The cryptocurrency mining and chip development firm BitFury has announced plans to set up a new department that will investigate the benefits of ‘big data’ analysis using artificial intelligence (AI). Speaking to newswire Reuters this past Tuesday, BitFury CEO Valery Vavilov referred to big data as ‘the next oil’, highlighting the need for a much greater focus on constructive analysis. According to Vavilov, the information available in 98 percent of big data is not being properly utilized, something his company hopes to simplify through AI-powered analysis.
“..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,” said Vavilov in a statement announcing the new development.
BitFury, which is headquartered in Amsterdam and has offices in London and San Francisco, represents one of the largest competitors to market-leader Bitmain, the Chinese company that currently dominates the world of cryptocurrency mining and chip production. In 2016, BitFury made headlines when it established a deal with the government of Georgia to develop a blockchain-based system of land registration, later opening a large cryptocurrency mining center in the country.
AI and Blockchain: A Marriage of Convenience
Now, the ever-innovative BitFury continues its expansion beyond blockchain with a foray into AI-enhanced data analysis. Artificial intelligence and blockchain are no strangers to each other, having been party to several crossover projects recently involving big data. The autonomous, trustless nature of blockchain technology lends itself to automated AI processes such as machine learning, and the decentralized model fits perfectly into the needs of big data analysis.
Earlier this year,