The blockchain ecosystem witnessed a surge in AI-related crypto tokens’ prices due to the AI revolution, but many have since experienced sharp declines as investors search for the real value behind the hype.
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 interviewed Humayan Sheikh, founder and CEO of Fetch.ai (FET), an artificial intelligence lab constructing an open, permissionless, decentralized machine learning network for the crypto economy, 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.”
One application is AI-trained autonomous agents “that can learn and predict what useful economic work the user requires and act on those learnings with minimal or no intervention,” Sheikh said. “AI-based Agents then become a kind of personal assistant that can remove labor from daily life,” the author says.
Services similar to ChatGPT
Sheikh suggests ChatGPT and other blockchain systems could benefit from task automation. Language models like ChatGPT can understand and respond to input with the Fetch.ai tech stack. If $50 is in account 1, “Pay Alice” may work. It’s complicated.
An industry analyst says many projects are studying how huge language models and machine learning can improve goods and services. These projects include blockchain-based games, DeFi applications, and voting and governance in decentralized autonomous organizations (DAOs).
Major development to come
“Autonomous systems that can operate on decentralized networks” will be the next big thing from blockchain and AI, Sheikh said. Without 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 boost supply chain management, financial, and logistical efficiency.
Web3-AI integration is another possibility. Sheikh claimed it might create safer, more open decentralized software. “By integrating AI with Web3, intelligent, autonomous applications can operate without human intervention.”
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. Projects are compelled to maintain their due diligence by implementing things like strong security measures and frequent smart contract audits.
Media has addressed AI-related issues like intellectual property law and prejudice. Even though we don’t have time to study them, Sheikh said these are important topics that deserve thorough thought.
“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 work,” he said. AI-blockchain technology will shape communications in the future.