Challenges and Benefits
Like all new inventions, the new markets will likely have unintentional mishaps such as the Flash Crash of 2010. Moreover, as markets are inherently of money and about money, attempts to exploit and misuse such power are inevitable, and the need to counter such risks is well underway and will continue to evolve with the rest of the system.
The potential destruction of employment and the question of whether such job displacement will resolve itself remain substantial concerns.
However, the application of the discoveries made in finance being applied to other fields is also inevitable. For example, one group of successful traders left finance and are applying their technology to medical diagnostics product.
We Must Take Great Care.
The markets evolution from the primordial ooze of computers, networks and massive storage systems to a complex, intelligent and somewhat singular market entity will impact society well beyond finance. It will ripple to and through every aspect of our existence. That's because the health of our society and the markets are inextricably linked.
While it is easy to postulate that the hazards of intelligent markets can be dismissed because we have always solved the problems that progress poses in the past, we must remember that such a premise relies on the idea that the future will be similar to the past. If there is one thing for certain, it is that the past and the future of technology will differ.
Hence as we unleash this awesome power we must do so with continuous review and self assessment avoiding any emotionally biased or dogmatic views that are ironically non-existent in the machines we are creating.