Artificial intelligence (AI) and cryptocurrencies will likely be two of the biggest sectors in 2024 for different reasons. Both industries have pulled in great numbers over time and have secured heightened interest among individuals and organizations alike. As the year goes by, all signs point to a continued increase in adoption for both sectors. In addition, the progress in both sectors may suggest that a combination of AI and cryptocurrency will become more commonplace. If this happens, AI and cryptocurrency will complement each other in ways that not only improve each one individually, but also enhance other industries.
Growing Popularity of Cryptocurrencies and Digital Assets
Cryptocurrencies are a popular alternative to fiat currency, with a growing number of people either holding them as investments or using crypto for payments. The decentralized nature of the average digital asset makes it a useful tool to avoid government control of fiat, ensuring that no external authorities can limit the use of personal funds. In 2024, the adoption of cryptocurrencies, especially Bitcoin, will likely increase. Already, Bitcoin’s popularity makes it a popular choice as a medium of exchange, a store of value, and a facilitator for online entertainment. For instance, the best Bitcoin casinos already allow players to deposit Bitcoin and other cryptocurrencies to place bets and enjoy casino games. These platforms also offer several other perks, including up to 200% in bonuses, free spins, up to 60% in rakebacks, no-limit withdrawals, and games that apply provably fair technology.
Artificial Intelligence So Far
For AI, there has been a continuous expansion in adoption and use cases since OpenAI launched ChatGPT in November 2022. In a way, OpenAI drove tech companies to fast-track the development of several AI products, with many launching chatbots and AI assistants, like Google’s Bard, introduced in March 2023. However, it is essential to note that there are few popular AI tools that launched before ChatGPT. For instance, AI content writing tool Jasper launched in 2021, while photo-generation AI platform Midjourney launched in July 2022.
Merging AI and Cryptocurrency
Generally, AI helps to crunch data much quicker than was previously possible. This role significantly reduces the time needed to analyze and interpret data to extract meaning. On the other hand, cryptocurrencies and blockchain technology provide a decentralized platform that can support storing, transferring, and using these data. Delving into specifics, combining AI and crypto is advantageous for the following reasons:
- Enhanced Security
Merging AI and crypto will significantly improve security and enhance fraud detection. AI tools can quickly analyze transactions and related data in real time to identify suspicious patterns that may suggest illicit activity. Through machine learning, AI models can train themselves to increase the speed with which they identify these anomalies, quickly spotting fraudulent transactions before they cause damage. Combining this with crypto and blockchain ensures that all transaction records analyzed by the AI models remain the same. This contributes to security and maintains the accuracy of the data used in AI training.
- Personalized Services
An AI model’s ability to analyze and interpret data to identify patterns can help create tailor-made features to benefit specific user behavior. In addition to spotting fraud, analyzing transactions and user patterns can help with crypto services, including customized alerts, personal risk assessments, and individualized investment advisory. AI chatbots can also take this further by responding to user queries on these personalized financial services.
- Enhanced Efficiency
Both AI and cryptocurrency go a long way to increase efficiency and create productive environments in general. The inherent decentralization in most crypto and blockchain systems eliminates intermediaries, increasing efficiency and reducing costs. AI also helps to simplify complex processes via automation. This means that functions like asset management and trading will eventually become faster and cheaper.
Conclusion: Expect More Benefits from AI and Crypto
Any system, sector, or industry that prioritizes a combination of AI and cryptocurrency will likely enjoy many benefits. Integrating both sectors greatly supports innovation, enhances security, improves efficiency, and helps to decentralize access to financial services. With time, both technologies will evolve, birthing new use cases, improving old ones, and ultimately shaping the future of tech and the entire digital landscape.
