The Role of Artificial Intelligence and Blockchain in Web3
How do you see the growth of artificial intelligence in the Middle East?
The Middle East region has always achieved ambitious visions. This region has realized that artificial intelligence (AI) will be pervasive in all aspects of life over the next five to 10 years, will lead to huge cost savings and/or efficiencies and governments are planning to harness the power of AI as quickly as possible. possible.
What new trends have you seen?
We observed the following trends:
Industry-wide development programs to learn the basic data science mathematical skills to understand AI. Government-wide programs are being rolled out to ensure that every public servant understands what AI is, the potential and the limitations of the technology.
The innovation ecosystem has grown significantly over the past five years with the development of innovation hubs everywhere. To support the growth of this Abu Dhabi global market ecosystem, the Dubai International Financial Center has facilitated the process of doing business for startups and attracted many venture capital funds. The region attracts external talent and develops their internal capabilities through education and various innovation programs.
There is a great effort to understand and regulate emerging technologies and the regulator in Abu Dhabi and Dubai is already working closely with the technology and innovation ecosystem. They have set up sandboxes to support and observe the development of startups. VARA, the Virtual Assets Regulatory Authority is a good example with around 50 Web3 companies in their sandbox.
Tell us about the role of artificial intelligence and blockchain in Web3.
Artificial intelligence and in particular computer vision is the underlying technology that enables virtual reality and augmented reality. Meanwhile, blockchain is the technology that keeps and tracks smart contracts and records immutably and transparently. The technology represents a big step forward in terms of data collection and data quality. Therefore, these blockchain-enabled datasets are a primary input for AI algorithms. Blockchain also enables fast and scalable transactions, providing reliable data in real time.
Artificial intelligence is the only tool capable of analyzing this data, detects fraud in a large number of crypto transactions. As more people and organizations enter the metaverse, AI-enabled toolkits will bring value to organizations to better understand their customers, derive value for NFTs, and monetize interactions. in the virtual world.