Tuesday, February 25, 2020

What to Expect at the Malta A.I. and Blockchain Summit: 3rd Edition

Masozi Appleton
After studying finance in the US, I went on to a career in traditional finance. My interest in fintech, and crypto in particular, as led me to become involved in reading and writing about it as much as possible. I'm excited to see where it will go over the coming years.

The third installment of the seasonal Malta A.I. and Blockchain Summit is set to take place on the 7th and 8th of November this year. As with previous editions, the event will feature talks and exhibitions by some of the biggest names in the industry, including Brock Pierce, Tone Vays, Tim Draper, and Bobby Lee. This seasons edition also features a special appearance by U.S. singer Akon who recently launched his own cryptocurrency project, Akoin.

In addition to blockchain and A.I., the event will cover a range of subjects related to emerging and nascent technologies such as quantum technology, big data and the Internet of Things (IoT). Featuring 150 exhibitors and attended by 700 investors and 5500 delegates, the third Malta A.I. and Blockchain Summit occurs during Malta week, which also hosts the Medical Cannabiz World Summit on the 4th and 5th of November.

Blockchain and A.I: friends with benefits

Over the past decade, the technology that fuels artificial intelligence has improved by leaps and bounds, with the world’s leading tech giants like IBM and Microsoft injecting billions into the industry. Accounting firm PwC predicts that by 2030 the A.I. industry will have contributed $15.7 trillion to the world economy, adding 14 percent to the global GDP. Furthermore, A.I.-related businesses that incorporate blockchain technology into their systems are predicted to add an additional $3.1 trillion to the total.

How blockchain assists in the development of A.I. is in its ability to track, trace and record large amounts of data in a secure, transparent and immutable database. Big Data is key to the successful operation of any publically-accessible A.I. system, but with public data comes the need for enhanced security. Blockchain’s inherently encrypted nature provides an incorruptible, hack-proof database that is at once globally-accessible while ensuring the privacy of sensitive information.

With the massive amounts of data created by A.I. systems, the task of parsing through and analyzing it can be daunting, especially when trying to assess why certain decisions were made. Blockchain or similar DLT-type databases offer a fast, secure and easily accessible method of shared data provision which is the perfect accompaniment to an open-source, A.I.-development project.

Blockchain 3.0: AI-enhanced neural networks

Alex Alexandrov, CEO of Coinpayments and founder of new A.I.-enhanced blockchain network VELAS spoke at the previous Malta A.I. and Blockchain Summit earlier this year. His team is working on integrating A.I.-enhanced neural networks into a blockchain framework to improve upon several common problem areas such as speed, efficiency, scalability, and security.

“VELAS elects block producers based on performance dependability and amount of estate while also optimizing network parameters such as block production speed, allowing the network to automatically slow down or accelerate, making it capable of processing up to 30,000 transactions per second,” said Alexandrov, speaking at the summit.

While both blockchain and AI independently represent two ground-breaking and innovative industries, together they form a powerhouse of technological evolution. Each complements the other in ways that can collectively help advance technological systems in several major fields, including energy, fintech, and medicine. In an interview with CNBC before his death, Professor Stephen Hawking stated his belief that AI’s deep learning capabilities have major implications for the healthcare industry – specifically for people with life-changing disabilities such as his own.

The 3rd edition of the Malta A.I. and Blockchain Summit will be held at the InterContinental Hotel, Malta from 7-8 November 2019.

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