European blockchain company The Bitfury Group, valued recently at more than $1 b...
NEW YORK - European blockchain company The Bitfury Group, valued recently at more than $1 billion, has launched its artificial intelligence division, the company’s top official told Reuters in an interview.
The AI division will operate alongside Bitfury’s existing blockchain services and remain part of the company.Bitfury is one of a handful of blockchain companies around the world with at least a $1 billion valuation. That list includes Coinbase, a U.S.-based exchange, and China’s Bitmain, the largest cryptocurrency mining firm in the world.
“Data is becoming the next oil,” Vavilov said. “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.”“We also need to trust that data so that’s where blockchain comes in,” Vavilov said. Artificial intelligence is one of the tech sectors that attracted large funding so far this year. According to research firm CB Insights, the second quarter of 2019 saw a record of $7.4 billion invested in AI startups, with the majority going to transportation and health care-related companies.
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