Are Artificial Intelligence and Blockchain changing the future?3 min read
The investor market is apparently interested in AI cryptocurrencies. In the course of the AI gold fever, larger AI cryptocurrencies such as The Graph or SingularityNET reached new highs at the beginning of the year. Newer tokens like the render token popped up in the top 100 overnight. What comes quickly goes quickly? At least the AI technology seems to stay: 53 percent of the investors surveyed one JP Morgan poll find that artificial intelligence and machine learning will have the greatest impact on commerce in the next 3 years. What do investors see behind this new AI trend? And what role do cryptocurrencies and blockchain technology play in artificial intelligence?
Application outside of the blockchain industry
While blockchain, as a decentralized database, can record large amounts of data transparently and in real time, artificial intelligence can analyze large amounts of data and prepare them for humans. AI recognizes patterns and behaviors where a human cannot find anything straight away. Numerous industries could benefit from this ability in the future. For example, AI and blockchain could be used in the finance and insurance industries to detect fraud and assess credit risk. The dual technology could possibly prevent future real estate bubbles or financial crises.
Life science researchers could also use AI to analyze gene banks and health data, while blockchain technology transparently updates the data. Connections between gene sequences that produce new active substances in the fight against chronic diseases could possibly be uncovered. AI-supported route optimization and increasing automation along the supply chain for medicines, luxury goods or food would also be conceivable. For example, an AI could use the real-time data recorded by blockchain to analyze where delays occur along the participants and whether a product is in stock at retail.
Artificial intelligence in crypto space
Artificial intelligence is also gaining momentum within the blockchain industry: The Graph with the GRT token, for example, were developed to optimize smart contract functions for DeFi and Web3 projects. The indexing protocol uses advanced mechanisms to make it easier for dApps to query on-chain data. This on-chain data comes from Ethereum or the IPFS ecosystem, which also includes Filecoin. Other AI crypto projects want to decentralize AI services and data for AI trainers via an open marketplace. The NFT area is also increasingly being targeted: the first projects are dedicated to the creation and authentication of NFTs using artificial intelligence. Concrete application examples are described in more detail in the video.
Conclusion: What do people think about AI and what does AI think about people?
For humans, artificial intelligence is currently understood as a technology that is intended to complement our skills, but not replace them. But the fear that this relationship could tip over resonates. Elon Musk for example, recently in an open letter called for AI research to be paused. Rationale: Too much uncontrolled power for a few AI tech companies. But the power struggle over AI ownership has long since begun. What is neglected is the question of whether the AI will not rather own the human being than the other way around.
It remains to be seen whether AI cryptocurrencies will also benefit in the long term. What is certain is that many of these tokens can only survive the trend if they create long-term added value. If this succeeds, man has probably created the perfect match.