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How banks plan to use AI to drive Web3 adoption

Investment bank Goldman Sachs and Microsoft want to boost Web3 uptake On the Canton blockchain through artificial intelligence (Amnesty International).

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

Artificial intelligence can improve the Web3 user experience

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

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

Microsoft said last month that it wanted to increase Web3 AI users in Canton. The company said yesterday that it has added Bing to OpenAI’s premium ChatGPT Plus service.

AI can analyze application usage patterns to help Web3 companies improve user experiences. First, it can assess product weaknesses and help users easily pick up where they left off.

In addition, the technology can also simplify complex tasks such as decentralized administration and token management. AI can also improve network management by automatically collecting data, making decisions, monitoring malicious activity, and streamlining transaction processing.

Google, also a prominent cloud and artificial intelligence operator, became Solana’s auditor last year. Then, it joined the Tezos Foundation in February for similar reasons.

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

Cboe says the Canton network can simplify trading

TradFi companies envision tokenizing real-world assets as their next target, where banks can take advantage of faster asset transfers on blockchains. According to Cboe’s Cathy Clay, Canton can help “create new market infrastructure and increase efficiency in trading products around the world.”

Canton Network Topology | source: white canton paper

Early efforts led to tokenization of valuable assets such as real estate, vehicles, or securities for rapid transfer via the blockchain. BlackRock CEO Larry Fink told shareholders that the bank will be symbolizing stocks and bonds this year.

Previously, JPMorgan Chase exchanged Japanese yen and US dollars using licensed Aave Group whose access was governed by credentials in smart contracts.

For the latest Bitcoin (BTC) analysis from BeInCrypto, click here.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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