The PayBito CEO highlights how AI is being leveraged by crypto traders. He also adds that a synergy between blockchain technology and AI would be revolutionary.
PALO ALTO, Calif., Oct. 6, 2023 /PRNewswire-PRWeb/ -- The inclusion of artificial intelligence in the crypto domain is quickly becoming vital in the decision-making process of major crypto traders and investors. PayBito CEO Raj Chowdhury puts the spotlight on AI/ML and crypto, mentioning how two of the most disruptive forces in the current scenario can collaborate and produce even better results through interdependence.
AI and Blockchain: Materializing Synergy Through Synchronization:
The technology sector has progressed by leaps and bounds over the past few decades. Blockchain and artificial intelligence emerged as the most disruptive feats of technological advancements, acting as a catalyst bolstering digital transformation across business processes worldwide. A World Economic Forum survey indicated that blockchain would be powering 10% of the world's GDP transactions by 2027. The synergy between AI and blockchain across the crypto sphere is more critical than before.
AI's Role in Crypto Trading: Beyond the Hype:
A notable example of AI's potential is visible through its inroads in crypto trading. AI-powered trade bots, unlike their conventional counterparts, comprise machine learning features. This allows them to process extensive historical data. This way, AI can play a huge role in price prediction and sentiment analysis. In fact, crypto exchanges like PayBito offer users an opportunity to leverage its AI-powered Data Engine, which analyzes market data and input from seasoned traders.
Blockchain Analytics Empowered by AI:
The PayBito chief, also a blockchain pioneer, states, "AI and blockchain analytics are a dynamic duo in the crypto domain. They generate valuable insights from crypto-generated data, making informed decisions easier than ever."
The intersection of AI and blockchain brings forth exciting possibilities in the realm of analytics. AI's exceptional data processing abilities make it a valuable asset in analyzing the vast troves of data generated by cryptocurrencies. It aids in tracking crypto movements, evaluating counterparty risk, and conducting in-depth analysis of on-chain data. Nevertheless, data quality remains a challenge, mainly due to the presence of off-chain data held by centralized exchanges.
Enhancing User Experience Through AI:
Crypto exchanges have been quick to leverage AI to enhance user experience. For example, the US-based PayBito also improves user experience with the integration of the popular large language model(LLM) generator, ChatGPT. The firm offers standardized solutions for retail intermediaries exploring brokerage opportunities with its flagship crypto broker platform and has won awards as the world's number one white-label crypto exchange provider.
The Ethical Conundrum: Centralization vs. Decentralization:
An ethical conundrum arises when considering the centralization of AI in contrast to the core principles of decentralization championed by the crypto industry. Tech giants currently control advanced AI models behind closed doors, prompting concerns about concentrated power. To align AI with the ethics of crypto, there is a growing need for transparency, collaboration, and the utilization of verifiable data from the blockchain. The development of Web3, a decentralized internet, will bridge this divide and positively impact AI.
A Promising Future Through Collaboration:
While AI has undoubtedly made its mark on crypto trading, analytics, and user experience, it has not reached its full potential. Challenges persist in terms of data quality and ethical alignment. However, the ongoing innovation at the intersection of AI and blockchain promises a bright future. The fate of AI in the crypto space hinges on its ability to embrace transparency, foster collaboration, and harmonize with the decentralization principles that define the crypto industry.
About Raj Chowdhury:
Raj Chowdhury is the Managing Director of HashCash Consultants and Paybito. Raj pioneered the first interbank Trade Finance and Remittance implementation of Blockchain Technology between two of the largest global banks. Raj is an eminent voice in the Blockchain and Cryptocurrency space and actively engages with policymakers in this area. He is a contributor to the Economic Times, Business World, CNNMoney and advises industry leaders in the adoption of Blockchain. He is a member of Asha Silicon Valley, a nonprofit committed to education for children in emerging countries. Author of the book 'The Dark Secret of the Silicon Valley', Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.
Media Contact
Coleen Facete, Hashcash Digest, +14159662907, [email protected]
SOURCE Hashcash Digest
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