The Bifury, a blockchain-based firm, has assets of almost $1 billion, is serving the digital projects since 2011. Due to the problems of data collection and its analyzation, Bitfury decided to launch the separate division of Artificial Intelligence alongside other projects of the company. Before this announcement, they had devised another division especially for music called New Music Entertainment.
Over the last few years the big whales of the technology industry invested a pile of money in the field of Artificial Intelligence. The latest research conducted by the CB Insights revealed that nearly $7.4 billion is invested by the investors in the AI-based projects in 2019.
CEO Views on this New Upcoming Project
Valery Vavilov, Co-founder, and CEO of Bitfury first stated the issues they are facing now. First, it is very difficult to find the required figure or value from a pile of data or information. Secondly, it is very tough to analyze the tons of information and this analyzation is very important for the firm.
Due to these above-mentioned problems, he said that it is very necessary to design a separate division or section for artificial intelligence as these machines work faster than humans and it is also the need of the time.
He said in his interview:
Data is becoming the next oil. We have collected so much data, but only 2% of all this data has been analyzed; 98% is sitting idle and waiting to be analyzed
He added that this initiative is very important for Blockchain Startups:
Just as blockchain technology enables us all to fix our most broken and distrusted systems, artificial intelligence will bring new and extraordinary benefits to nearly every facet of our lives. To help this incredible technology achieve maximum impact, Bitfury is expanding our mission to offer hardware and software solutions designed especially for AI applications
CEO claimed that the procedure is currently going through the research process and will reveal more things next year about upcoming products. He also told about the person who is going to control this section of Bitfury. Fabrizio Del Maffeo, the vice-president, and director at AAEON will lead the whole operation of this division.