Bitfury Builds AI Big Data Analysis Unit

The Bitfury Group may soon start doing big data analytics through its artificial intelligence division.

In an interview
Reuters co-founder and CEO Valery Vavilov said that Bitfury has set up an artificial intelligence (AI) division to research and capitalize on big data. Calling the data “the next oil,” Vavilov said that 98% of all data is just waiting for analysis.

Although he did not disclose specific information about the plans of the company, Vavilov noted that blockchain would be used in the analysis of the data.

“We must also trust this data, so we plan to use the blockchain,” said Vavilov.

According to Vavilov, the Bitfury AI department is currently in a “research mode”, and a clearer picture of its possible uses and products will appear by the end of the year or early 2020.

The new division will be led by Fabrizio Del Maffeo, a former vice president and managing director of AAEON Technology Europe, a company that specializes in artificial intelligence and IoT as part of the ASUS group.

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In April, the Bitfury Mining Institutional Fund received
approval of the EU regulator, and earlier the company was included in the Forbes list of blockchain-implementing billionaire companies.