August 6, 2020

Bitfury Blockchain Launches AI Division

Bitfury Blockchain Launches AI Division

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

Valery Vavilov, Chief Executive Officerand the co-founder of Bitfury, said the need to analyze and capitalize on the available data has led the company to engage in AI developments. The emphasis will be on creating intelligent machines that will work and behave like people.

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 AI is the best and most effective way to analyze data.

We must also trust this data, so it is in this case that a blockchain is needed, said Vavilov.

Technology that is being developed inpublic and private sectors, has attracted the attention of the whole world due to its ability to constantly record and track assets and operations in all sectors.

Artificial intelligence is one of the mostfunded areas this year. According to the research company CB Insights, in the second quarter of 2019, $ 7.4 billion were invested in AI startups, most of which are transport and healthcare companies.

Vavilov said the Bitfury AI division is still in “exploratory mode.” By the end of the year, they will provide more clarity regarding the AI ​​product range.

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.