European Blockchain firm, The Bitfury Group, which is estimated to be worth more than $1 billion has launched artificial intelligence (AI). This was a report from the company’s top in an interview with Reuters.
Bit fury’s AI division will work alongside the firms Blockchain services as a major part of the company. Moreover, Bitfury sits along other top dog Blockchain firms such as Coinbase, and Bitmain as the few Blockchain companies with a value of $1 billion. In particular, China-based Bitmain is the largest crypto mining firm in the world.
According to the CEO and co-founder of Bitfury, Valery Vavilov, the significant need of analyzing and to extract value from the tons of available data led the company into AI. Artificial Intelligence is the branch of computer science that gives emphasis on the building of intelligent machines that act and behave like a human.
“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.” Vavilov said.
Furthermore, Vavilov believes the most effective way to analyze data is through Artificial Intelligence. Moreover, he added that Blockchain ensures that data is trustworthy.Data cannot be altered or erased. Specifically, Blockchain enhances trust and security.
According to Vavilov, Bitfury’s artificial intelligence division is currently on “research mode”. However, the firm has a clear vision of the potential use of the division. The company will reveal uses and products by end year or early 2020.
Bitfury offers quite a number of Blockchain services. Some of the services include making computer and cryptocurrency mining hardware; as well as the running of cryptocurrency mining data centers.
To lead the new AI unit, the company has appointed Fabrizio Del Maffeo. The tech veteran is a former vice president and Group Managing Director of AAEON Technology Europe, a firm that mainly deals with AI and IoT as a part of the ASUS Group.