European blockchain company The Bitfury Group launches AI division

Artificial Intelligence, Robo-Advisors

In a recent report by Business Times, European blockchain company The Bitfury Group has launched its artificial intelligence (AI) division – as announced by the company’s top official in a Reuters interview.

Led by technology expert Fabrizio Del Maffeo, the AI division will operate alongside Bitfury’s existing blockchain services and remain part of the company. The report highlighted that “Bitfury is one of a handful of blockchain companies around the world with at least a US$1 billion valuation.”

“That list includes Coinbase, a US-based exchange, and China’s Bitmain, the largest cryptocurrency mining firm in the world.”

Additionally, Valery Vavilov, CEO and co-founder of Bitfury, said the need to analyse and extract value from tonnes of available data drove the company to go into artificial intelligence, that branch of computer science that emphasises the creation of intelligent machines that act and behave like humans. He said: “Data is becoming the next oil.”

“We have collected so much data, but only 2 per cent of all this data has been analysed; 98% is sitting idle and waiting to be analysed.”

He believes the best and most efficient way to analyse the data is through artificial intelligence.

“We also need to trust that data so that’s where blockchain comes in,” Vavilov added.

Vavilov also mentioned that that Bitfury’s AI group is still in “research mode”, and would have more clarity about the range of AI products the company intends to offer by the end of the year or the beginning of 2020.

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Written by

Cheryl Toh

Last updated on

September 6th 2019, 6:01 pm

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