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These Crypto Projects Could Keep AI’s Growing Power in Check

3 mins
Updated by Ryan James
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In Brief

  • The expected demand for AI business software could fuel demand for services that could concentrate power in the hands of a few AI companies.
  • Several companies could now be looking to cash in on their AI investments following the 2023 optimism that AI can add to their productivity.
  • The concentration of AI development in the hands of a few service providers increase the importance of newer crypto projects like Bittensor.
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According to a recent artificial intelligence (AI) report, companies that invest in AI in 2023 will demand their investments start paying off in 2024. However, such investments may encourage the scaling and centralization of AI power, a problem some crypto projects like Bittensor could fix.

Many large corporate entities have tested the use of AI for routine or mundane tasks and have seen the tools impact productivity. At his AI summit in Bletchley Park last year, British Prime Minister Rishi Sunak was told by Elon Musk that AI will take over all jobs.

How Corporate Jobs Will Concentrate AI Power

In the meantime, most companies have plowed headlong into developing strategies to use AI. However, the mass adoption created a demand that saw a handful of players snap up most of the market share. While this boosted companies’ stock prices, the demand could concentrate power on a handful of companies developing AI for corporate applications. 

Read more: The 6 Hottest Artificial Intelligence (AI) Jobs in 2024

Last year, OpenAI’s board fired CEO Sam Altman partially because of strategies for commercial expansion that the board didn’t like. Altman also reportedly talked with former Apple designer Jony Ive about creating an iPhone experience for AI, hinting that OpenAI may be angling for AI use to reach the iPhone scale. Meta is reportedly working on a new set of AI glasses that respond to voice prompts. 

According to Accenture CEO Julie Sweet, some companies are not ready for AI yet. Most corporations don’t have a policy to manage their internal data. The average CEO does not know how AI uses their company’s data.

“We are still at the stage where most CEOs, asked if there is someone in their organization who can tell them where AI is being used, what the risks are and how they’re being mitigated, the answer is still ‘no’,” Sweet stated.

How Crypto Can Fix This

All of this is alarming because it places control of AI applications in the hands of a few powerful entities with access to sensitive data. And to underscore the power they hold, OpenAI’s board re-hired Sam Altman following pressure from big CEOs, including Microsoft’s Satya Nadella and Salesforce’s Marc Benioff. Microsoft’s partnership with OpenAI attracted the attention of the UK Competition and Markets Authority, which is probing the alliance for anti-competitive behavior. 

A niche of the crypto industry may be able to solve this problem. The concept of decentralized physical infrastructure networks got the crypto community’s attention in 2023 for its applications in artificial intelligence. 

Organizations like Bittensor and Render are expected to ramp up efforts to decentralize the computing resources needed to develop business AI software.

Read more: How Will Artificial Intelligence (AI) Transform Crypto?

Last year, Hatu Sheikh, the co-founder and CMO of DAO Maker, said that AI crypto projects could benefit from gamified economics where people could offer AI resources in exchange for crypto, also creating a form of decentralization. Render’s RNDR token is up over 1,100% compared to a year ago and is on an uptrend. 

RNDR Token Price
RNDR Token Price | Source: BeInCrypto

Do you have something to say about the role crypto could play in redefining the jobs AI companies do or anything else? Please write to us or join the discussion on our Telegram channel. You can also catch us on TikTokFacebook, or X (Twitter).

Top crypto projects in the US | May 2024

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David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...
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