European blockchain company, The Bitfury Group, has launched an Artificial Intelligence (AI) unit to extract value from tons of available data, a senior official told Reuters in an interview today.
Bitfury’s co-founder and CEO, Valery Vavilov, who described data as the “next oil,” stated that too many data are currently lying idle and need to be processed to derive value.
This need inspired the firm toward establishing an AI unit to help break down the large amounts of available data Bitfury has acquired over the years.
“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,” Valery said in the interview.
However, there is need to trust these data that the AI unit will process, which is why the prowess of the Blockchain technology would be utilized in analyzing these data, for easy recording and tracking, Valery added.
The CEO also said that the AI unit is still researching other wide range of products it would offer. He promised that more details about the AI unit would be given by the end of this year or the beginning of next year.
The company has appointed Fabrizio Del Maffeo, former vice president and managing director of AAEON Technology Europe, a startup that focuses on AI and IoT as part of Taiwan’s ASUS Group, to head the AI unit.
Valery further stated that the AI unit will be combined with the firm’s existing blockchain services, including developing crypto mining hardware, crypto mining data centers, and will remain a part of the company in the long run.
As reported by Coinfomania in April, Bitfury partnered with Final Frontier, a specialist firm that invests in innovative technologies, to launch a regulated bitcoin mining fund for Bitcoin mining investors.
The move is reportedly designed to eliminate the challenges investors encounter in Bitcoin mining.
