Cardano’s Hoskinson Names AI-Blockchain Use Cases—Is ADA Ready to Seize the Moment?

• In his recent presentation at the Ai4 conference, Cardano co-founder Charles Hoskinson addressed the intricacies around the merging of blockchain technology and Artificial Intelligence (AI).

• According to him, AI’s reliance on huge computational resources could be offset by the existence of tokenomics. 

The groundbreaking entry of Artificial Intelligence (AI) into the crypto or blockchain space was the focal point of the Ai4—Artificial Intelligence Conferences 2024, which featured Cardano’s (ADA) Charles Hoskinson as a speaker. In his keynotes, Hoskinson delved into the ongoing situation of AI leveraging blockchain as an incentive and trust layer to create a decentralized marketplace for data, models, and inference. 

In his submission, the Cardano co-founder explained how the integration of AI and blockchain could redefine and transform healthcare by implementing electronic health record systems (EHR). He also mentioned the challenges of this combination, as both are severely confronted by governance issues daily. 

In the previous year, the Whitehouse, for instance, introduced the revolutionary executive order on AI, with the United Nations forming an advisory committee on the fast-growing technology. To sanitize its use, the European Union reached an agreement on the EU AI Act. Similarly, blockchain has been undergoing regulatory and governance issues for the past couple of years. To prepare for this, Cardano recently elected an interim constitutional committee for its decentralized governance structure, as we reported. 

Highlighting their existing challenge and how they complement each other, Hoskinson referenced the issues of reliance on AI on a wide range of computational resources and how tokenization provides the needed solution. 

More on Hoskinson’s Presentation on AI and Blockchain

While admitting that their close collaboration could be a breeding ground for innovations and solutions, the entrepreneur also observed that privacy concerns, resource scarcity, and determinism resistance could impose a huge challenge in merging them. However, the integration of Blockchain in AI could lead the revolution of data management, incentivize sharing, and enable the creation of a decentralized marketplace for computation and reference. 

He further highlighted that blockchain’s use cases in AI, which include royalty management and vehicle identity, underscore its ability and potential to address “complex computations and coordinating functions.” 

Summarizing Hoskinson’s speech, Input Output CTO Romain Pellerin wrote on X that the combination of AI and blockchain, though a huge challenge, could be a gateway to significant solutions.

Merging blockchain and AI presents significant challenges but also opens up opportunities for innovation. From governance and data privacy to decentralized marketplaces and ethical concerns, the intersection of these technologies requires careful coordination and incentives alignment to unlock its full potential.

In addition to that, Pellerin explained Hoskinson’s presentation on the issue of privacy in AI development and how similar emerging technologies are confronted with regulatory challenges. 

Privacy in AI development remains a critical issue. Fully homomorphic encryption could enable private smart contracts and secure data sharing without compromising privacy…Blockchain, AI, quantum computing, and synthetic biology all face similar regulatory and data ownership challenges. Philosophical alignment and problem-solving approaches are crucial.

To take advantage of this combination, Cardano recently announced a partnership agreement with RCO Finance to advance the crypto AI market, bringing a shift to the Decentralized Finance (DeFi) space and allowing Decentralized Applications (DApps) to become more efficient, transparent, and secure. RCO Finance is known for its incorporation of new-generation crypto AI technology. 

ADA was trading at $0.33 at press time after declining by 0.2% in the last 24 hours.