2023: The Year of Artificial Intelligence
This is an opinion post written by Ken Timsit, Head of Cronos Labs
Artificial intelligence is taking center stage in 2023, presenting an opportune time to explore the various types and applications of AI. This exploration is especially relevant for startups and projects at the intersection of AI and blockchain.
To propel this momentum into 2024, Web3 startups should gain a deeper understanding of the focus areas for the development of projects at the intersection of blockchain and AI. Analysis of over 600 Web3 startup applications through the Cronos Accelerator Program has provided valuable insights into the current landscape of blockchain and AI.
Four Main Focus Areas for Blockchain and AI Projects
Cronos Labs identified four main focus areas for projects in the blockchain and AI space:
“It is the area where AI will create the most value for the blockchain industry,” said Timsit. Projects like ChatGPT and Midjourney have demonstrated how generative AI can enhance the productivity of various team members, including creative designers, coders, and customer support specialists.
While blockchain protocols may have significant backend capabilities, the user experience is crucial for widespread adoption. Timsit emphasized the need for AI to guide users through product functions and interfaces, providing a seamless and user-friendly experience.
Provenance and Digital Identity
Decentralized identity protocols and the use of AI may finally converge to address provenance and digital identity challenges. However, Timsit highlighted the need for sustainable solutions to drive user adoption and go-to-market strategies.
Powering the AI Economy
The synergy between AI and blockchain has led to the creation of an ecosystem of user and developer tools. Timsit cited examples of startups focused on providing access to AI models and developing blockchain-based financial rails to facilitate AI transactions.
As 2023 sets the stage for the role of AI in the business world, 2024 holds the promise of how blockchain can leverage AI to accelerate its growth.
Prior to joining the Cronos project in 2021, Ken was chief revenue officer at ConsenSys, the Ethereum technology company behind market-leading products MetaMask and Infura, where he spent 5 years.
Ken started his career at The Boston Consulting Group (BCG), where he spent 15 years in Paris, New York, and Singapore, and was a partner and managing director focusing on financial services and fintech. He subsequently co-founded an e-commerce startup in Southeast Asia.
Ken is a frequent speaker at blockchain conferences and has co-authored several reports and publications on Web3 and fintech. Between 2018 and 2020, he served as a management committee member of the European Commission’s EU Blockchain Observatory and Forum.
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