Artificial Intelligence in the Crypto Industry — How Much Power Yet?
“The key to artificial intelligence has always been the representation.” — Jeff Hawkins
The real implications and use cases of artificial intelligence (AI) are yet far less than they are thrown around in the fintech world. When we talk about AI, people generally tend to associate it with almighty “cyberpersonalities” who know literally everything and have outstanding power, or with an utopian world where machines rule humanity. Well, suffice to say, that’s a bit of an exaggeration of the technology.
Basically, AI is a methodology through which machines can be trained to mimic and execute specific tasks that have the best chance of achieving a specific goal. This is considering that the AI has access to enough historical data to learn from.
For example, we’ve been watching the growth of AI in self-driving cars. In this case, the machine is trained to acknowledge all the external data through a range of sensors and cameras and process it in a way to avoid a collision. Thereby, it measures the consequences of any action it takes, as each action will impact the end result — to avoid a collision.
Now that we’ve settled on the fact that AI is not going to become a machine overlord for humans (at least in the foreseeable future), let’s get into the relevance of AI in cryptocurrency. Similar to AI, the blockchain technology and cryptocurrency is poised to revolutionize finance as well as tech space. Currently, there are more than 90 cryptocurrency projects that are connected to the AI industry and holds a market capitalization of over $740 million in total. With so much money flowing into this ecosystem, let’s take a look at the actual use cases of artificial intelligence in blockchain technology.