For quite a number of years, blockchain was just a buzzword that companies threw around to excite investors. However, in the past two years, this has greatly changed and developers are churning out practical solutions that apply blockchain technology, Angelo Dalli believes. The CEO and co-founder of Umnai believes that at the current pace of development, blockchain technology will power every other industry in the near future.
Dalli’s startup Umnai is working on more open and transparent artificial intelligence systems which can have a dialogic relationship with humans. Speaking to CoinGeek’s Becky Liggero during this year’s Malta AI and Blockchain Summit, Dalli stated that blockchain is maturing and becoming more practical. He stated:
Instead of addressing something that is very theoretical, we are seeing useful practical applications of both crypto and distributed ledger technology which affect healthcare, payments and also making it easier for everyone to start using it. So, I think that the crypto and blockchain space is becoming more accessible for everyone.
The benefits of using blockchain technology extend beyond any single industry, he stated, noting fraud detection as one sector that’s set to be transformed by the technology. Blockchain will also greatly impact the AI industry, enabling the participants to store big data securely as well as communicate and share data without the need for trust.
The continued maturity of the blockchain industry is worth getting excited about, Dalli believes.
I think that what has changed since last September edition (previous Malta AI and Blockchain Summit), is that things have gotten more real. And that excites me, because I’m seeing very useful applications of blockchain, crypto and AI.
And just like many other industry titans, Dalli drew a comparison between the current blockchain environment and the early days of the internet. Just like with the internet, blockchain will not become ubiquitous overnight. It could take a couple of decades, but since the benefits are there for everyone to see, it will eventually end up powering every other industry.
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