This week at Re/Code's Code Conference, Microsoft announced a real-time, multilingual translation beta called Skype Translate. The service can mediate between two video chatterers who speak different languages by providing text and audio translation after each person finishes speaking.
Currently the service works for English and German, but Microsoft says it will support other languages soon. The beta will be released later this year.
Realistically, Skype Translate won't be ready to take over for interpreters at the UN anytime soon. But the fact that it's coming from a large company like Microsoft and being tested on a really mainstream product like Skype shows that we're actually making progress toward a Star Trek-like universal translator - and that's amazing.
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There's been tons of research into things like automatic speech-to-text transcription, textual translation (like Google Translate and Bing Translator), and digital speech recognition.