7 Companies That are Using Blockchain to Power AI Applications

The tech ecosystem is witnessing a rapid integration of artificial intelligence (AI). A smarter, machine learning-driven mechanism has got the potential to bolster the business infrastructure in enterprises from all verticals if the industry. Presently, AI is being used by only 15% of the business firms across the globe, while it is expected to reach 31% in the next 12 months. Another research carried out by Adobe reveals that venture capitalists have increased their investments six-fold since 2000. Besides, the concept of blockchain lies even outside the realm of cryptocurrencies and this is one of the most edge-cutting technologies to power applications. Eventually, emerging startups are using blockchain to develop robust AI applications.

Benefits of integrating blockchain technology in AI

In order to develop AI-based applications, business firms often need access to large volumes of data. It is for this reason that several blockchain startups are democratizing the access to algorithms and datasheets required to develop the AI models. Think of the facial recognition algorithm of Facebook. It auto-tags photos that are uploaded by the users. Google, too, has been using deep learning, that tweaks its ranking algorithm. Developing these predictive models call for large datasets.

However, for smaller firms, it is a challenging task to obtain these datasets. In order to make the situation more manageable, leading blockchain companies are using a decentralized twist to re-image internet services as well as access to data. The emerging crypto-networks have proposed a new way, through which data marketplaces can be created, democratizing the access to data for AI training. Leading mobile app developers are also integrating this blockchain-backed AI technology into dedicated business apps for their clients. As the data exchange takes place on blockchain, the process is much more secure. Besides, no middleman handles the files, ensuring that the shared information is unaltered.

Leading companies blockchain to power AI applications

These seven companies are exploring the newer avenues in aligning blockchain with AI and develop powerful applications

Enigma

Enigma is working on developing a data marketplace, where one can carry out computation off-chain securely. The funding of the company is $25M in VC and $45M in token sale, from two select investors. Presently, sharing data is an irreversible and risky process, involving two or more parties. One party who purchases data in a marketplace has the ability to distribute it, which can lead to a free-rider problem. Enigma has developed Catalyst, a new data marketplace, which permits organizations and companies to contribute data. The users can consume the data through smart contracts after paying a subscription.

Numerai

Numerai, operating on a funding of $7.5M in VC, uses machine learning programs that are crowdsourced to an international group of data scientists. The company then combines the results into a meta-model based on AI to trade as a long- or short-term equity hedge fund. Rewarding and incentivizing in its native token, Numeraire, the company permits data scientists bet on the effectivity of the model. Numerai then shares the earnings that are evaluated against the betted value.

Bext360

Bext360 has aligned blockchain and AI to strengthen the efficiency and transparency of supply chain in various industries like seafood, coffee, timber and minerals. The AI technology used by the company predicts and identifies the growth patterns. On the other hand, the blockchain mechanism ensures that the supply chain of the product is recorded to the finished product from seed. Bext360 has applied this mechanism in bots and mobile apps in the supply chain industry, which is emerging as a promising sector in the developing eCommerce market. The system serves as a payment ledger, ensuing a fair and quick payment to all the parties.

LiveEdu

As an online learning platform, LiveEdu has got content creators to impart knowledge on building real products to students. One can learn everything on the creation of AI and cryptocurrencies. LiveEdu uses smart contracts that are backed by blockchain, integrated into their payment systems for content creators. Presently, it has got over 270,000 educational videos, teaching how to create things. These range from video games to data science databases and AR tools to AI robots.

Ocean Protocol

This company has got a $10.4M funding in the form of token sale from one key investor. As an ecosystem for monetizing and sharing data, Ocean Protocol comes with a tokenized layer of service, helping to unlock data sharing for artificial intelligence. It has been mechanized to scale and the company has used the blockchain technology in it, allowing the data to be safely sold and shared. The process remains completely transparent and secure.

Computable Labs

Backed by four investors, Computable labs is working on a new infrastructure in the cyberspace for democratizing access to algorithms and data for AI. The aim of this company is to provide a TCR (token curated registry), serving as a hub for data exchanges. This would effectively create a decentralized marketplace for AI applications. Computable Labs prioritizes the importance of data in business and is focussing on creating a substitute for structuring data and sharing it. The company feels that it will help in unlocking tremendous enterprise value and lead to the overall progress of technology.

Synapse AI

This is a San Francisco-based company and the network provides its members with SYN Tokens, a cryptocurrency to share personal data. When this data gets into the Synapse marketplace, the users can trade their tokens for Ethereum, Bitcoin or USD. Synapse AI has come up with a reward-based marketplace, that encourages the users to share their information. This data, in turn, is purchased by advertisers and business firms operating in various segments like education, entertainment and pharmaceuticals, who can get access to a large pool of data. Till date, Synapse AI has distributed 110 million tokens to the early investors, companies and developers.

Conclusion:

Forward-thinking business firms have been collaborating with leading app developers to build AI-based apps that work on blockchain. Both AI and blockchain being new and powerful technologies, you can leverage your business with a dedicated mobile app by engaging a mobile app development company. Get across to one of the established mobile app developers for custom-built solutions. This will bolster your business infrastructure to thrive in the digitized environment.

Nisarg Mehta is the CEO of Techtic Solutions, a leading Mobile App Development Company. He has crafted, created and built Techtic Solutions Inc., which is an innovative technology and business driven firm with a clique of multi-talented developer.