Among all the topics and exhibitions being discussed at the Blockchain Summit London, one subject matter stood out: artificial intelligence. Several companies in the blockchain industry are directly joining together the world of artificial intelligence with the world of finance, and the results are profound.
In the same way that cryptocurrency broke financial barriers by allowing people to decentralize their wealth, several members of the industry are now trying to break the barriers of money management. It is no secret that controlling finances is hard to do. Whether you are trying to trade asset classes, budget for an organization, or handle your own wealth, the learning curve is steep. Unfortunately, it gets steeper when you are dealing with larger funds.
The one aspect which makes this so complex is the fact you need to make serious decisions about your money. The sheer variety of choices you have, as well as their severity, is enough to instill anxiety and apprehension into anybody. This is where artificial intelligence comes into play. Numerous companies are bringing artificial intelligence services to the financial industry which will aid people in their decision making.
Artificial intelligence as a brokering tool
Among the companies working in this niche is AiX. AiX is a trading service which uses artificial intelligence to inform users about the latest news and price quotes. AiX is trying to act as a “personal broker” which constantly assists people in their choices. By pulling data from a huge collection of reputable sources, the AiX app is able to give regularly updated information to its users.
As a means of constantly improving its cognitive behavior, AiX’s artificial intelligence runs on blockchain technology. It has been known for some time now that blockchain technology and artificial intelligence go hand-in-hand— DeepBrainChain was one of the first companies to understand this.
Artificial intelligence for financial planning
Bankorus is another business within this niche, but rather than trying to create a trading assistant, they are creating a “personal wealth” assistant. Bankorus takes on the role of financial advisor, helping users to plan out their budgets, store and monitor their wealth, and help with investments. Like AiX, Bankorus is also using blockchain technology to spearhead its artificial intelligence. The blockchain runs on the NEM platform. NEM was chosen by Bankorus (as opposed to a more common DApp service like Ethereum) because of its performance speeds and high-level customization features. Both of these aspects must be at the utmost competence when it comes to developing artificial intelligence.
Artificial intelligence for corporations
Both AiX and Bankorus focus on the bringing artificial intelligence to the consumer, but Braincities goes in an entirely different direction. Braincities is creating a product which is designed for businesses and organizations so that they can keep tighter control over their finances. They create bespoke and adaptive algorithms which are designed specifically for each business they work with. This is because Braincities believe that each organization is going to have slightly different desires, and rather than creating an artificial intelligence which can adapt to all of these, they are creating separate algorithms for each.
Braincities chose to use the blockchain because they recognize the importance of decentralization within the industry. For instance, the immutability of the blockchain means that nobody can maliciously edit any algorithms down the chain.
At the Blockchain Summit London, these three companies showcased their products and explained their advantages. From listening to their discussions, it became clear just how untapped the artificial intelligence market still is. It has only been in the last five-to-ten years that the technology has been ready for consumption. Now that artificial intelligence is being joined together with the blockchain, it seems that both industries are accelerating faster than expected. Within the next decade, our understanding of both finance and computer science could be greatly changed.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.