Blockchain and AI - The Dream Team for The Future of Technology
Two innovations that work better together
CryptoJeter is your passage to discovering insights within transformative startups and essential topics in the crypto industry.
Blockchain technology will disrupt life’s normalities like finance, social media, and art. If you are curious about how crypto will impact your world, be sure to subscribe.
Feel free to reach out:
Twitter: @cryptojeter Email: Jeter@cryptojeter.com
Topics Covered
Blockchain and AI’s relationship
The Use Cases for Blockchain and AI
Future Use Cases for Blockchain and AI
Products at the intersection of Blockchain and AI
Next Steps
Quick Notes✍️
AI and blockchain are complementary not competitors.
Technologies combining Blockchain and AI will impact crypto markets, identity security, and payments.
But much of these use cases have to be built for the future.
In the meantime, ChatGPT and Worldcoin focusing on AI-driven applications and identity exist.
Developers can already rely on the former to build better applications.
Applications are already being built at the intersection of blockchain and AI.
But the initial use cases tend to be used for predictive analytics to make better trades.
Thus, the combination of technology is nascent but evolving rapidly.
Ultimately Traders, developers, and data providers are encouraged to explore and harness the potential of AI and blockchain technologies.
Those who do will benefit from being early at the intersection of these two technologies.
Full Analysis📝
AI and Blockchain Are Better Together than Alone
Artificial Intelligence (AI) and blockchain are not competitors.
The two technologies are not the equivalent of Steph vs LeBron
But, they are instead complementary technologies to the likes of Shaq and Kobe.
AI is like Shaq.
The discipline has been researched since the 1950s, but is evolving into a dominant technology.
Blockchain technology on the other hand was invented with the creation of Bitcoin in 2009.
It is like a young Kobe.
The technology has flashed why it will be a dominant player but is just very young in its development.
Individually, both technologies are making an impact in a variety of fields.
Thus, these two technologies can be combined to solve a multitude of problems.
In this article, security, data, investment, and payments will be discussed.
AI and Blockchain Use Cases have value in Crypto Markets and Identity Security
The crypto market is extremely volatile and commercial use of AI technologies is newer.
The past couple of years have seen AI come into the mainstream.
ChatGPT is a new technology that has garnered massive adoption.
As a matter of fact, ChatGPT is the fastest-ever-growing consumer app.
The AI application generated over 100 million users in a mere 2 months.
But, OpenAI, the developers behind ChatGPT, spurred competition from enterprises like Google.
Even Elon Musk has been working on an AI project called Grok; How does he run so many companies?
Thus, attention on crypto subsided from investors and other technology enthusiasts.
However, OpenAI’s founder, Sam Altman, created another company called Worldcoin.
Worldcoin is focused on revolutionizing digital identities while creating a global financial network.
By founding Worldcoin, Sam recognized the value of both blockchain and AI.
However, Worldcoin was started because of the threats that AI poses to identity.
But instead of slowing down AI development, Worldcoin looks to create proof of personhood.
Thus, it seems like the intention is to incorporate blockchain technology into an AI driven world.
Currently, the intersection between blockchain and AI is very nascent.
But we are seeing applications for AI to be useful in the ecosystem.
Thus, the initial applications of AI will be the foundation for the use cases in crypto.
One of the first use cases for AI in crypto is trading.
The volatility of the crypto market has influenced more data-driven investment approaches.
But it is extremely challenging for humans to get the same level of information manually.
Thus, traders are relying more and more on AI and predictive analytics to make the best trades.
For developers, AI enables them to build the next generation of applications more efficiently.
By leveraging language models, the increase in productivity will drive the quality of apps forward.
For DeFi applications, developers can rely on AI to execute fraud prevention rules.
By having AI execute this task, the application’s users are safer and security is tightened.
CryptoJeter Readers Say….
“CryptoJeter is a part of my newsletter rotation to separate signal from the noise.” - Erikan Obotetukudo, Crypto Investor at Audacity
Erikan is a professional focused on the future of technology.
