Blockchain Firm BitFury Launches Artificial Intelligence Division

Blockchain infrastructure provider BitFury has launched an artificial intelligence (AI) division, which will support its mission to build new solutions across the emrging technologies landscape.

Founded in 2011, Bitfury is a full service blockchain technology company and one of the largest private infrastructure providers in the blockchain ecosystem. It also operates mining farms in Canada, Norway, Iceland and the Republic of Georgia. It is one of a handful of blockchain companies around the world with at least a $1 billion valuation.

The new AI division, which will be headed by tech expert Fabrizio Del Maffeo, who previously served as the vice president and managing director of AAEON Technology Europe, will operate alongside the company’s existing blockchain services. The division will use Bitfury’s hardware and software technologies to develop integrated product solutions at the edge, as well as cloud-to-edge enterprise solutions for governments and corporations.

Valery Vavilov, chief executive officer and co-founder of Bitfury, said the need to analyze and extract value from tons of available data drove the company to go into AI.

“Data is becoming the next oil…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,” Vavilov said. “The best and most efficient way to analyze the data is through artificial intelligence. We also need to trust that data so that’s where blockchain comes in.”

According to Vavilov, the AI division is currently in the “research mode” and that the company would have more clarity on the range of AI products it intends to offer by the end of 2019 or early 2020.

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