Chainlink to capture the billion-$ market with AI use cases
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- Chainlink is a blockchain valued at $7 billion with huge potential to transform the crypto industry through AI adoption.
- The intersection of blockchain and artificial intelligence is estimated to hit billions of dollars over the next ten years, according to research from Spherical Insights.
Chainlink (LINK), a blockchain focused on smart contract interoperability through a decentralized oracle system, has found a new niche in leveraging artificial intelligence (AI) to scale crypto adoption. Chainlink is already trusted by key Web3 projects, including Aave, Synthetix, Arbol and T-systems, among others. Moreover, Chainlink had a market cap of around $3.6 billion and a 24-hour trading volume of around $124 million.
According to on-chain data from ethplorer, Chainlink (LINK) has approximately 651,000 holders who have made more than 13 million transfers to date. However, trading around $7.04 on Friday, the LINK price has fallen more than 86 percent from its ATH.
To keep their community alive with new developments, the Chainlink team has been looking to automate the most repetitive tasks through the use of artificial intelligence (AI). Also, governments are preparing to regulate the AI industry for safe adoption at scale.
Artificial intelligence is one of the most powerful tools of our time, but to seize the opportunities we must first reduce the risks.
Today I attended a meeting with AI leaders to discuss the importance of innovating responsibly and protecting people’s rights and safety. pic.twitter.com/VEJjBrhCTW
— President Biden (@POTUS) 4 May 2023
Chainlink and AI integration
Ever since the outbreak of AI-focused tokens earlier this year, Chainlink has shown tremendous interest in integrating with the technology. Also, the use of artificial intelligence and blockchain technology has been estimated to hit billions of dollars according to one report by Spherical Insights. As a result, Chainlink intends to be at the forefront of the integration of blockchain and AI technologies in the next decade.
Furthermore, there are many areas that the integration of blockchain and AI technologies could revolutionize, including security, supply chain, data storage, healthcare, financial services, and authentication, among others.
The Chainlink team understands that artificial intelligence can help reduce data redundancy by providing reliable output to the systems. As more networks adopt AI-powered data, mainstream adoption of blockchain is assured.
Artificial intelligence is one of the most powerful tools of our time, but to seize the opportunities we must first reduce the risks.
Today I attended a meeting with AI leaders to discuss the importance of innovating responsibly and protecting people’s rights and safety. pic.twitter.com/VEJjBrhCTW
— President Biden (@POTUS) 4 May 2023
New business models are expected to be unlocked through the integration of blockchain and artificial intelligence technologies in the coming years. Moreover, the intersection of blockchain and AI technologies remains largely untapped despite the understanding of its potential to disrupt billion-dollar businesses.
Chainlink noted in a blog post;
The combination of blockchain and AI can produce intelligent automated decision-making systems that provide highly reliable outputs that trigger specific real-world outcomes based on immutable, tamper-proof data,
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Price action
As more use cases enter the Chainlink ecosystem, the LINK army hopes that the underlying coin value can break out of the multi-week consolidation. In particular, Chainlink (LINK) has been consolidating on a horizontal plane since the asset hit a low in June last year. After gaining significant momentum through positive fundamentals, crypto analysts predicted that LINK may soon break out of its multi-month consolidation.
Also, the weekly RSI has jumped above 50, despite the price continuing to consolidate around the same level.
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