Blockchain unicorn Bitfury launches AI unit

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After dominating blockchain and cryptocurrency products, Bitfury has launched an artificial intelligence (AI) unit. The Amsterdam-based company revealed in a recent interview with Reuters that the AI unit will operate alongside its blockchain unit and will continue to be part of the company. The data mining and analysis will rely on blockchain technology to ensure it’s safe and authentic.

Data is becoming the most valuable asset in the new tech-powered world, the company’s CEO Valery Vavilov said. He further explained, “Data is becoming the next oil. We have collected so much data, but only 2% of all this data has been analyzed; 98% is sitting idle and waiting to be analyzed.”

The best way to make use of this data is by building intelligent systems that can collect and analyze it, powered by artificial intelligence and machine learning, Vavilov stated. In order to ensure that the data can be trusted, the AI unit will rely on blockchain technology.He added:

Just as blockchain technology enables us all to fix our most broken and distrusted systems, artificial intelligence will bring new and extraordinary benefits to nearly every facet of our lives. To help this incredible technology achieve maximum impact, Bitfury is expanding our mission to offer hardware and software solutions designed especially for AI applications.

This is the latest move by the company which has been on aggressive growth path. Bitfury became a crypto unicorn in November 2018 following an $80 million investment round that valued the company at $1 billion. Bloomberg sources also revealed that the company was considering an initial public offering (IPO) in London or Hong Kong which would value it at $3-5 billion.

While mostly known for its crypto mining hardware which has given Bitmain a run for its money, Bitfury has continued to diverse its product offerings in the recent past. In May 2019, it partnered with a Kazakhstani financial hub to introduce blockchain technology to several important sectors in the country.

Bitfury also partnered with Mphasis to create a digital token platform to automate financial services such as payments. Speaking at the time, a Bitfury executive stated, “Our goal is to accelerate the disruption and transformation in the trade finance space.”

In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.