Explore the changing sentiment towards AI and blockchain, from excitement to concerns, and discover the real value behind the hype in the crypto projects ecosystem.
Since ChatGPT was initially made public, there has been a shift in online sentiment from elation and amazement to an increasing number of worries about the impact that unrestrained artificial intelligence would have on society.
As a result of the AI revolution, the blockchain ecosystem saw a spike in the price of tokens for crypto projects related to artificial intelligence. However, after the initial wave, many of these tokens have experienced sharp declines as investors seek out the real value behind the hype.
Kitco Crypto spoke with Humayan Sheikh, the founder and CEO of Fetch.ai (FET), an artificial intelligence lab developing an open, permissionless, decentralized machine learning network for the crypto economy, to discover more about the future of AI and blockchain.
Sheikh says AI can be used with blockchain technology in finance “where it can be trained on economic data to enhance decision-making and spot trends or anomalies.” He claims blockchain developers use AI to generate smart contracts.
Sheikh remarked that Fetch.ai’s wallet’s large language models have improved Web3 tooling. Typing in the chat box enables wallet users retrieve information. We’ll keep exploring in-wallet AI integrations to boost utility and user experience.
Development will prioritize text input and transactions. Users can tell a device to “send eighty dollars to John.”
Sheikh highlighted that AI-trained autonomous agents have the capability to learn and predict the user’s required economic tasks, enabling them to take action with minimal or no intervention. The author further states that these AI-based agents serve as personal assistants, effectively eliminating the need for manual labor in everyday life.
Services similar to ChatGPT
Task automation is one of the main use cases Sheikh mentions for how ChatGPT and other blockchain platforms might profit from them. By leveraging the Fetch.ai tech stack, language models such as ChatGPT can be employed to understand and interpret input, enabling them to execute appropriate responses. This can range from simple commands like “Pay Alice” when $50 appears in account 1 to more complex instructions.
A wide range of projects, from blockchain-based games to DeFi applications to voting and governance in decentralized autonomous organizations (DAOs), are exploring the idea of how massive language models and machine learning may improve goods and services, he continued.
Major development to come
When asked what he believes will be the next significant development resulting from the integration of blockchain and AI, Sheikh responded that it will be the “development of autonomous systems that can operate on decentralized networks.”
He claimed that without the aid of middlemen or centralized control, these systems might “leverage blockchain’s transparency and security to make automated decisions, complete transactions, and carry out complex tasks.” This could result in major efficiency improvements, especially in sectors like supply chain management, finance, and logistics.
Integration of AI with Web3 is another potential field. It could lead to the development of novel, decentralized apps that are safer and more open than conventional ones, Sheikh said. “It would be possible to develop intelligent, autonomous applications that can operate independently without requiring human intervention by integrating AI with Web3.”
Another alternative is AI-powered blockchain analytics. They may help organizations obtain more data while securing sensitive data. He said blockchain and AI “could usher in a new era of autonomous, decentralized systems that enable greater efficiency, security, and transparency in a wide range of industries.”
Sheikh countered critics by noting that AI and agent technologies are advancing. We’re moving from R&D to technological demonstration. We are receiving interest, notably for supply chain management and energy distribution applications.
One of the most exciting uses of the platform’s agent technology, according to the CEO of Fetch.ai, is now in development. We think this technology has a huge potential to change many industries and build decentralized, more effective systems.
Risks associated with combining AI and blockchain
Hackers pose the biggest risk to platforms using blockchain and AI technologies, according to Sheikh. To uphold their due diligence, projects implement measures such as strong security protocols and regular smart contract audits.
In addition to prejudice, the media has started to address other AI-related issues, including legal concerns regarding intellectual property. These issues hold significant importance on their own, and although there isn’t enough space to delve into them extensively, Sheikh emphasized the need for thoughtful consideration.
“Blockchain and AI are both extremely powerful technologies, and taken together there is the potential to radically alter the way we conduct our lives and our work,” he said. “AI and blockchain can work together as a component of a technological framework that will eventually influence communications in the future.”
