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Home»Blockchain»Will Banks Drive Blockchain AI Transformation?
Blockchain

Will Banks Drive Blockchain AI Transformation?

2023-05-27No Comments2 Mins Read
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Blockchain


Investment bank Goldman Sachs and Microsoft want to boost Web3 adoption on the Canton blockchain through artificial intelligence (KI).

The duo joins traditional finance (TradFi) giants Deloitte, S&P Global, Moody’s, BNP Paribas and Cboe Global Markets in building infrastructure during the crypto bear market.

AI can improve Web3’s user experience

The recently released Canton Network connects the trading platforms of Goldman and Deutsche Börse, whose nominal volumes exceed the trading activity of many crypto assets.

The network is built on Microsoft’s Azure cloud. The consortium hopes to attract developers with the new smart contract language for digital assets.

Microsoft said last month it wants to increase Web3 users with artificial intelligence at Canton. The company said yesterday that Bing has been added to OpenAI’s ChatGPT Plus premium service.

AI can analyze app usage patterns to help Web3 companies improve user experience. First, it can assess a product’s weaknesses and help users pick up where they left off.

In addition, the technology can also streamline complex tasks such as decentralized management and token management. AI can also improve network management through automated data collection, decision-making, monitoring for malicious activity, and streamlining transaction processing.

Google, also a notable cloud and AI player, became a Solana validator last year. It then teamed up with the Tezos Foundation in February for similar reasons.

Google’s deal with Polygon last month provides tooling and infrastructure that enable zero-knowledge projects. The Silicon Valley giant recently opened the preview of its PaLM 2 library to enable programmers to add AI to their applications.

See also  Binance Academy and BNB Chain introduce innovative training program for developers

Canton Network can streamline trade, says Cboe

TradFi companies see real-world asset tokenization as their next goal as banks can take advantage of faster asset transfers on blockchains. According to Cboe’s Cathy Clay, Canton can help “create new market infrastructure and make global trade in products more efficient.”

Canton Network Topology | Source: Canton White Paper

Early efforts have symbolized valuable assets such as real estate, vehicles or fiat for rapid transfer across blockchains. BlackRock CEO Larry Fink told shareholders that the bank would symbolize stocks and bonds this year.

Previously, JPMorgan Chase exchanged tokenized Japanese yen and US dollars using an authorized Aave pool whose access was determined by credentials in smart contracts.


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