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European blockchain company launches AI division

According to the co-founder and CEO, the AI research division was put together with data analysis in mind.

Blockchain, Business and intelligence, Cryptocurrency, Artifical intelligence, Bitfury Inc (www.bitfury.com)
European blockchain company Bitfury launched its artificial intelligence (AI) division.

According to a Reuters interview on Tuesday, the company's official stated that AI division will operate alongside Bitfury’s existing blockchain services and remain part of the company.

Bitfury's cofounder and CEO Valery Vavilov stressed the need to analyse and extract value from tons of available data drove the company to go into artificial intelligence, that branch of computer science that emphasises the creation of intelligent machines that act and behave like humans; he also believes the best and most efficient way to analyse the data is through artificial intelligence.

“Data is becoming the next oil,” Vavilov said. “We have collected so much data, but only 2 % of all this data has been analysed; 98 % is sitting idle and waiting to be analysed. We also need to trust that data so that’s where blockchain comes in.”

He added that Bitfury’s AI group is still a work-in-progress, with more clarity on the finality of it by the beginning of 2020.

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