The Marriage of Artificial Intelligence (AI) and Blockchain Deepens with Birth of Chinese Fintech Accelerator

A recent study from venture capital firm Outlier Ventures found that fintech startups have raised a massive $23.7 billion since 2013, with a specific focus on AI and data analytics.

Artificial Intelligence (AI) and blockchain have long been touted as two industries that can benefit deeply from each other. Last year saw a number of tech startups begin to develop AI-enhanced blockchain projects with real-world potential, and in 2019 we are seeing this trend continue.

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A recent study from venture capital firm Outlier Ventures found that fintech startups have raised a massive $23.7 billion since 2013, with a specific focus on AI and data analytics.

Most recently, PICC Financial Services, the fintech subsidiary of the People’s Insurance Company of China (PICC), entered into a partnership with Singularity Studio for the development of blockchain and AI-enhanced insurance solutions.

Singularity Studio is an innovative new project designed to improve business utilization of the SingularityNET blockchain project, which is a community-driven startup for the development of AI systems. The projects work in collaboration to enhance the adoption of AI solutions by creating a platform where users and developers can share ideas and data.

Beijing by night | Image source Pixabay.com

The partnership with PICC Financial Services will implement an accelerator program to fast-track the development of new systems that incorporate linguistic and voice recognition software, improve settlement and evaluation times, and help combat identity and insurance claim fraud. Located at the Plug & Play tech center in Beijing, the accelerator will be available to multiple fintech startups looking to conduct research, develop training initiatives or hold events.

AI and Machine Learning: Accelerating Acceleration

As further advancements in AI technology come to light, concepts such as machine learning are helping to forge an environment where the technology is improving exponentially. The term ‘Blitzscaling’, coined by LinkedIn co-founder Reid Hoffman, was co-opted by Ben Goertzel of SingularityNET early on in the development of the platform. It refers to a business model in which growth is prioritized above all else, despite the uncertainty or disruption it may bring with it.

AI-enhanced blockchain networks can aid this accelerated growth by creating a decentralized platform that can rapidly process massive amounts of data. The addition of artificial intelligence means these systems can consistently and autonomously re-purpose themselves to run at optimal efficiency.

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One example of such a network is the VELAS blockchain that was launched this year by Velas AG, a Swiss company founded by Alex Alexandrov, CEO, and founder of crypto payment platform Coinpayments. VELAS (Virtual Expanding Learning Autonomous System) utilizes next-generation AI, or ‘artificial intuitions’, which autonomously monitor, analyze and modify the network to ensure unrivaled efficiency. The blockchain provides a platform on which developers can build AI-enhanced solutions for the provision of complex financial systems, amongst other features.

“As we speak companies such as Mind.AI are already building on the VELAS mainnet, while developers can integrate AI into projects or tokenize assets and use smart contracts for crowdfunding and transactions on the Velas blockchain, just as they can with Ethereum and ERC-20,” said Shirly Valge, Project Lead at Velas AG.

The movement towards an AI dominated future can be daunting to many, with Hollywood-style fears of robots taking control of Earth. However, in reality, AI is more likely the key to providing streamlined processes, improved energy efficiency, and massively accelerated technological advancement.