“AI” is the buzzword of the year, the latest obsession overtaking blockchain in almost every industry.
What many people don’t realize is that AI and blockchain are closely intertwined, and it all has to do with the quality of data needed to power the “new internet.”
In an effort to educate the second cohort about the role blockchain plays in AI and the data it provides, startup incubator AI Forge hosted the “Introducing AI and Blockchain” masterclass at ExCeL in London on February 13. was hosted.
“Those two technologies are clearly two huge technology powerhouses, blockchain and AI, and we really believe there should be a convergence of those two technologies,” AI Forge founder and CEO Craig Massey told CoinGeek.
“First of all, there is a lot of fake news and various negative things related to artificial intelligence, and I think blockchain solves all of these problems. But more importantly, investors want to hear that,” he said.
“So in terms of valuation, in terms of strengthening these companies, if we can get some of these companies to wake up to the idea of using blockchain as part of their solution, that will be a better story for them as they approach investors,” Massey said. added. .
The masterclass was led by two expert presenters, Nav Kumar from Astroware AI and Richard Boase from BSV Mint, who explained the basics of blockchain to startups and cited use cases on how blockchain and AI are used together. I did.
“What we’ve seen in terms of use cases where people can own their own data is that blockchain can enhance AI in a variety of ways,” Kumar said.
“But in this case, what you are doing is processing the data according to the service. “We can actually share data for AI, so we can process it in a way that protects your privacy and give you recommendations that you want to consider, so you can control what those recommendations are,” he explained.
Boase is very passionate about NFTs and pointed out that anything can become an NFT. Maps, cars on maps, work products, and even output from AI can become NFTs.
“The beauty of this is that it’s a Bitcoin-centric web, or an internet built on Bitcoin. “Everything you produce can be tokenized, owned, transferred and traded, so that’s what an NFT will be,” he said.
“So far we’ve expanded to executables and tokens, so the possibilities are endless. And that gets very exciting,” he added.
A total of 33 startups participated in the masterclass both in person and virtually, with plenty of Q&A taking place throughout the session. The startup’s active participation and positive feedback showed that the content was very popular and provided something new to give the project a powerful boost.
“It was amazing to have a masterclass with Nav and Richard today to gain great insights into blockchain and AI,” said Sreenath Rangapuram, founder of Ride Commerce, a climate ESG mobility startup.
“I think from that masterclass we gained insight into how blockchain can be implemented in Ride Commerce using datasets of road behavior as well as trucks and vans,” he said.
Katrien Grobler, founder of AI Kat, an advertising agency that helps small and medium-sized businesses access branding and content through AI, believes blockchain will keep AI honest.
“We believe AI will shape the future of search in marketing. But blockchain will enhance search capabilities and allow us to track where information comes from. So that was the biggest takeaway and lesson of the day for me,” she told CoinGeek.
“I think the privacy that blockchain provides to customers and their own data is something that customers don’t always understand. But in reality, security is everything. And I think it’s really important to change the narrative from fear to this actually being a safe place,” Grobler added.
Looking at things from a financial industry perspective, Joseph-Francisco Zubizarreta, founder of Atera Analytics, focuses on increasing the level of security for payments, transactions and savings through his startup. His main takeaway from the masterclass was how to integrate blockchain, specifically the BSV blockchain, with incredibly low transaction fees to lower costs.
He said, “To be a successful startup, we wanted to not only make minor improvements compared to regular new businesses, but also lower transaction costs, and we had to justify a 10-fold level of improvement.”
“At the same time, we leverage blockchain to have a faster platform to perform all processing much more efficiently and reduce all levels of risk for both consumers and financial participants,” Zubizarreta added.
Watch: AI takes center stage at London Chatbot Summit
Are you new to blockchain? To learn more about blockchain technology, check out CoinGeek’s Blockchain for Beginners section, our ultimate resource guide.