She wants to keep in touch with a broad range of topics surrounding the industry because it helps her win.
Are you willing to miss out on game-changing insights about AI and Blockchain?
Click “Subscribe Now” to purchase the premium content.
AI and Blockchain Convergence Has Transformative Impacts on Payments, DeFi, and Data Marketplaces
The future of blockchain technologies coincides with the integration of artificial intelligence.
AI advancements will be built upon the foundational layers of blockchain technology, simultaneously utilizing the capabilities offered by this technology.
The AI innovations will still need to be influenced by humans,
But their capabilities will make certain tasks more efficient.
Thus, society will look different as AI begins to aid humanity on a regular basis.
One of these capabilities is payments.
In the future, there will be AI agents that can execute payments on behalf of users.
AI Agents will be able to shop for things autonomously.
Ian Lee, founder of Syndicate says,
“The ability for AI to pay for things, hold things of value, exchange value, or create things of value — on behalf of itself or others — is how AI gets true agency”.
AI’s ability to transact on behalf of users could lead to a greater use of cryptocurrency.
Yat Siu, founder of Animoca Brands believes:
“In the future, 70-80% of transactions will happen through autonomous AI agents and the decentralized nature of crypto makes it a perfect match.”
In the future, AI agents will choose to use cryptocurrency because of the ease of use.
TradFi systems are gated by bank accounts.
Thus, AI models would have a challenge interacting with TradFi systems.
Without this gatekeeper, AI agents will make payments using a funded crypto wallet.
Additionally, AI will be able to interact with the logic of smart contracts and DeFi protocols.
Outside of payments, the intersection between AI and crypto has data applications.
One exciting development is decentralized blockchain based marketplaces for AI resources.
These marketplaces enable users to source computing power and data.
Accessing these resources has proved to be difficult due to the lack of supply of computing power.
Additionally, blockchain AI marketplaces will provide benefits for data providers.
Instead of dealing with Web2 providers who control terms,
Blockchain marketplaces would allow data providers to drive their data-sharing agreements.
Moreover, the agreements will be programmed in a smart contract to automatically self-execute data-sharing agreements.
Thus, these types of marketplaces are more effective and are more equal.
Builders are Focused on Assembling Tools Using Blockchain and AI Concepts
As mentioned above, traders are adopting AI for predictive analytics.
One of the AI vendors for traders is yPredict.
The platform hopes to provide value to its users by providing future price estimates for a wide array of digital tokens.
yPredict’s product has generated a lot of buzz resulting in a 3.88 million dollar pressale.
Additionally, the AI platform launched a utility token, $YPRED that is ingrained in the business model.
Holders of $YPRED gain access to yPredict’s premium features.
These include such as trading signals, sentiment analysis, and pattern recognition.
Fetch AI is a vendor that focuses on creating the use of AI agents.
The project has a sharper focus on payments as it enables people to use AI Agents for these capabilities.
Fetch AI was founded by Humayun Sheikh, a multiple-time founder.
Additionally, the team raised over 40 million dollars primarily from DWF labs.
Empower Your Future by Harnessing AI and Blockchain
AI and blockchain technologies can be revolutionary and advance the future of technology.
In the near term, traders may want to experiment with using AI to identify new trading strategies.
AI can handle more data than individuals.
Thus, using predictive analytics and exploring platforms like yPredict to increase their returns.
Developers should explore using AIs to optimize their app development efficiency.
Once versions of their apps are completed, AI will be a partner in identifying security risks.
Those who are providing data should explore AI-driven leveraging tools that enable data ownership.
With ownership, the data providers have the leverage to set their terms, which can be valuable.
With regards to payments, AI agents will be pivotal in the future to make this space easy.
The creation of WorldCoin verifies this.
Developers may explore building agents to either add to existing apps or build new companies.
These agents will make the current payment system seem like a relic.