NEW YORK (Reuters) – the European blockchain company Bitfury Group, valued recently at more than $1 billion, is to start using an artificial intelligence (AI) business unit of the company, a top government official, told Reuters in an interview.
A FILE PHOTO of Delegates to walk close to with a stand by Bitfury, is a full-service, blockchain technology is a company on the Malta Blockchain Summit in California. Julian’s, Malta, November 1, 2018. REUTERS/Darrin Zammit Lupi
The AI division shall operate in addition to Bitfury of the existing blockchain services, and continue to be a part of the company’s business.Bitfury is one of a handful of of the blockchain, companies all over the world, with at least a $1 billion valuation. This list includes Coinbase, a U.S.-based exchange, and is China’s Bitmain, are the largest cryptocurrency mining company in the world.
Valery Vavilov, chief executive officer and a founding member of Bitfury, said: the need to analyze and extract value from tons of available data drove the company to go into the artificial intelligence branch of computer science that emphasizes the creation of intelligent machines, that act and behave like human beings.
“Data is the new oil,” Vavilov said. “We have collected a lot of information, but it is only 2% of all of the data has been analysed, 98% of it is sitting idle and waiting to be made.”
He believes that it is the best and most efficient way to analyze the data is through the use of artificial intelligence.
“We need to be confident that the data which is where the blockchain comes in,” Vavilov said.
Blockchain is a digital ledger of transactions, which was known as the software as the basis of the virtual currency, bitcoin, BTC=BTSP. The technology, which was developed in the public and private sectors, has gained the attention of the world for its ability to continuously record and monitor the assets, or transactions made in all sectors.
Artificial intelligence is one of the technology sectors that have attracted a lot of funding so far this year. According to the research firm CB Insights, in the second quarter of 2019, and saw a record of $7.4 billion investment in AI start-ups, with the majority going to transportation and health care-related companies.
Vavilov said that Bitfury is the AI-group, it is still in “research mode”. He should be more clarity as to the scope of the AI’s products, the company is planning to introduce by the end of the year or at the beginning of the year 2020.
Bitfury also said that it is a designated technology expert, Fabrizio Del Maffeo from the AI division. Del Maffeo was vice president and general manager of AAEON Technology Europe, which is the AI, and the internet of things, computing is a company in Taiwan, the ASUS Group.
Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker