Charles Hoskinson, founder of Cardano (ADA) on the use cases of artificial intelligence in Blockchain

Artificial intelligence is undoubtedly one of the hottest topics within the cryptocurrency industry (and beyond) over the past few years.

With the advent of companies devoting their efforts to improving and developing various AI-based tools and programs, many crypto projects have also integrated new technology into their protocols.

You can take a look at some of the top AI cryptos in one of our deep dives on the subject.

Charles Hoskinson, the founder of Cardano, recently attended the Ai4 Conference, an event focused on Artificial Intelligence held in Las Vegas from August 12-14. He delivered the keynote, addressing some of the challenges of merging blockchain and AI.

AI Leveraging Blockchain

IOHK’s Chief Technology Officer, Romain Pellerin, summarized his speech.

Hoskinson said AI is able to leverage blockchain-based technology as a layer of trust and incentives in an attempt to build decentralized markets for data, inference and models.

He highlighted that blockchain’s role in AI could “revolutionize data management, incentivize sharing, and create decentralized markets for computation and inference.”

Additionally, Cardano’s founder noted that tokenization and incentives can offer solutions to AI’s reliance on big data and computing power.

What about challenges?

While the executive found many intersections, he also noted that many challenges lie ahead.

The fundamental difference between blockchain and AI, such as privacy issues, resource scarcity, and determinism, create incompatibilities. Coordination remains key, but merging these systems can prove difficult.

He further said that privacy in the development of AI solutions remains a critical issue, but fully holomorphic encryption (FHE) could enable private smart contracts and secure data sharing without having to compromise privacy.

The integration of AI and blockchain is hampered by technical incompatibility and the first-mover problem, but complementary solutions could emerge to address these challenges. said Hoskinson.

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