An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.
SingularityNET’s partnership with VeChain is one of many cases where blockchain is being integrated with AI.
Artificial intelligence firm SingularityNET and blockchain firm VeChain have announced a collaboration that may reduce carbon emissions. VeChain declared the strategic partnership on August 24.
How the Partnership with SingularityNET Will Pan Out
Per the announcement, the firms will combine their native resources to improve manual process automation and provide real-time data. Founder and CEO of SingularityNET, Ben Goertzel, believes that blockchain and AI are complementary.
Goertzel also opined that these technologies are handy where traditional approaches fail. For example, he said, “Achieving a sustainable and environmentally positive economy is an extremely complex problem involving the coordination of a large number of different economic players.”
Goertzel believes that traditional economic mechanisms have failed to solve this problem. However, he is confident the partnership can help identify novel ways to improve carbon emission output and reduce pollution.
“The last few years have taught the world that when the right AI algorithms meet the right data on sufficient processing power, magic can happen,” Goertzel added.
SingularityNET and VeChain: When Blockchain and AI Meet
SingularityNET’s partnership with VeChain is one of many cases where blockchain is being integrated with AI. According to a Technical Director at Indus Net Technologies, the integration offers near-infinite possibilities to the world. As a result, many blockchain firms are either delving into AI or forming partnerships to leverage the same.
Blockchain platform Polygon introduced an AI guide, Polygon Copilot, to help its users navigate the Polygon ecosystem. The AI bot provides insights and analytics about different aspects of the ecosystem, making it easy for new and advanced users to find their way.
Recently, HIVE Digital Technologies dropped Blockchain from its name to reflect its wider focus. According to HIVE Digital Technologies CEO Aydin Kilic, “Blockchain and AI can certainly co-exist – they’re both pillars of Web3.”
Elsewhere, Applied Digital signed a $460 million deal to host AI cloud computing loads in its data center. Also, MetaTrust Labs is working to launch GPTScan, a tool that uses Generative Pre-training Transformer (GPT) and static analysis to detect logic vulnerabilities in smart contracts.
Dr. Daoyuan Wu, an AI researcher from the Nanyang Technological University noted that AI and blockchain align seamlessly. He said:
“The inherent autonomy of AI aligns seamlessly with the decentralized and autonomous characteristics of blockchain and smart contracts.”
If this is anything to go by, we can expect many more partnerships like that of SingularityNET and VeChain.