Artificial Intelligence is the next best thing in any industry. The cryptocurrency sector is no different. With its ability to boost machine learning capacity and produce new financial products, artificial intelligence will soon be running on top of cryptocurrency systems like Blockchains. It will propel the technology forward in leaps and bounds, establishing it as a mainstream emergent technology.
In the traditional financial markets, AI has already made its mark and become well established. Since startups that harness the power of AI attract between 15-50% more funding than other tech firms, it is perfectly understandable that many companies are so keen to jump on the bandwagon. Algorithmic trading powered by AI will inevitably triumph in the finance insdustry. According to research on the future of AI, the market is expected to expand to a whopping $190 billion by 2025. Given the predicted growth of both sectors, the convergence between blockchain and AI is unavoidable. Both developing technologies deal with data and value and are developing at a rapid pace. While Blockchain allows for secure data storage and exchange, AI analyses, and creates substantial insights from data to create value. Given their commonalities, the two technology domains can be combined to produce a more advanced and efficient machine learning blockchain system that will benefit the general public.
Before we dive into how artificial intelligence and cryptocurrency can work well together, let us look at the history and use cases of why AI is beneficial.
Artificial intelligence as a concept goes back to the late 1950s, but it has become more popular today due to increased data volumes, advanced algorithms and computing power, and storage improvements. AI has evolved to provide many benefits to multiple industries.
There are multiple reasons why AI is important and can be applied to healthcare, retail manufacturing, and banking, among others. First of all, it automates repetitive learning and discovery through data. AI performs regular, high-volume, automated tasks rather than automating manual ones. Moreover, it does so consistently and without tiring. Of course, humans still need to set up the system and ask the correct questions.
AI also adds intelligence to existing products. Many consumer products will benefit from AI capabilities, similar to the way Siri was added as a feature to a new generation of Apple products. Technologies can be improved by combining automation, conversational platforms, bots, and smart robots with massive volumes of data. Security intelligence and smart cameras, and investment analysis are among the capabilities can provide at home and at work. The third reason why AI is important is since it adapts through progressive learning algorithms to allow the data to do the programming. For algorithms to learn, AI looks for structure and regularities in data. An algorithm can teach itself almost anything, even what product to propose next on the internet. When new data is presented to the models, they adapt. Furthermore, using neural networks with numerous hidden layers, AI analyses more and more data. It used to be impossible to create a fraud detection system with five hidden layers. With the advent of supercomputers and big data, all of that has changed. Since deep learning models learn directly from data, users require a large amount of data to train them. Another reason is that AI uses deep neural networks to attain remarkable precision. Deep learning is used in all of a user’s interactions with Alexa and Google, for example. And the more you use these tools, the more accurate they become. Deep learning and object identification AI techniques can now be utilised in the medical profession to spot cancer on medical photos with greater accuracy. Finally, AI makes the most of information. When it comes to self-learning algorithms, data is a valuable resource. The data holds the answers. Given that data is more crucial than ever before, it can provide a competitive advantage. In a competitive industry, whoever has the greatest data has an edge over all the rest.
Hopefully this accurately highlights the importance of AI. Combining Blockchain and AI is a step forward in the right direction for increased efficiency and profitability. Here’s why:
When it comes to Blockchain technology, many people limit its usage to cryptocurrency transactions. However, as a digital ledger that can record practically every economic transaction, Blockchain can be expanded to record almost anything of value. One of the most essential advantages of Blockchain is that it allows even unrelated parties to conduct transactions and communicate data over a shared ledger. Since cryptography validates transactions, it is a more efficient way for participants to carry out transactions without relying on third-party evaluators. Cryptography ensures that once data transfers are recorded, they are secure, incorruptible, and irreversible. Using relevant data sets, AI models are used to assess, understand, classify, and predict. The data is then cleansed as machine learning learns insights, resulting in more valuable data sets. As is clear, data is at the heart of AI and Blockchain, allowing for a secure and collaborative approach to data exchange. Blockchain and AI both safeguard the integrity of data and generate useful insights from it.
In order to combine Blockchain and AI successfully, companies need to start with quality data. Companies can strengthen their digital and data capabilities by designing a hybrid AI/Blockchain solution that is tailored to their operations.
In an effort to create a solution to the financial and economic problems that the average person faces, Jada Finance has created their own cryptocurrency ecosystem driven by Artificial Intelligence. This platform is designed to boost financial and economic growth. Jada AI gives participants access to smart banking that makes their money work for them. The platform also creates new opportunities employment and business opportunities so that participants can earn more value from their money. The ecosystem analyses financial and economic behavior, learning from every scenario and creating decisions that lead to growth for participants.
While their ecosystem is still in development, the native currency – Jades – is already available for purchase. Crypto enthusiasts can either hold onto the Jades and then use them on the platform upon launch. Alternatively, you can sell them for profit once the price starts appreciating in value upon listing in crypto exchanges.
If you’re interested in reserving tokens on Jada’s financial ecosystem, click here.
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I’m a highly experienced and respected author in the field of Cryptocurrencies. I have written numerous articles and books on the subject, and my work is highly regarded by my peers. I have a strong understanding of the technology behind cryptocurrencies, and I am always up-to-date with the latest developments in the space. I am also an active investor in cryptocurrencies, and I have made a significant profit from investing in this new asset class. In addition to my writing and investment activities, I am also an active member of the cryptocurrency community, and I frequently speak at industry events.
