Chris Feng, Co-Founder and COO of Chainbase on Wednesday outlined the revolutionary impact of Web3 and artificial intelligence (AI) on the future of digital economies.
In an interview with Benzinga, Feng stressed that a decentralized data AI infrastructure is crucial for overcoming the limitations of centralized systems, enhancing transparency and promoting data sovereignty.
“Unlike traditional data providers, a decentralized infrastructure ensures that data is not owned by a single party, hence increasing transparency and confidence in the data ecosystem,” Feng explained.
This approach aligns with Web3 principles, fostering a more democratic and inclusive data management environment.
Addressing the challenges faced by Chainbase in building its omnichain data network, Feng noted the complexities of ensuring interoperability across different blockchain networks and managing large volumes of data.
Chainbase tackled these issues by developing universal data processing standards and integrating advanced technologies like real-time data lakes, ensuring seamless data flow and maintaining high standards of quality and security.
Feng also discussed how an omnichain data network can benefit retail users in the Web3 space by providing direct access to reliable on-chain data.
This access allows users to make informed decisions based on transparent and verified information, enhancing their trading, investment, and participation in decentralized applications.
The integration of blockchain technology into AI development was another key topic of discussion.
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According to Feng, blockchain provides a secure and transparent framework for data management, which is vital for training reliable AI models.
“Blockchain’s immutable and decentralized nature ensures data integrity and reduces the risk of tampering,” he said, adding that this could lead to the creation of decentralized AI marketplaces, promoting collaboration and innovation in the field.
Web3 technologies, Feng emphasized, offer unique solutions to data ownership and privacy challenges in AI applications.
By utilizing decentralized identification and encryption protocols, Web3 ensures that individuals retain control over their data, deciding who can access it and for what purpose.
This approach aligns with ethical and regulatory norms, ensuring that data ownership rights are respected throughout the data lifecycle.
Looking ahead, Feng believes that the convergence of Web3 and AI will revolutionize digital economies, creating more decentralized, efficient and equitable systems.
“This merger opens up new avenues for economic innovation,” Feng remarked, pointing to the potential of DeFi platforms and tokenized economies.
He added that Web3 and AI could empower individuals by granting them control over their data and digital identity, enabling them to monetize their data directly and participate in governance.
As digital economies continue to evolve, the collaboration between Web3 and AI is expected to drive creativity, resilience, and growth, leading to a more inclusive and democratized economic landscape.
These technologies will likely play a central role in the establishment of decentralized autonomous organizations (DAOs) and other community-driven projects, paving the way for new forms of economic interactions and wealth creation.
The implications of Web3 and AI for the future of digital economies will be a focal point of discussion at Benzinga’s Future of Digital Assets event on Nov. 19, where industry leaders and experts will explore the transformative potential of these technologies.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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