April 23, 2024

Bitfury Blockchain Launches AI Division

Bitfury Blockchain Launches AI Division

European blockchain company Bitfury Group, valued at more than $1 billion, has opened a divisionartificial intelligence (AI), which will work alongside existing areas.

Valery Vavilov, Chief Executive Officerand co-founder of Bitfury, said that the need to analyze and gain value from available data drove the company to develop developments in the field of AI. The emphasis will be on creating intelligent machines that work and behave like humans.

We collect large amounts of data, but only 2% of them were analyzed; 98% are sitting idle and waiting in line, Vavilov said.

He believes that AI – the best and most efficient way to analyze data.

We also need to trust this data, so this is where blockchain is needed, – said Vavilov.

Technology that is being developed inpublic and private sectors, has attracted worldwide attention due to its ability to continuously capture and track assets and transactions across all industries.

Artificial intelligence is one of the mostfinanced areas this year. According to research firm CB Insights, there was $7.4 billion in investment in AI startups in the second quarter of 2019, with the majority – companies related to transport and healthcare.

Vavilov said Bitfury's AI division is still in "research mode." By the end of the year they will provide more clarity on the range of AI products.

For the position of head of divisionartificial intelligence was appointed technology expert Fabrizio Del Maffeo. Del Maffeo was previously Vice President and Managing Director of AAEON Technology Europe, a computer and Internet broadcasting company in the Taiwanese ASUS group.