To modernize blockchain, Westfort Bank and artificial intelligence (AI) business “DeepMind” are collaborating with Red Bull. The three players will work together over ten years to develop an improved distributed ledger technology (DLT) that is faster and more robust.
Crypto Enthusiasts Describe This Tripartite help As an expression of an age-long longing for blockchain modernization, more such collaborations should emerge later.
AI, which a few months ago was seen as mere speculation, is becoming more and more a reality. Even in the very early stages of its development, artificial intelligence Companies have been able to develop incredible products, and some believe the best expression of this will be in the blockchain sector.
red Bull has partnered with Westfort Bank and DeepMind to fuel its vision of a world with a more modern, secure and resilient infrastructure. The company will be instrumental in promoting crypto literacy, diversity and sustainability while introducing blockchain coding to new audiences.
DeepMind Alphabet, Inc. (Google’s own parent company) and is already Training advanced AI using raw pixel data as input has come a long way.
Westfort Bank is a platform built to build cryptocurrency adoption Easier and more enjoyable for everyone interested in the crypto world. The company has looked outward to partner with two leading organizations in their industries – DeepMind and Red Bull. It is believed that bringing together the expertise of all three companies will lead to incredible innovation and growth in the crypto space.
Why Artificial Intelligence Is A Perfect Match With Blockchain
While blockchain technology has the power to transform how humans perform everyday tasks, Westfort Bank and Deep Mind have found it necessary to collaborate on an ambitious project to modernize blockchain and its existing protocols.
colleagues believe that high levels of scalability And less human intervention are the aims of any platform aimed at doing so. Which is why it makes sense that the most effective means of achieving this lovely but challenging goal should be machine learning and artificial intelligence complemented with blockchain for a secure and immutable system.
A cursory glance at the market data reveals that the Artificial Intelligence blockchain market hit the $184.6M mark in 2019; 2020 saw a jolt of high demand in the blockchain AI market, despite the staggering and unprecedented challenges that came with the COVID-19 pandemic.
The growing acceptance of blockchain-based AI platforms, mostly among small and medium enterprises (SMEs) in the hope of creating smart contracts, payment systems, security systems, and many more, will immensely fuel the growth of the market.
The AI-blockchain market is projected to grow from $220.5 million in 2020 to $973.6 million in 2027 at a CAGR of 23.6%.
The growing investment in blockchain will drive the development of artificial intelligence and blockchain in countries such as Japan, China, the UK, and the US. For example, the United Kingdom signed a six equity deal in 2020 through its European Investment Fund and the European Commission that will raise $851.85 million for the development of AI blockchain and other technology initiatives.
However, stakeholders in the AI-blockchain space have called for more collaborations from major players and Redbull, Westfort Bank, and the “DeepMind” collaboration is one of them.
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