Recent technological developments have sparked the rise of fresh and creative solutions across a range of industries, and a powerful synergy was created when the two most promising technologies of our time, blockchain (crypto) and artificial intelligence (AI), were joined. These two technologies have the ability to change how we live and work completely.
Following the release of the generative AI chatbot ChatGPT late last year, artificial intelligence completely entered the public awareness, igniting both widespread excitement and concern.
The goal of AI is to build intelligent machines that can carry out tasks that normally call for human intelligence. On the other hand, blockchain is a decentralized ledger system that enables safe and open transactions. The integration of AI and blockchain technology will show that this is a game-changer for many industries. A lot of businesses have already utilized this blend while others are still trying to catch up.
It’s alluring to believe that the endeavor to make Web3 and the metaverse the next big things has been superseded by the AI hype cycle. But that disregards one crucial fact – any crypto projects were also concurrently AI projects. The AI component was always present but was obscured by the cryptocurrency bubble.
As a result, what initially appears to be a strategic pivot from crypto to AI is actually merely a change in focus. This implies that the present fascination with all things AI may allow for the mainstream adoption of all the concepts that the majority of the public rejected when they were associated with crypto initiatives.
In a variety of sectors, company owners can develop creative solutions by combining blockchain and technology and artificial intelligence. Here are some examples of these technologies’ applications and some businesses that have used them:
Artificial intelligence is being included by cryptocurrency analytics company Elliptic in its suite of tools in order for the company to monitor blockchain transactions and manage risk identification.
The company said that, with the help of AI tools, it would be able to arrange data more quickly and in larger quantities using OpenAI’s ChatGPT chatbot. It does not make use of ChatGPT plug-ins, though, and has some usage restrictions in place.
We’re very pleased to announce the integration of ChatGPT into our off-chain intelligence and research gathering efforts.
Read the full press release herehttps://t.co/YV5BYPCjW2 #knowexactly #ChatGPT #blockchain
— Elliptic (@elliptic) June 2, 2023
Launched in 2013, Elliptic works on providing institutions and law enforcement with blockchain analytics research for tracking cybercriminals and regulatory compliance related to cryptocurrency.
In May this year, Elliptic reported several Chinese businesses selling the chemicals to make fentanyl-accepted cryptocurrencies, including Bitcoin. U.S. Senator Elizabeth Warren used this report to reiterate the urge for stricter regulations on cryptocurrencies.
Elliptic uses ChatGPT to complement its human-based data collection and organization processes to augment its team’s efforts, which it says allows it to double down on accuracy and scalability. At the same time, the large language models (LLM) organize the complete data.
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. An Austin-based company seeks to make it possible for users and investigators to use the OpenAI technology to swiftly locate Bitcoin addresses and recognize transactions that took place on the network.
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.
ChatGPT + Bitcoin, please meet Robby the Robot. 🤖
As a language model equipped with advanced natural language processing technology, Robby can effectively interpret complex user questions and provide insightful answers. pic.twitter.com/W2OHChBoIc
— BLOCKTRACE (@blocktrace) March 28, 2023
The company’s database contains a duplicate of the Bitcoin blockchain data, which is itself a noteworthy technical achievement. Their application, which has an AI layer added, enables users to converse in natural language with a virtual assistant.
A sort of artificial intelligence known as a natural language model is created in order to comprehend and process human language in a manner similar to that of a human.
Users are enabled to swiftly request specific information, such as transactions between dates and sums. Using a blockchain explorer manually could take one to two hours; therefore this saves time over that.
Singapore-based Alethea.ai uses NFTs and AI to animate them, It basically “wraps” avatars with AI and, in that way, makes them animated and endows them with communication abilities. These “intelligent NFTs,” or “iNFTs,” as Alethea calls it, resemble chatbots and can be bought, traded, or owned. To give the NFTs intelligence, the company first employed OpenAI’s GPT-3 natural language model; but, it has since switched to using its own AI model because it sees this as a significant possibility for profit.
