Blockchain

The Next Feather in Bitfury’s Hat: Artificial Intelligence Divison

The world’s largest full-service blockchain technology company- Bitfury Group is soon going to wear many feathers in its hat. The company is actively looking to venture into the data mining sector as well as the crypto mining sector.

Yesterday, in an interview, the CEO and the co-founder of the blockchain company- Valery Vavilov revealed that the company has launched an artificial intelligence (AI) backed division. This step has been taken in order to effectively handle the humongous amount of world data and also to effectively give it proper direction and value. As per Valery Vavilov, the huge amount of un-analyzed data is like the undiscovered treasure that needs exploration. As per him, 98 percent of data is undiscovered. He then mentioned that in order to analyze this amount of data, blockchain technology will be highly useful. He further added-

We also need to trust that data so that is where blockchain comes in.

The company covers a good range of services based on blockchain. Some of them include- creating crypto mining hardware, computer for the same, supporting crypto mining centers, and so on. Last year in the month of October, the company was looking into holding an IPO (initial public offering) through stock exchange listing in Amsterdam, London or Hong Kong, as per sources. Also in the same year, the company closed an 80 million U.S. Dollar funding which was led by Korelya Capital. Market analysts and experts alike think that the company has a very potent and has the capacity to touch the value of 3 to 5 billion U.S. Dollars, the moment it gets public. This is anticipated in a coming couple of years.

Coming back to the company’s step towards the field of artificial intelligence, the company is still busy in research work regarding the same. If we talk about when one can expect to see tangible results of this research, Vavilov explained that one can expect use cases and products either towards the end of this year or maximum in early 2020. He further added-

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.

The former Vice President and the Managing Director of AAEON Technology Europe- Fabrizio Del Maffeo, has been appointed as the head of this new AI division of the blockchain company. The main areas of focus of AAEON Technology Europe were Artificial Intelligence (AI) and the Internet of Things (IoT.) Maffeo has a good breadth of experience such as handling prestigious positions in companies such as Advantech, Esprinet and Accenture, as per various sources.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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