Can New Interest in AI Help Boost Blockchain Technology? By DailyCoin

The annual World Economic Forum in Davos, Switzerland, brings together some of the most influential people in business and technology. This year, the focus is on the potential of artificial intelligence (AI).

ChatGPT’s impressive performance and the crash in the crypto market have taken the spotlight away from blockchain technology at the event.

However, experts from the World Economic Forum and major institutions believe that AI and blockchain can synergize well. If true, the sudden surge in interest in AI could help boost interest in blockchain as well.

WEF23 is all about AI

The 23rd edition of the WEF focuses heavily on AI and its potential applications. This is no surprise, since Open.AI recently released its ChatGPT language model. The model, which produces dialogue that is often indistinguishable from human responses, has been available to the public since November 2022.

Also, ChatGPT has a large volume of information and can provide reasonable answers to questions on a wide range of topics.

OpenAI’s impressive tool ChatGPT has captured the imagination of CEOs, venture capitalists and other experts in attendance. They are convinced that AI has the potential to be a game-changer in technology.

The development of artificial intelligence can help companies reduce costs, provide better service and improve the customer experience. Moreover, AI-driven automation can help increase productivity in sectors, especially white-collar work.

At the same time, there is a noticeable decrease in the visibility of crypto companies at the event. The crypto market crash has affected companies’ marketing efforts in the space, and blockchain initiatives have taken a back seat.

However, the sudden surge in interest in AI could also boost blockchain. In particular, the World Economic Forum sees both artificial intelligence and blockchain as technologies that can shape the future.

WEF experts highlight synergies between Blockchain and AI

Several WEF experts believe that these two technologies are complementary and can boost each other. Combining AI with blockchain technology can lead to important synergies and create a powerful combination in technology.

For example, one expert highlighted the potential of blockchain technology and artificial intelligence in marine conservation.

“Technologies such as blockchain – the distributed ledger technology that underpins the bitcoin currency – can help enforce the new treaty by tracking fishing on the high seas and identifying illegal behaviour,” said Dominic Waughray, head of the WEF Center for Global Public Goods.
At the same time, AI can help reduce the costs of monitoring the oceans for illegal activity.

Blockchain technology can also help tackle some of the problems that come with the exponential development of AI. One of these is deepfakes, or videos showing real people that are completely artificially generated.

As deepfakes improve, it will become even more difficult to distinguish between them and real videos. This is already causing real problems. For example, fraudsters use deep spoofs of Elon Musk to promote fake handouts.

Blockchain can provide the transparency needed to identify deep fakes, and help ensure that AI-generated media is not misused.

AI Applications in Crypto Trading, Decentralized AI

AI has already impacted the crypto space and found some practical applications. For example, some traders use ChatGPT to write AI trading bots to make more accurate predictions of the crypto markets.

AI tools can also scan the market for potential risks and opportunities. This can help investors to act on important market shifts and make more profitable trades. On the other hand, hackers have already used ChatGPT to create malware.

Others are exploring the potential of building decentralized AI networks using blockchain technology. So far, AI systems have been in the hands of Big Tech firms. Microsoft (NASDAQ:) plans to invest $10 billion in OpenAI.

Decentralized AI networks can be used to prevent large tech companies from having too much power over AI. By using blockchain technology to distribute control, these projects can create more trust in AI.

On the other side

• Decentralized AI also comes with a unique set of risks. Without centralized control, it is more difficult to ensure that malicious actors cannot use this powerful technology.

Why you should care

AI and blockchain can help shape the technology of the future. We are likely to see more projects exploring the synergy between these two expanding technologies.

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