June 2024 Community Updates
Hi OAX community,
While the crypto markets have faced significant volatility, with Bitcoin seeing a significant correction in June, the underlying blockchain and technology ecosystem continues to evolve. One key area of focus has been the intersection of blockchain and AI.
The rise of AI has emerged as a dominant technological theme, with clear evidence across the tech landscape. Nvidia, the leading manufacturer of AI chips, now accounts for a staggering 30% of the S&P 500 index. Even tech giants like Apple have moved to integrate cutting-edge AI capabilities, such as the integration of ChatGPT, underscoring the transformative impact of this technology. Against this backdrop, it is impossible to ignore the growing importance of AI and its far-reaching implications for the future of the tech industry.
Impact at a Regional Scale
The OAX Foundation has not only covered research on the adoption of AI but also participated in AI conferences and hence we’ve recently joined a forum in the Greater Bay Area on this very topic. The event has brought together experts from academia, industry, and government (such as the Hong Kong government’s think tank from the Financial Service Development Council, Professor from National Tsing Hua University and corporations like Huawei and Lenovo) to discuss the implications of AI, including its impact on the Chinese economy. The core theme of the forum is that generative AI will be crucial for driving productivity, customer engagement, and new business models going forward - with use cases like fraud detection and KYC being prime examples.
Supporting and Empowering the Ecosystem
In addition to this AI-focused initiative, the OAX Foundation has in fact been at the forefront of exploring the intersection of blockchain and AI for some time now. One prime example is the Foundation’s support for Notifs, a digital asset tracking and notification app that has leveraged AI technology to elevate the user experience since its inception last year. This project has already gained significant traction within the decentralized ecosystem, and is now poised to transition to independence in order to take the business to its next phase of growth.
More broadly, the OAX Foundation remains dedicated to springboarding developments in the decentralized ecosystem. The organization actively seeks collaborations and has a grant program available for projects looking to make a meaningful impact. The foundation encourages anyone with an innovative idea to reach out and discuss how they can work together to onboard mainstream adoption in the digital asset space.
The Outlook
In summary, the rise of AI and the maturing decentralized ecosystem have become inextricably linked, representing a powerful convergence of transformative technologies. While AI’s generative abilities and drive for accessibility complement the transparency and security offered by crypto’s decentralized model, the two domains also possess inherent synergies that when strategically harnessed, this may unlock the next game-changing innovation.
Disclaimer: The above is an opinion piece written by an authorized author, but in no way represents the official standpoint of OAX Foundation Limited, nor should it be meant to serve as investment advice.
