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The integration of advanced technologies like GenAI is generating significant optimism within the cryptocurrency world as well.
The ability of generative artificial intelligence (AI) to impact the global financial world is only starting to unfold, according to OpenAI Inc. Chief Technology Officer Mira Murati. Speaking at Singapore’s Asia Tech X conference on Thursday, Murati emphasized the growing intuitiveness of OpenAI’s latest GPT-4o model and its growing adoption in various tasks such as coding, writing, and administrative work.
“We don’t quite realize the impact that this is going to have in businesses and at work because it is just starting. But what we’ve seen so far is that over a very short amount of time, these AI systems have entered the workforce as collaborators,” she said.
An IBM’s research from last year echoes this sentiment, stating:
“The applications for generative AI are growing every day, and we’re just starting to explore the possibilities.”
Notably, Generative AI refers to deep-learning models capable of producing high-quality text, images, and other content based on their training data. Experts believe that the technology is poised to revolutionize numerous industries with OpenAI leading this competitive landscape. However, rivals such as Alphabet Inc’s Google, Facebook parent Meta Platforms Inc, startup Anthropic, and Elon Musk’s AI startup, xAI, are all vying for dominance in the growing sector.
Maruti believes that this “extreme” competition “can actually be really good as long as it’s a competition to the top on safety and people don’t cut corners.”
Earlier this month, OpenAI released the GPT-4o chatbot, which Murati described as the future of interaction between people and machines. She also highlighted the importance of maintaining high safety standards amidst this intense competition.
GenAI in the Crypto Industry
The integration of advanced technologies like GenAI is generating significant optimism within the cryptocurrency world as well. Recently, Bitcoin advocate Cathie Wood’s ARK Invest underscored its bullish stance on AI by committing $60 million to Elon Musk’s xAI.
Similarly, professional services firm KPMG believes in the role of blockchain technology to protect intellectual property (IP) when it’s being used to train such AI models. It states:
“We recognize that Blockchain technology is the most immediate and important application for many companies that could be using it to protect their content in a world where generative AI plays an increasingly important role.”
However, not everyone shares this optimistic outlook. Nobel laureate and economics professor Paul Romer has cautioned against overconfidence in AI’s future trajectory. Speaking at the UBS Asian Investment Conference in Hong Kong, Romer drew parallels between the current AI enthusiasm and the crypto hype bubble of two years ago. “Right now, there’s way too much confidence about the future trajectory of AI. When people project this forward, I think they’re at risk of making a very serious mistake.”
