Though large volumes of data are collected, a very small part of them is analyzed. To address this issue, the Bitfury Group, a European blockchain company, has launched its artificial intelligence (AI) division.
The Bitfury Group, a European blockchain company, may soon be recognized as a data miner, besides a cryptocurrency mining company.
The company`s CEO and a co-founder, Valery Vavilov shared with Reuters in the frameworks of the Tuesday`s interview that the firm has launched its artificial intelligence (AI) division with the sole aim to break down the globe`s massive amount of data and generate value from it.
Data Is the New Oil
The CEO referred to data as “the next oil,” he did it in the context of indicating that 98% of all data is just untapped waiting to be analyzed.
While issuing out a few details, Vavilov said that data analyses would use blockchain. He said:
“We also need to trust that data, so that’s where blockchain comes in.”
Bitfury was recently valued at over $1 billion, and currently, it provides several blockchain services, including designing computer and crypto mining hardware and operating crypto mining data centers.
Late last year, Bitfury shut down an $80 million financing round headed by venture capital company Korelya Capital plus other firms also took part.
However, a month before that, the firm was preparing to hold an Initial Public Offering (IPO) through a stock exchange listing in Hong Kong, London, or Amsterdam.
The sources revealed that Bitfury might be worth $3billion-$5 billion within the next two years, but only if it goes public.
Research Mode for New Innovation
Bitfury`s AI division is presently in “research mode” according to the co-founder, with a relevant vision of its potential utilized issues and expected products at the end of 2019 or early next year.
He indicated that:
“Just as blockchain technology enables us all to fix our most broken and distrusted systems, artificial intelligence will bring new and extraordinary benefits to nearly every facet of our lives. To help this incredible technology achieve maximum impact, Bitfury is expanding our mission to offer hardware and software solutions designed especially for AI applications.”
To lead the newly formed unit, the company has appointed Fabrizio Del Maffeo, a tech veteran, initially the managing director and vice president of AAEON Technology Europe, a company that concentrates on IoT and AI as part of the ASUS Group.