to launch 5 billion baht ($150 million) in digital investment tokens known as the G-Token within the next two months. The initiative is designed to raise public funds through a new blockchain-based model.

Unlike traditional bonds, the G-Token will not be classified as a debt instrument. Instead, it will form part of the country’s budget borrowing plan and allow direct public participation.

Retail investors will be able to invest small amounts, with potential returns expected to exceed standard bank deposit rates.

The G-Token is expected to comply with all Bank of Thailand regulations and may enhance activity in the secondary bond market by improving liquidity and accessibility. The initial rollout will serve as a trial, with future issuances depending on investor interest.

Thailand’s cabinet has already approved the plan, which supports broader digital asset strategies under the ruling Pheu Thai Party. With the central bank recently lowering interest rates to 1.75%, the government is offering more attractive investment alternatives.

The country is following a growing trend in Asia towards blockchain finance, influenced in part by shifting global policies.

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