Here’s how the crypto industry uses artificial intelligence

The use of artificial intelligence (AI) in crypto, although still in its infancy, has shown growth prospects. According to statistics, the blockchain AI market is estimated to grow from $220.5 million in 2020 to $973.6 million in 2027 with a CAGR of 23.6% during the period 2020-2027. Countless projects are trying to put AI at the forefront of their use cases.

Despite Tesla CEO Elon Musk and other prominent tech moguls writing an open letter asking governments to temporarily halt large-scale AI development, the crypto industry is ripe with AI projects. Here are some examples of crypto AI projects that have recently emerged in the community:

Blocktrace

Blocktrace is a service provider specializing in blockchain investigation and analysis supported by the use of AI technology. Its AI Chatbot is designed to simplify the process of tracking blockchain transactions. Based in Austin, startup Blocktrace aims to leverage artificial intelligence to speed up the blockchain analysis process and facilitate the identification of trends and anomalies.

The company developed an AI chatbot called Robby the Robot, named after the iconic character from the science-fiction film “Forbidden Planet,” to interact with data on the Bitcoin blockchain.

SingularityNET

SingularityNET is a decentralized AI marketplace that uses blockchain technology to provide a platform for AI developers to share and monetize their algorithms. It enables the creation of AI-powered decentralized applications (dApps) that can be used in various industries, including finance, healthcare and transportation.

Fetch.ai

Launched via initial exchange offering (IEO) on Binance, Fetch.ai is a decentralized platform that uses AI and machine learning algorithms to create autonomous economic agents (AEA). Through the use of Fetch.ai tokens, users can build and deploy their own digital twins on the network.

Developers, by paying with tokens, can access machine learning-based tools to train autonomous digital twins and deploy collective intelligence on the network. It helps users perform various tasks such as data analysis, prediction markets and supply chain management. It aims to create an efficient and autonomous digital economy.

Artificial fluid intelligence

Artificial Liquid Intelligence is a platform that operates in a decentralized manner and uses both AI and blockchain technology to establish a data marketplace. It gives data owners the ability to monetize their data while still retaining authority over privacy and security. The AI ​​protocol works using the ALI (Artificial Liquid Intelligence) tool.

iExec RLC

iExec RLC is a decentralized cloud computing platform that uses AI and blockchain technology to provide a secure platform for running dApps that require high computing power. It enables developers to monetize their computing resources and provides an alternative to traditional cloud computing services.

Related: Government should fear AI, not crypto: Galaxy Digital CEO

The mentioned projects show a number of crypto-based applications that use AI parameters, although they are still in their early stages. These applications range from decentralized marketplaces and data exchanges to self-governing financial agents and cloud computing platforms.

Blade: Everything is rising for the robot judge: AI and blockchain can transform the courtroom