According to the company , by putting creation-related data on the blockchain, users would be able to check and determine if a film or image was produced by humans or artificial intelligence. The company hopes to tokenize one’s voice and face one day as an NFT and in that way, help to prove the authenticity.
The AI Protocol features in-built mechanisms that allow the ALI Utility Token to function as a tool against malicious actors and ensure that the AI Protocol stays true to the values enshrined in its community-approved constitution.
MeetKai believes that maximizing accessibility and incorporating artificial intelligence (AI) is essential for the metaverse. The startup has begun to map the entire planet Earth inside its virtual environment with the goal of extending physical reality into the metaverse. With the ability to comprehend and retain genuine speech and negation queries, MeetKai claims to have the greatest AI on the market. This characteristic enables its open and inclusive metaverse.
In July last year, the company introduced the first browser-based metaverse that was not about building a brand-new reality; but rather about improving the virtual with useful real-world features.
Without question, the metaverse is positioned to be abig thing. According to McKinsey , the metaverse industry will reach over $800 billion by 2024 and $5 trillion by 2030, respectively. Unfortunately, many real-life experiences that people would like to have today are either too expensive or just unfeasible for a variety of reasons, including physical inaccessibility. MeetKai claims that it is working to close this gap by creating its metaverse.
Apps’ form factors have limitations. Their deployment objectives always result in silos with poor compatibility. 16 languages are currently supported by MeetKai’s AI, which is ready for use in the vast and simple MeetKai metaverse.
NEXO is a fintech company that uses AI algorithms to improve the efficiency and security of financial transactions and offers blockchain-based solutions for the financial services sector.
The platform uses artificial intelligence to provide businesses and people with rapid, loans. NEXO, NEXO’s native token, offers a high yield on token holdings and is utilized for platform transactions. With a market cap of more than $1 billion, NEXO is one of the biggest and most well-known AI-focused cryptocurrencies currently available.
In April, Cuy Sheffield, Vice President and Head of Crypto of Visa tweeted the company is in search of senior software engineers to help drive mainstream adoption of public blockchain networks and stablecoin payments. He also added the company was particularly interested in candidates with experience using Github Copilot and other AI-assisted engineering tools “to write and debug smart contracts”.
GitHub Copilot is an AI-powered programming tool that can make code suggestions in a user’s code editor in response to questions in natural language.
According to the ad, the engineer will also work with public blockchains, and help promote the adoption of stablecoins and public blockchains. Visa was, in fact, already working on such efforts as of January, when it revealed its ambitions for a new stablecoin and CBDC .
The group behind Project Worldcoin, Tools for Humanity, spearheaded by ChatGPT and OpenAI founder Sam Altman, has recently received $115 million in Series C financing sponsored by Blockchain Capital.
The crypto-based initiative has drawn fire for privacy hazards recently and has been divisive from the start.
Despite public skepticism, investors are overly eager to support Altman’s idea, which predates ChatGPT. Some of the biggest fintech VCs have already joined.
With the rise in interest in artificial intelligence, Altman and OpenAI, the company that created ChatGPT, have already received attention. In his testimony before a U.S. Senate panel a few weeks ago, Altman urged for the regulation of the technology.
The Worldcoin initiative has raised public fears that it may be stealing identities, and although the software is illegal in some countries, there is supposedly already a black market in China. According to a tweet , scammers were buying iris scans on the black market to use as identification when registering on the platform.
Blockchain and AI fusion is about to bring a new era of development and expansion to the cryptocurrency industry.
We can anticipate many more developments in the fields of decentralized finance, trading, data sharing, and prediction markets as more developers and investors begin to leverage the potential of AI.
The crypto community can expect a future marked by improved efficiency, security, and accessibility by adopting this new paradigm, opening the door for widespread adoption and a genuinely global digital economy.