- Chainlink is a $7 billion valued blockchain with immense potential to transform the crypto industry through AI adoption.
- The intersection of blockchain and AI is estimated to hit billions of dollars in the coming ten years according to research by Spherical Insights.
Chainlink (LINK), a blockchain-focused on smart contract interoperability through a decentralized oracle system, has found a new niche in tapping artificial intelligence (AI) in scaling the crypto adoption. Already, Chainlink is trusted by key Web3 projects including Aave, Synthetix, Arbol, and T systems, among others. Moreover, Chainlink had a market capitalization of approximately $3.6 billion and a 24-hour trading volume of about $124 million.
According to on-chain data from ethplorer, Chainlink (LINK) has about 651k holders who have made more than 13 million transfers to date. Trading around $7.04 on Friday, LINK price has, however, dropped more than 86 percent from its ATH.
In order to keep its community vibrant with new developments, the Chainlink team has been looking to automate the most repetitive tasks through the use of artificial intelligence (AI). Moreover, 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 its opportunities, we must first mitigate its risks.
Today, I dropped by a meeting with AI leaders to touch on the importance of innovating responsibly and protecting people's rights and safety. pic.twitter.com/VEJjBrhCTW
— President Biden (@POTUS) May 4, 2023
Chainlink and AI Integration
Ever since the outburst of AI-focused tokens earlier this year, Chainlink has shown tremendous interest in integrating with the technology. Moreover, the use of artificial intelligence and blockchain technology has been estimated to hit billions of dollars according to a report by Spherical Insights. As a result, Chainlink intends to be on the frontline in integrating blockchain and AI technologies in the next decade.
Furthermore, there are many areas that the integration of blockchain and AI technologies can revolutionize including security, supply chain, data storage, healthcare, financial services, and authenticity verification, among others.
The Chainlink team understands that artificial intelligence can help reduce data redundancy by providing reliable outputs to systems. As more networks adopt AI-powered data, mainstream adoption of blockchain is assured safely.
Artificial Intelligence is one of the most powerful tools of our time, but to seize its opportunities, we must first mitigate its risks.
Today, I dropped by a meeting with AI leaders to touch on the importance of innovating responsibly and protecting people's rights and safety. pic.twitter.com/VEJjBrhCTW
— President Biden (@POTUS) May 4, 2023
New business models are anticipated 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 unexploited despite the understanding of its potential to disrupt billion-dollar companies.
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,
Price Action
As more use cases enter the Chainlink ecosystem, the LINK army hopes the underlying coin value could break out from the multi-week consolidation. Notably, Chainlink (LINK) has consolidated on a horizontal plane since the asset hit lows in June, last year. Having gained significant momentum through positive fundamentals, crypto analysts forecast LINK could soon break out from the multi-month consolidation.
Moreover, the weekly RSI has jumped above 50, despite the price continuing to consolidate around the same level.
Recommended for you:
Subscribe to our daily newsletter!
No spam, no lies, only insights. You can unsubscribe at any time.
