BlockchainstartupBitFury launched an artificial intelligence (AI) unit, Reuters reports on August. 13.

“Data is the new oil”

Bitfury chief executive officer and co-founder Valery Vavilov reportedly stated that the company’s dive into AI is motivated by the need to analyze and extract data from great quantities of data. He reportedly noted that information is becoming the new oil and stated:

“We have collected so much information, however only two of all this information has been analyzed; 98 is sitting idle and waiting to be analyzed.”

Vavilov additionally reportedly explained that the AI unity of the firm remains researching possible applications of AI. Still, he conjointly promised that next year BitFury can have a lot of data regarding the AI-enabled products that the corporate intends to develop and provide to its clients.

AI a possible danger to crypto

Former VP and manager of computer hardware producer AAEON Technology Europe, Fabrizio Del Maffeo, has been appointed to guide the AI unit of the firm.

Meanwhile, Stockholm-based software engineer and cryptocurrency trader, Eric Wall, commented on Twitter suggesting that the application of AI to blockchain information analysis is a danger to Bitcoin’s (BTC) fungibility.

“AI/ [Machine Learning] ml to be trained to spot users and to flag coins that are used with privacy-enhancing techniques (PETs), no doubt. Using PETs better become standard wallet behavior quickly, if we care at all regarding the fungibility of Bitcoin.”

According to Crunchbase, BitFury has received $170 million in funding to date, and Reuters claims that it's one amongst one or two of blockchain firms with a minimum of a $1 billion valuation.

As Top Market Group explained in an exceedingly recent dedicated piece, show spectacular potential once combined and are already being integrated.

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