While being in its infancy, the use of artificial intelligence (AI) in cryptocurrency is showing signs of development. The blockchain AI industry is anticipated to increase from $220.5 million in 2020 to $973.6 million in 2027 at a compound yearly growth rate of 23.6%, as stated in a report from Fortune Business Insights.
The crypto business is rife with AI initiatives, despite Tesla CEO Elon Musk and other well-known tech titans writing an open letter urging AI companies to temporarily halt large-scale AI work.
These Are A Few Instances Of Current Crypto-AI Initiatives In The Community:
Blocktrace
Blocktrace is a company that offers services for blockchain forensics and analysis supported by AI. Its AI chatbot is made to make tracking blockchain transactions easier. Blocktrace, an Austin-based company, wants to use artificial intelligence to speed up the blockchain analysis process and make it easier to spot trends and abnormalities.
In order to communicate with data on the Bitcoin blockchain, the company created an AI chatbot dubbed Robby the Robot, named after the famous character from the science-fiction movie Forbidden Planet.
SingularityNET
Blockchain technology is used by SingularityNET, a decentralized AI market place, to give AI developers a venue to share and make money from their algorithms. It makes it possible to create decentralized applications (DApps) with AI capability that may be applied to a variety of sectors, including banking, healthcare, and transportation.
Fetch.ai
Fetch.ai is a decentralized platform that uses AI and machine learning algorithms to create autonomous economic agents. It was introduced via an initial exchange offering (IEO) on Binance. Users can create and deploy their own digital twins on the network using Fetch.ai (FET) tokens.
Developers can use machine learning-based tools to install collective intelligence on the network and train autonomous digital twins by paying with tokens. It supports users in carrying out a variety of tasks, including supply chain management, prediction markets, and data analysis. It seeks to establish a productive and independent digital economy.
Artificial Liquid Intelligence
A decentralized network called Artificial Liquid Intelligence uses blockchain and AI to create a market for data. It enables data owners to profit from the sale of their data while still maintaining control over privacy and security. The Artificial Liquid Intelligence (ALI) utility token is used to run the AI protocol.
iExec
iExec, a decentralized cloud computing platform, combines blockchain and AI to offer a safe environment for running DApps that need a lot of processing power. It offers an alternative to conventional cloud computing services and allows developers to monetise their computing resources.
Implication
While being in their early stages, the aforementioned projects demonstrate a diversity of crypto-based applications that make use of AI features. Decentralized markets, data exchanges, autonomous economic agents, and cloud computing platforms are just a few examples of these uses.
Disclaimer: The author's personal view may be included in the information, which is subject to market conditions. Before making a cryptocurrency investment, do some market research. Your individual financial loss is not the responsibility of the author or the publisher.
