A game changer: Incorporating AI into the cryptocurrency industry

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  • the blockchain AI industry is expected to grow at a compound annual growth rate of 23.6% from $220.5 million in 2020 to $973.6 million in 2027
  • Artificial Intelligence (AI) has seen rapid growth in its use in major sectors across the globe
  • The cryptocurrency market has ridden along with the growth rate of Artificial Intelligence

Though still in its early phases, Artificial Intelligence (AI) in the cryptocurrency industry is showing a lot of promise. According to Fortune Business Insights, the blockchain AI industry is expected to grow at a compound annual growth rate of 23.6% from $220.5 million in 2020 to $973.6 million in 2027. Countless initiatives are attempting to prioritize AI in their use cases.

Despite Tesla CEO Elon Musk and other notable tech executives writing an open letter urging AI companies to temporarily halt large-scale AI development, the crypto industry is ripe with AI projects. Here are some notable crypto AI projects that have emerged in the community:

Artificial Intelligence in Blocktrace

Blocktrace is a service company specializing in blockchain forensics and analysis, aided by AI technology. Its AI Chatbot is intended to make tracking blockchain activities easier. Blocktrace, based in Austin, seeks to use artificial intelligence to speed up the blockchain analysis process and make it easier to identify trends and anomalies.

To engage with data on the Bitcoin blockchain, the firm created Robby the Robot, named after the iconic character from the science-fiction film “Forbidden Planet.”

READ: How Africa can utilize Artificial Intelligence in Cryptocurrency

SingularityNET

SingularityNET is a decentralized artificial intelligence marketplace that uses blockchain technology to enable AI developers to exchange and monetize their algorithms. It enables the development of AI-powered decentralized applications (dApps) for use in a variety of sectors such as finance, healthcare, and transportation.

iExec RLC

iExec RLC is a decentralized cloud computing platform that employs Artificial Intelligence and blockchain technology. It provides a secure platform for operating high-performance dApps. Furthermore, it allows creators to monetize their computing resources while also offering an alternative to conventional cloud computing services.

Although in their early stages, the projects listed above demonstrate a variety of crypto-based applications that use AI parameters. Decentralized marketplaces and data exchanges, in addition to self-governing economic agents and cloud computing platforms, are examples of these uses.

Fetch.ai

Fetch.ai is a decentralized platform that uses Artificial Intelligence and machine learning algorithms to build autonomous economic agents. It launched as an initial exchange offering (IEO) on Binance. Users, however, can create and deploy their own digital twins on the network by using Fetch.ai tokens.

Developers can access machine-learning-based utilities to train autonomous digital twins and implement collective intelligence on the network by paying with tokens. Moreover, it assists users with a variety of duties such as data analysis, market prediction, and supply chain management. Its goal is to build an effective and self-sufficient digital economy.

Artificial Liquid Intelligence

Artificial Liquid Intelligence (ALI) is a decentralized network that uses both AI and blockchain technology to create a data market. Furthermore, it enables data owners to monetize their data while still having control over its privacy and security. The ALI utility coin powers the AI Protocol.

 

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Nathan Sialah
Nathan Sialah
Nathan Sialah is a seasoned journalist with a diverse background in digital journalism, radio broadcasting, and cryptocurrency trading. With over five years of experience in the field, Nathan has honed his skills in delivering accurate and engaging news content to a wide audience. In addition to his journalistic expertise, Nathan is a dedicated researcher in the Artificial Intelligence industry, keeping abreast of the latest advancements and trends. His multifaceted background allows him to bring a unique perspective to his reporting, covering a wide range of topics with depth and insight.