UK Blockchain Company Announces Artificial Intelligence Division

While we have telecom and Information Technology (IT) groups announcing blockchain divisions, a blockchain company in the United Kingdom is introducing an Artificial Intelligence division.

United Kingdom-based blockchain company, The Bitfury Group, has launched its artificial intelligence division, news portal Reuters reported. The portal quoted the Chief Executive Officer (CEO) and co-founder of Bitfury, Valery Vavilov as saying the need to analyze and extract value from tons of available data drove the company to go into artificial intelligence, that branch of computer science that emphasizes the creation of intelligent machines that act and behave like humans.

He further said, “Data is becoming the next oil. We have collected so much data, but only 2% of all this data has been analyzed; 98% is sitting idle and waiting to be analyzed.”

The company, has rarely been in the news. Last year in March, the company announcedthat they were expanding into Norway and they received a warm welcome from the government. Bitfury partnered with the government of Norway to set up a mining centre in Mo i Rana. As a part of the partnership, Bitfury would invest over $35 Million for the mining centre and hire about 30 local employees.

At the time, Vavilov had said, “Norway is a perfect match for Bitfury’s focus on innovation and growth. We look forward to identifying new customer relationships and designing the products and solutions they need to make their enterprises run more securely and efficiently.”

The Norwegian government had also said, “I am delighted that the Bitfury Group has chosen to establish their new data center in Norway and Mo i Rana. Data will become an increasingly important resource for the business community as well as for society in general. This represents a major economic opportunity for Norwegian businesses. The datacenter industry is growing fast, and provides Norway with opportunities of economic growth and new jobs.”

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