In a recent blog post by Coinbase, the company outlined the burgeoning growth in artificial intelligence (AI) capabilities and their intersection with blockchain technology, a domain where Coinbase has been an innovator. The post highlighted the recent advancements in AI, including significant progress in text-to-image models and large language models, and their application across various business scenarios from search and recommendation systems to software development and big data analytics. Coinbase cited forecasts predicting that Generative AI could burgeon into a $1.3 trillion market by 2032, with a Compound Annual Growth Rate (CAGR) of 42% over the next decade.
The discussion pivoted to the synergy between blockchain technology and AI, focusing on two main aspects: enhancing blockchain platforms with AI/ML models and leveraging blockchain to add value to AI/ML product and service ecosystems. Coinbase particularly emphasized blockchain’s capabilities that could revolutionize AI model development, deployment, and operation. These include cryptographic primitives, blockchain protocols, and smart contracts, facilitating data security, provenance, traceability, auditability, decentralized decision-making, autonomous code execution, digital identities, and micropayments.
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Coinbase elaborated on how blockchain technology could benefit the AI sector, offering solutions for data and model integrity, usage and access rights management, incentives and payments for resources, and deploying AI on blockchain platforms. The post envisaged blockchain’s role in ensuring the integrity of data and models, managing ownership and access rights through NFTs and smart contracts, facilitating micropayments and revenue sharing, and enabling the deployment of AI models directly on the blockchain for greater transparency and trust.
Lastly, Coinbase shared its vision of contributing to this evolving landscape, aiming to increase economic freedom worldwide by building trustworthy, compliant products and supporting developers in the generative AI ecosystem. The company expressed an interest in partnering with entities skilled in AI solutions to bring these innovations to fruition.
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- Source: https://www.cryptoglobe.com/latest/2024/04/coinbase-eyes-generative-ai-envisioning-blockchains-role-in-a-1-3-trillion-market-by-2032/
