Blockchain firm Bitfury releases a new artificial intelligence unit

By Akshay Kedari  Date: 2019-08-14

Blockchain firm Bitfury releases a new artificial intelligence unit

The AI division will be a part of Bitfury and will work alongside the firms existing blockchain services.

The Bitfury Group, one of the leading blockchain technology companies in the world, has recently launched its new artificial intelligence (AI) division. According to reliable sources, the AI division will remain a part of Bitfury and will work alongside the companys existing blockchain services.

Reportedly, Bitfury was recently valued at $1 billion and slated to be one of the key blockchains companies in the world including Chinas leading cryptocurrency mining firm Bitmain, and digital currency exchange firm Coinbase.

Speaking on the launch, Valery Vavilov, Co-Founder & Chief Executive Officer, The Bitfury Group, said the company stepped into artificial intelligence, the branch of computer science that focuses on developing intelligent machines that are capable to replicate human behavior, in a bid to analyze and extract value from tons of data.

He claims that data is likely to become the most valuable thing in future and the company has collected huge number of data but has only managed to analyze 2% of it, with rest 98% yet to be analyzed. Vavilov further claims that with artificial intelligence, the company could effectively close the gap for analyzing this huge amount of data.

Sources cite that Blockchain has gained traction as the program which supports virtual currency bitcoin BTC=BTSP. The platform that was developed in the private and public sectors has grown its demand globally due to its ability to permanently track and record transactions or assets present across the globe.

Reportedly, artificial intelligence is one of the tech sectors that has recorded huge amount of fundings this year. According to reports, the second quarter of 2019 witnessed a record-breaking investment of $7.4 billion in AI startups, with the majority coming from healthcare and transportation companies.

Reliable sources also claim that Bitfury has appointed Fabrizio Del Maffeo to lead the AI division, who earlier was the Managing Director and Vice President of AAEON Technology Europe, the IoT and AI computing company within the ASUS Group.

Source Credit: https://www.reuters.com/article/us-usa-blockchain-bitfury/european-blockchain-company-bitfury-launches-artificial-intelligence-unit-idUSKCN1V30CW

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Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

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