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Blockchain Technology and AI: Ensures Transparency and Innovation in Cryptocurrencies

Blockchain Technology fuels AI refinement and transforms the future of cryptocurrencies. How Blockchain empowers AI while revolutionizing the world of cryptocurrencies.

Blockchain and artificial intelligence

AI can be somewhat covert about the data being used to train models, but Blockchain Technology can make it more transparent and decentralised. Serious concerns about the future of Cryptocurrencies have been raised by recent lawsuits brought by the US Securities and Exchange Commission against Coinbase Global Inc. and Binance Holdings Ltd.

Digital media have lost their status as the newest technology trend as a result of increasing regulatory pressure and other industry challenges. OpenAI’s chatbot (released in November), opened the door for useful applications of Artificial Intelligence. Since then, ai has drawn the interest of investors and entrepreneurs – the same people that sparked the Blockchain Technology and Cryptocurrency craze.

“You could very well witness a scenario where Artificial Intelligence is sort of an impetus to rush back to blockchain,” said Adam Strike, founder and managing partner of investment fund Strike Crypto. It has been delving deeper into ai since the ChatGPT bot release.

According to Alex Felix, managing partner and chief investment officer of Cryptocurrency venture capital firm coinfund, Blockchain Technology can increase transparency and decentralisation in Artificial Intelligence (AI). It can be quite opaque when it comes to what data is being used to train models.

Coinfund recently supported Tools for Humanity. According to Felix, a real use case for cryptocurrency in artificial intelligence is the crypto business cofounded by Sam Altman of openAI and which received $115 million.

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A small orb that scans people’s eyes creates a unique id for that person based on blockchain, providing them with a digital “proof of personhood,” which when used in conjunction with worldcoin can also be used to facilitate secure payments. tools for Humanity, the company that developed worldcoin, also created the orb.

“Where’s the world heading with AI? was the starting point for us. and crypto was the answer,” said Tiago Sada, the head of product at Tools for Humanity.

Blockchain Technology And AI: Ensures Transparency And Innovation In Cryptocurrencies
Image Credit: Kaspersky

According to some proponents of Cryptocurrencies, Blockchain Technology can strengthen crypto by enhancing how digital asset platforms sort data, preserve information, and interact with users. This is similar to how Blockchain can make AI more transparent.

Blockchain Technology has allowed hackers to steal millions of dollars. According to Strike, ai bots can stop the vast majority of cyberattacks that plague decentralised finance. By using these bots to simulate attacks, “you could essentially do very, very large amounts of what’s called pen testing or penetration testing,” he said, adding that this testing might discover holes in the smart contract code that thieves can exploit to steal money.

On messaging apps like Telegram, discord, signal, WeChat, and WhatsApp, bots may also be used to moderate content to filter out spam and scams, struck said. Although this type of advantage isn’t unique to Cryptocurrencies, it is significant for a sector where many scams start on social media.

However, due to the possible risks, other Cryptocurrency companies have been reluctant to fully join the ai bandwagon. a derivatives market Bitget decided against integrating ChatGPT due to worries that users would receive inaccurate information in response to their inquiries.

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Tools for Humanity has come under fire for its eye-scanning technology and raised concerns about how securely it protects the private biometric information it gathers.

Written By

Sharmistha is an accomplished content writer, specializing in SEO Content Writing, blogs, and articles. Previously, she worked with India's largest edtech giant and now she is developing her skills in digital marketing across various aspects. With a Master's Degree in Environmental Sciences, she brings a unique perspective to her writing, blending her passion for engaging and informative content creation that captivates audiences. Sharmistha's compelling narrative and profound knowledge make her a versatile writer who easily communicates with readers' diverse minds.

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  1. Pratyusha Bhowmick

    July 6, 2023 at 3:17 pm

    😮😮😮😮

  2. Jafreen Begum

    July 7, 2023 at 6:06 pm

    Informative piece 👍

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