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

About Author

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...

Read More

More News By Akshay Kedari

Google Cloud Marketplace to host Unbxd product discovery solutions

Google Cloud Marketplace to host Unbxd product discovery solutions

By Akshay Kedari

Leading AI-powered e-commerce product discovery solution company Unbxd Inc. has announced its availability on Google Cloud Marketplace. Brands and retailers hosted on Google Cloud will now be able to leverage a unified billing approach, deeper produc...

Apple’s upcoming iPad Pro might come with wireless charging and MagSafe

Apple’s upcoming iPad Pro might come with wireless charging and MagSafe

By Akshay Kedari

The new iPad Pro model will have a glass back to accommodate wireless charging. Rumors have it that Apple is also exploring reverse wireless charging for iPads. According to reliable sources, Apple Inc. might include a wireless charging feature...

Top organizations unite for Covid-19 vaccination drive in rural America

Top organizations unite for Covid-19 vaccination drive in rural America

By Akshay Kedari

Reportedly, several organizations are joining forces to increase the usage of Covid-19 vaccines among people residing in rural areas across America. The first of its kind and allegedly the largest public vaccine education initiative in rural America...

Bee’ah, Chinook Sciences announce UAE’s first waste-to-hydrogen project

Bee’ah, Chinook Sciences announce UAE’s first waste-to-hydrogen project

By Akshay Kedari

Bee'ah, a company that focuses on sustainability and clean energy solutions in the Middle East, is planning to launch the first waste-to-hydrogen project in UAE by collaborating with Chinook Sciences, the U.K.- waste-to-energy services provider.&...

Samsung launches a 43-inch M7 smart monitor with a solar-powered remote

Samsung launches a 43-inch M7 smart monitor with a solar-powered remote

By Akshay Kedari

Samsung Electronics has reportedly launched a new 43-inch M7 smart monitor which is powered by the renowned Tizen operating system and can support ultra-high definition resolution. The recent development reflects on the South Korean tech giant's ...