- David Schwartz, Ripple’s CTO and Dimitri Restaino talked about how the convergence of AI and Blockchain could create an economic opportunity worth $20 trillion by 2030.
- The speakers emphasized the impact of artificial intelligence and blockchain on supply chain management and healthcare.
In a recent episode David Schwartz, Ripple’s CTO and Dimitri Restaino, AWS Senior Solutions architect Dimitri Restaino discussed the integration of artificial intelligence and blockchain in Ripple’s Block Stars. In their conversation, the two discussed how the combined use of blockchain and artificial intelligence (AI) can create a potential $20 trillion in economic opportunities across industries by 2030.
Schwartz asked the question at some point during their conversation. “What are some ways that AI can improve blockchain or blockchain can improve AI?” Restaino said that, at first glance, AI and blockchain seem to be in opposition. AI refers to intelligent and automated decision making that is typically invisible. Blockchain is about transparency, making everything verifiable, and untamperable, said he.
But he suggested that both technologies complement one another differently. Blockchain improves AI as it offers a decentralized, unalterable database of data. AI can use this information to create datasets which are secure, verifiable, and have high integrity.
AI is a force that propels the blockchain to new heights with enhanced functionality for content generation, custom experience and NFTs. AI tools like language models can also be used to search blockchain data by identifying trends in crypto transactions and suggesting accounts that are bordering them.
AI in Blockchain Data Analysis
Restaino provided an example to show how AI has affected blockchain analysis. AI models allow users to ask advanced questions about blockchains in natural language, instead of writing complex SQL queries. He explained this by saying that “I could potentially have an AI and say, ‘These 10 Bitcoin accounts are known to belong to exchanges. Show me some other accounts that look like they might belong to exchanges.”
AI can understand these queries, generate appropriate search commands and retrieve blockchain data relevant to the request. The results are then filtered according to any follow-up requests. The ability to track crypto transactions in a more advanced way is a step up from the current blockchain analytics. Doing double duty on cryptocurrencyAI increases predictability, automates transactions, and improves risk management. AI, however, can present challenges including data privacy and manipulation of the market.
AI and Blockchain Can Release $20 Trillion
Schwartz is a report in 2024 by Bitwise According to the report, AI-blockchain could add $20 trillion dollars to global GDP in 2030. Restaino, while acknowledging that this is an aspirational forecast, said the industry has seen record investments and growth. The report states that “The world’s four largest cloud companies, Amazon, Google, Meta, and Microsoft, are expected to spend almost $200 billion on data center build-outs in 2025 alone, in large part to serve growing AI demand.”
Dimitri also stated that only in the first six months of this year. AI-related crypto projects These technologies have brought in $750 millions of investments. This technology is creating new business solutions, improved security, and intelligent automation.
Restaino also questioned the $20 trillion number, but he gave a glimpse at AWS’s support for this convergence. AWS improves blockchain development through Amazon Q Developer, which enables smart contract coding and AI-driven analysis of security to detect weaknesses, as well as infrastructure optimization that is cost-effective and efficient.
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Source: www.crypto-news-flash.com
