Artificial Intelligence, commonly known as ‘AI’, is a technical concept that attempts to integrate human knowledge into machines. In layman’s language, it can be said that devices will now be feasible to perform those actions which generally require human intelligence. For example, lights will automatically light up when you enter the room, the refrigerator will execute operations on its own, and there will be self-driving cars.
Nowadays, it has entered to several fields and every organization is becoming more and more mechanical. It has already established its position in the market and there is hardly any enterprise or firm left whose devices are not enabled with AI technology.
Cryptocurrency can be termed as token money or virtual currency which can be used for carrying transactions on digital platforms. It has been a leading step in regulating the economic fluctuations and also creating the inflation-free economy. It has opened the new fronts to empower the individuals in economic aspects. In fact, people use it to surpass the government rules and regulations. However, if we consider the positive aspects of this new technology it will be right to say that it has become a necessity in today’s digitalized world.
With crypto traders rising day-by-day developers are now trying to integrate the AI and cryptocurrency in order to create ample opportunities in fintech industry. Moreover, cryptocurrency attributes such as decentralization, transparent processing, and faster execution rates etc are the great supporters of Artificial Intelligence entering into the field of token money.
There lies an example also where AI and cryptocurrency both have worked together. The Daneel Assistant Company made use of IBM’s Watson for providing intelligent solutions to investors in making decisions.
Here are some modular aspects which come to be absolutely true when AI and cryptocurrency gets integrated:-
1. No Biases
It is true that machines don’t bias in between two individuals. All the investors seem important and crucial to them. In fact, it appears as a blessing for those firms who need individuals to invest in their projects. But they fear that investors cannot make the decisions on their own and usually rely on others which highly impact their business. In that scenario, AI helps investors in taking rational and logical decisions. Thus, automatic trading is enabled which further leads the growth and development of several projects and ultimately heading towards increasing money-supply in the economy.
Therefore, in the cryptocurrency world which is more or less like institutional markets that generate data in megabytes, the task will be much easier if associated with AI. It is because AI enables the sorting of large data in shorter duration and investment decisions can be taken in less time and instantaneously. It is not at all doubtful that machines can perform faster than human beings.
Cryptocurrency can be traded on blockchain platforms which are highly secure, reliable, and transparent. These are free from the centralized administration and are flexible in terms of executing operations. AI tools if integrated with blockchain platforms will also perform the functions following the integral approach. These tools aid in identifying the common patterns and make the executable strategies for them. In this way, these strategies can be used in making money through the tokens enabled by cryptocurrency. Also, AI and cryptocurrency integration is an integrated approach towards the creation of decentralized networks.
3. Cost Effectiveness
If the processes get absolutely mechanical then the organizations will not have to hire a large number of human resources for performing operations. It is almost like “killing two birds with one stone” in a way it will save the cost of an organization and payment gateways will also become transparent and secure with blockchain. There have been platforms which release the payments in an automatic way as soon as the task is completed. Thus it can be said that cryptocurrency is real-time money as it can be transacted within few seconds.
4. No Risks or Threats
The trading or investment processes are considered to be the riskiest task in the economic world. The cyber-frauds and malicious attacks by hackers and third-party are increasing. People can freely invest as there is no fear of cyber-attacks because smart contracts are considered to be the strongest and robust platforms where financial transactions are 100% safe. They are considered to be the best options for hastening the investment procedures. It also permits them to diversify their portfolios and earn hefty amounts in return. The unnecessary fear will not come in the investor’s minds.
All the above aspects are the common ones but the potential of AI ad cryptocurrency is yet to be seen. The change which internet brought to the world 20 years ago will now be again done through AI and cryptocurrency.
With the integration of AI and cryptocurrency, transaction execution will be limitless, diversified and much easier than ever. Also, it will be a dedicated and trustworthy network. The volatile environment of the market can be better analyzed using the machines than human brains can do. The AI enabled technologies can predict the consequences of market accurately.
There are many enterprises that are practically developing the applications capable of performing both AI and cryptocurrency. For example, Vega Intelligence Solutions is developing Vega AI and also doing crowdfunding to complete the project. It is one of the best ways to integrate both the technologies i.e. AI and cryptocurrency. Some new ICOs are already in circulation where features of both the AI and cryptocurrency are seen.
AI systems enabled cryptocurrency will be more efficient and perform transactions with efficiency. The processing speed will be doubled and the operations will be self-regulated. These technologies are the future of tomorrow. The operations are not executed by humans instead machines perform the functions which are completely based on human behavior. But one thing is distinctive that machines are more logical and less emotional which is said to be the explicit attribute of AI and that’s what makes it applicable for cryptocurrency world.
With the Artificial Intelligence, every industry, whether it is technical, informational or deals with operations appears interconnected and interdependent. None of the zones is out of the reach from others. The maintenance of data in large sets and analyzing them in set patterns, interlinking of machines with the cryptocurrency is the real concept of Artificial Intelligence and cryptocurrency.