Blockchain was first introduced in 2009 as a platform for the revolutionary cryptocurrency, Bitcoin. At the time of launch, both, Bitcoin and blockchain were thought to be just another overhyped internet bubble, which will burst sooner than expected.
It’s been over a decade since then, and both, blockchain and cryptocurrencies are very much alive and kicking. In fact, demand for blockchain has never been as strong as it is now. It has become one of the greatest internet technologies created in the 21st century. The platform has grown from housing cryptocurrencies to being adopted by various sectors.
Several giant corporations including Microsoft, Intel, IBM, TCS, Huawei, and Samsung, have jumped into the blockchain game, each one of them using the platform for a unique purpose. The blockchain is being implemented successfully in sectors like banking and finance, e-commerce, logistics, cloud services, agriculture, etc.
However, as the saying goes, nothing is perfect, and blockchain technology is no exception. In fact, it can be assumed that with evolving time technology needs a major upgrade to keep it relevant consistently.
Transparency, reducing time consumption, and security is the major USPs of the blockchain, which made it a blockbuster in the technology space. However, the platform continues to face certain challenges, which prevent users from utilizing its maximum potential.
Many blockchain based platforms have been facing issues with slow transaction speeds, smart contract creation, security, and the management and updating of blockchains. Another major problem is the skill and technical knowledge required to use blockchain, which restricts users from non-technical background to optimize blockchain potential. Also, smart contracts remain vulnerable to exploits and security breaches.
To tackle these challenges and many unknown ones, Matrix AI Network has decided to create the most advanced blockchain platform ever created. This platform will especially focus on the growth of artificial intelligence.
Prof Steve Deng, Chief AI Scientist and founder of Matrix AI stated that the tech start-up would be creating a blockchain infrastructure capable of supporting the exponential growth of AI tasks being processed in parallel. Deng believes that AI is not being implemented on the level it should have been, and blockchain can help it do just that.
The blockchain is currently also being used for banking services. The US banking giant HSBC used the technology to execute forex transactions worth over $250 billion. Similarly, technology behemoth IBM will also launch its blockchain based payments platform World Wire, which currently operated in 72 countries, with 47 fiat currencies. JPMorgan, America’s largest investment firm, became the first bank in the United States to launch its own cryptocurrency.
Several other business stalwarts like Microsoft, Apple, TCS, Intel, etc., are betting high on the blockchain game and adopting their various operations. Apart from these private companies, governments have also shown a keen interest in blockchain space. Countries like Australia, Argentina, India, and Canada are tying up with tech companies for developing blockchain based platforms which could be applied At government institutions to improve efficiency and eliminate corruption.
While blockchain tech has been doing decent, the introduction of artificial intelligence on the platform will make a tremendous difference in terms of security, speed, and user interaction. AI will boost transaction speed while enhancing cyber-security, making the platform more usable on the global scale. Matrix AI Network itself is a digital token based on the Ethereum platform.
Innovation has been the key to the success of blockchain. Unfortunately, the distributed ledger space has been somewhat static in terms of innovation for quite a long time. Introduction of AI in the space is, therefore, a welcome move.