The Future Of AI for Fintech

In this episode of The Future Of, Cary Davis, President and CEO of the American Association of Port Authorities (AAPA), joins host Jeff Dance to discuss the future of port infrastructure, policy, and finance. They discuss the challenges of investing in future-proof infrastructure, the importance of decarbonizing port operations, and the role of technology in shaping the future of ports.They Cover:

• 06:10 - 12:29 - Representing over 120 ports across the Western Hemisphere, including 80 in the U.S., the American Association of Port Authorities (AAPA) is a key player in advocating for ports at various levels of the federal government. The organization has achieved several legislative victories recently, notably the Infrastructure Law and the Inflation Reduction Act, which have resulted in significant investment in port infrastructure. Also, the POWERS Program is designed to promote the use of renewable energy sources, such as offshore wind and solar power, in ports.
  
• 12:29 - 17:26 - The infrastructure of ports in the U.S. requires significant maintenance and modernization, which is being driven by funding from initiatives such as the Bipartisan Infrastructure Law and the Inflation Reduction Act. The focus is on rehabilitating aging traditional infrastructure, considering some ports are over a century old. It is also essential to adapt ports to accommodate larger, modern vessels for both cargo and tourism. Additionally, there has been an increase in green energy projects at the post, with an impressive $50 billion dedicated to various initiatives, including hydrogen, nuclear, and offshore wind energy. Moreover, a $3 billion grant program from the EPA for cleaner infrastructure and operations is set to roll out in early 2024.
  
• 22:41 - 27:51 - The Customs and Border Protection (CBP) Space Act aims to secure ports at the expense of customs and reallocate merchandise fees to ensure that CBP has sufficient resources for infrastructure and advanced IT systems, including AI, to identify high-risk cargoes. Also, with the rising cyber risks, ports are undergoing significant digital upgrades and IoT integration to enhance their security.
  
• 27:51 - 33:04 - The future of port management depends on finding the right balance between embracing innovation and ensuring security. To reach that balance, ports focus on implementing sustainable fuel options, adopting new IT solutions, and using “cobots” or collaborative robots to improve safety and efficiency.
  
• 33:04 - 37:19 - Digital platforms are crucial in transforming the logistics and supply chain industry. To enable efficient sharing of cargo data across different players in the supply chain, ports need to adopt interoperable systems similar to Uber Freight. Currently, there is a lack of unified standards and communication among ports. Therefore, the ultimate aim is to establish a reliable and interconnected digital infrastructure, potentially on a global scale, within the next twenty years.
  

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• Cary Davis: https://www.linkedin.com/in/cary-davis1
• American Association of Port Authorities: https://www.aapa-ports.org
• AAPA POWERS Program: https://aapapowers.com