Blockchain technology could be the key to democratizing AI development, according to a recent report titled “State of Crypto 2024” by leading venture capital firm a16z. According to the analysis, crypto projects with AI capabilities increased from 27% in 2023 to 34% in 2024.
Meanwhile, the cryptocurrency industry is accelerating innovation as the cost of developing artificial intelligence rises and power potentially consolidates among a small number of big tech companies. This report demonstrated how blockchain technology is removing traditional barriers to AI development and opening it up to a wider range of developers and innovators.
The most notable example is the Gensyn project, which is revolutionizing access to AI computing power through decentralized networks. For example, by providing small developers and startups with access to a variety of critical computing resources, Gensyn is also supporting the AI development playing field that has traditionally been dominated by deep-pocketed tech giants. I've been doing it.
Beyond the resource allocation perspective, this report also highlights how blockchain technology is solving some of the fundamental challenges in AI development. For example, projects like Near and Story handle content verification and intellectual property rights by using blockchain to provide a transparent system for tracking and crediting digital content creators. . This development is timely given growing concerns about the uncredited and uncompensated use of creative works in AI training datasets.
Public trust in companies that build and provide AI services in the United States has fallen from 50% to 35% over the past five years. Blockchain’s inherent transparency enables a verifiable record of AI development and training, helping restore that trust.
