In a news report interview, the company’s top official indicated that the Bitfury Group, a European block chain company, was recently valued at more than $1 billion. It has also launched its artificial intelligence (AI) division.
The AI division will function together with the Bitfury’s current blockchain services and will remain part of the company.
Around the world, Bitfury is one of the few blockchain companies with at least a $1 billion valuation.
The list includes Coinbase, a U.S.-based exchange. Meanwhile, China’s Bitmain is considered to be the largest cryptocurrency mining firm in the world.
The chief executive officer and co-founder of Bitfury, Valery Vavilov, stated the need of analyzing and extracting of value from tons of available data. It is the one that drove the company to go into artificial intelligence.
It is also the branch of computer science that highlights the creation of intelligent machines that act and behave like human.
Analysis of Data Collected
Vavilov said, “Data is becoming the next oil.”
He also added, “We have collected so much data, but only 2% of all this data has been analyzed; 98% is sitting idle and waiting to be analyzed.”
Vavilov believes that the best and most efficient way to analyze the data is through artificial intelligence.
The technology established in the public and private sectors gained attention globally. It is due to its ability to permanently record and track assets or transactions across all industries.
So far this year, one of the tech sectors that attracted large funding is artificial intelligence.
At second quarter of 2019, a record investment of $7.4 billion in AI startups, according to research firm CB Insights. The majority is going to transportation and health care-related companies.
The Bitfury’s AI group is still in “research mode”, Vavilov stated.
The range of AI products the company intends to offer by the end of the year, or the beginning of 2020 is still being clarified by the company and Vavilov.
Bitfury appointed technology expert Fabrizio Del Maffeo to lead the AI division.