The world’s first AI-powered oracle platform, Oraichain, set to combine AI with Blockchain services to introduce a new generation of smart, secure and interoperable smart contracts.
- Oraichain aims to tackle bottlenecks in traditional oracle systems by making AI API’s scalable, interoperable, accurate and secure.
- The platform will be easy to use and scalable through bridges to the most popular Blockchain networks.
- The new interconnected ecosystems set to accelerate Web3, DeFi, enterprise and academia applications.
SINGAPORE, Feb. 24, 2021 /PRNewswire/ — Oraichain, a leading AI-powered oracle and blockchain ecosystem supplier, announced it is to expand into the Artificial Intelligence services industry with a new, AI-backed blockchain network.
The new move to launch its blockchain network referred to as Oraichain Mainnet, adds to Oraichain’s plans to expand its suite of AI-based products and services ecosystem, including an AI Marketplace, Data & Request Hub, Publisher Service, Training Service, and Dapp Hosting.
Commenting on the move, Dr Chung Dao, CEO, Oraichain Pte. Ltd., said: “Blockchain technology can disrupt traditional sectors suffering decades of inertia. But it needs a boost. We want to push the limits of innovation by being the first to combine Artificial Intelligence and Blockchain to end the stalemate and create new paradigms in day-to-day service interaction”.
According to Reportlinker, the global blockchain market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 67.3%. However, traditional blockchain oracles have reached a bottleneck due to an inability to access data and APIs in a scalable, interoperable, accurate and secure manner – This is where AI can add value.
Boosting Blockchain with AI
Introducing AI to the Blockchain arena provides exponential improvements in data processing. By introducing its blockchain network in partnership with its AI ecosystem, Oraichain delivers the unique infrastructure for AI services and consensus mechanisms for Blockchain services and AI training.
The distinctive use of AI APIs also allows Oraichain to process and create data on-the-fly via virtual machines on smart contracts, a step-up from the primary function of traditional Blockchain oracles that purely connect real-world data to store securely.
The introduction of AI allows for the upgrade of blockchain platforms by improving data quality, reliability and security through enhanced test cases on the Oraichain network, avoiding intermediaries.
By doing so, Oraichain can increase trust and open up unprecedented application functionalities, boosting blockchain and paving the way for a new generation of smart contracts and accelerating Web3, DeFi, and enterprise development applications. Some examples of applications being developed by Oraichain include:
- yAI.finance, the first use case of Oraichain, a platform in the decentralized finance space using unique AI-based features.
- Oraichain AI Marketplace, which will provide access to AI products and APIs aiming to become the one-stop-shop for Artificial Intelligence services.
- aiRight, a patent-pending AI-generated copyright system.
The key to expanding the Oraichain network will be interoperability, a standout feature of Oraichain’s roadmap. Once developed, Oraichain will allow for easy and scalable platform adoption through bridges to the most popular Blockchain networks, allowing Oraichain to support more decentralized applications.
Oraichain has already worked with multiple industry leaders on real-world use cases, including leading Vietnam-based IT software firm, Rikkeisoft and KardiaChain, a public blockchain and AI virtual assistant development platform, Vaiot.
The expansion is a new milestone on Oraichain’s journey to becoming an advanced, full-service AI ecosystem with the ability to custom create multiple applications and platforms based upon a trusted, transparent and secure blockchain for numerous industry sectors.