TranslateMe Is Set To Disrupt $45 Billion Translation Industry With Blockchain And AI
Blockchains technology appears to be applicable in all sectors of human life and economic enterprises. From banking, supply chain, gaming, Agriculture to education, there is a use case for the technology.
The translation industry is estimated to hit $45 billion in 2020. Its role in the globalised economy can never be overemphasised.
A Mauritius based company has developed a Blockchain-based, hybrid AI algorithm of man and machine that can translate any website, device or application connected to the internet.
TranslateMe incorporates comprehensive privacy options and no restriction of usage. QBITtimes spoke to Ryan Lloyd, who is the founder of the project.
Lloyd claims the vital features of the platform focus on reducing costs, ensuring 100% privacy and allowing any platform to utilise the network for machine translation. He explained:
“Using AI and Blockchain technology, we are building a network that learns from human corrections submitted to the algorithm as it generates machine translation. The utility token TMN will be used as fuel for actual translation served by the network to a business, website, application or any other online platform. The instant translation is achieved by our unique algorithm that uses deep learning to deliver quality translation instantly. Blockchain is used to ensure value is passed from the consumer and back to the contributors and supporters of the network.”
Dichotomy Between Other Portals
With machine learning, instant translation is achieved already by companies like Google and Microsoft, including various other smaller dozen companies that have recently ventured into this space. But, Lloyd maintains his company brings something distinctive from the rest.
“We bring a unique approach by removing the capital required to grow and pass this on to supporters of our network in exchange for payment in the form of TMN tokens,” he said. “Hardware connected to our network will serve as a distributed machine that handles tasks related to machine translation, which reduces costs to the end user by 90%.”
He added that TranslateMe additionally offers complete privacy of data that are translated. The project is also the first to pay people for the corrections of machine translation.
Besides, the hybrid of man and machine will ensure the algorithm is continuously improving output and improve the quality of translation. The goal, he asserts, is to launch ten languages by 2020 with a competitive high-quality translation with absolute privacy.
Taking Jobs Of Translators
When innovative applications like this nature come on the market, detractors of technology always believe it will take jobs from humans, in this case, professional translators. However, Lloyd differs entirely.
“Our service will never replace human translation completely, but for instant translation online it is impossible to use a human translator for these tasks, this is our target market and won’t affect human translators’ current area of service.
He explained that the platform is using a unique algorithm called Proof of Translation that will pay network supporters proportionally for serving translation and other hardware tasks. Lloyd remarked:
“There is a staking model that will be updated in our technical update of the white paper that pays staked holders of TMN a portion of transaction value served on the network, and these staking nodes will serve some validation tasks. Human corrections submitted will also get rewarded. TMN is strictly a utility token paying for work completed and serves as fuel for helping translation for online platforms.”
Medium Term Roadmap
The founder hinted that TranslateMe is going to offer the industry more innovated services in the coming years. “Our platform will provide the industry with a robust service for Machine translation and be a secure alternative to the existing services on offer,” he noted
That comprises supporting more languages and in some cases, superior quality. Lloyd concluded:
“In our sector, a decentralised business model has rapid growth potential; as mentioned, our network offers cost reduction and complete privacy. With our hybrid AI approach to learning, our quality score will continue to grow.”