How Banks Plan to Use AI to Boost Web3 Adoption – BeInCrypto

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

The duo joins traditional finance (TradFi) giants Deloitte, S&P Global, Moodys, BNP Paribas, and Cboe Global Markets in building infrastructure during the crypto bear market.

The recently-released Canton Network links the trading platforms of Goldman and Deutsche Brse, whose notional volumes exceed the trading activity of many crypto assets.

The network is built on Microsofts Azure cloud. The consortium hopes to attract developers with the new digital asset smart contract language.

Microsoft said last month it wants to increase Web3 users with artificial intelligence on Canton. The firm said yesterday that added Bing to OpenAIs ChatGPT Plus premium service.

AI can analyze app usage patterns to help Web3 firms elevate user experiences. Firstly, it can assess a products weak points and help users easily pick up from where they left off.

In addition, the technology can also streamline complex tasks like decentralized governance and token management. AI can also improve network management through automated data collection, decision-making, monitoring for malicious activity, and streamlining transaction processing.

Google, also a notable cloud and AI player, became a Solana validator last year. After that, it joined forces with the Tezos Foundation in February for similar reasons.

Googles deal with Polygon last month provides tooling and infrastructure empowering zero-knowledge projects. The Silicon Valley giant recently opened the preview of its PaLM 2 library to enable coders to add AI to their applications.

TradFi firms envision real-world asset tokenization as their next goal, as banks can benefit from faster asset transfers on blockchains. According to Cathy Clay of Cboe, Canton can help create new market infrastructure and drive efficiency in the trading of products across the globe.

Early efforts have tokenized valuable assets like real estate, vehicles, or fiat for fast transfer across blockchains. BlackRock CEO Larry Fink told shareholders the bank would tokenize stocks and bonds this year.

Previously, JPMorgan Chase exchanged tokenized Japanese yen and U.S. dollars using a permissioned Aave pool whose access was governed by credentials in smart contracts.

For BeInCryptos latestBitcoin(BTC) analysis,click here.

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How Banks Plan to Use AI to Boost Web3 Adoption - BeInCrypto

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