Blockchain Needs A ChatGPT Moment – Microsoft CEO
Over the years, there has been increased interest in Artificial Intelligence (AI) and blockchain technology. Companies are beginning to integrate these nascent technologies into their operations to increase efficiency.
At the ongoing 2023 World Economic Forum, Microsoft CEO, Satya Nadella, made some strong comments about AI and blockchain.
Microsoft CEO Supports Blockchain Technology
According to Nadella, decentralized ledger technology needs a significant breakthrough or development, similar to how ChatGPT is taking over the world. He also mentioned that Microsoft holds a positive outlook toward the potential of Web3, blockchain, and the metaverse in shaping the future.
Meanwhile, the WEF is currently taking place in Davos, Switzerland. The WEF’s annual meeting for 2023 commenced on January 16th. This five-day gathering marks the first time it has been held following the outbreak of COVID-19.
It is widely considered the premier and most impactful event of the year. At the meeting, Nadella made mention of the Artificial Intelligence application, ChatGPT, which has generated significant attention since its introduction in November 2022.
Despite still being in the testing phase, the tool has already amassed over one million registered users in less than two months. Moreover, the final version of the tool has yet to be made available to the general public.
Notably, ChatGPT’s growth is exceptional compared to other companies, such as Netflix, which took over three years to reach the same level of user registration. Also, Facebook (Meta) took nearly a year to achieve similar numbers.
Furthermore, Nadella emphasized that Microsoft will continue to allocate resources toward developing blockchain and Web3 technology.
The Need For “Killer Apps” In The Blockchain Sector
Nadella stated that blockchain technology could also attain widespread acceptance, similar to what ChatGPT is demonstrating. However, companies need to develop “killer apps” that offer substantial utility and can gain mass adoption.
According to reports, Microsoft invested about $10 billion in OpenAI, the company behind ChatGPT. Besides, Elon Musk co-founded OpenAI in 2015 with a group of other investors.
AI is considered one of the most significant innovations of the current century. It ranks alongside other technological advancements that have shaped and defined industrial revolutions.
Meanwhile, there are speculations that merging AI with blockchain technology can bring about even greater advancements and breakthroughs in the coming years. Blockchain technology is focused on data distribution and storage transparency, while AI is advancing the efficiency of deploying smart contracts and Decentralized Applications (dApps).
Furthermore, the rise of an AI-based blockchain, Oraichain, is making merging blockchain and AI a reality.
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