Bloomberg News reports that the new lawsuits that the US Securities and Exchange Commission has filed against Binance Holdings and Coinbase Global Inc have raised concerns related to the digital assets’ future.
Artificial Intelligence and Regulations
Of late, there has been an increase in the regulatory pressures on digital assets. Not only that, these digital assets have also faced market headwinds that dethroned them as the latest technology factor.
In November, when OpenAI launched ChatGPT, it made inroads, paving the way for the real-life application of artificial intelligence. Ever since, AI has appealed to investors and founders, the same people who had once boosted the crypto industry.
Does blockchain technology offer greater transparency?
Blockchain technology reportedly provides better transparency. Not only that, but it also brings more decentralization to artificial intelligence. According to Alex Felix, the managing partner and chief investment officer associated with crypto VC firm CoinFund, it is very opaque regarding the type of data usage for training models.
Of late, CoinFund supported Tools for Humanity. The cryptocurrency business, which Sam Altman of OpenAI co-founded, raised as much as $115 million. It manifests a confirmed case of crypto use in artificial intelligence.
Tools for Humanity
Bloomberg News reports that Tools for Humanity developed Worldcoin, a digital currency. Additionally, it assumed the shape of a tiny ball that scans people’s eyes to produce a blockchain-based unique ID for that individual. It provides the person with a digital proof of personhood. It may help in safe payments when used with WorldCoin.
Just as blockchain can bring greater transparency to artificial intelligence, it can also boost crypto by improving the digital asset platform, sorting data, improving interaction with users, and safeguarding information. It became public, according to a few crypto supporters.
It has also come to light that hackers have successfully siphoned millions of dollars across the blockchain protocols. Cyberattacks, a problem for decentralized finance, can be reduced using artificial intelligence bots.
Bots are used for moderating content to filter out scams and spam on WhatsApp, WeChat, Signal, Discord, and Telegram, which are messaging platforms. This type of benefit is not exclusive to cryptocurrencies. However, it is crucial in a sector where social media platforms are major hotspots for scams.
What is the approach taken by companies?
Many companies hesitate to fully jump onto the artificial intelligence bandwagon, citing the dangers. Tools for Humanity’s eye-scanning technology has drawn criticism. Whether the private biometric data it gathers is sufficiently protected is in question.
