How AI Can Protect the Blockchain
AI and blockchain technologies have been working side by side to protect users in cyberspaces. Personal data, financial transactions, and other sensitive information required to complete daily online tasks are stored by third parties. Cybersecurity has become a persistent threat to governments, national institutions, businesses, and customers in the past decade.
If we are discussing blockchain technology, networks become outdated constantly as the technology develops. How can this process be monitored and optimized to keep up with the demand? This is what we are setting out to find out today. To provide more information, I have invited Chief Investor Relations Officer at an Australian-based AI/cybersecurity startup GBC.AI, Victor Larionov.
Adam: Hello, Victor, and thank you for joining us today! Before we get into the discussion, please, tell us a little about GBC.AI? What is the mission of your team?
Victor: Thank you for having me! I’ll dive right in with a little pitch of GBC.
We are focused on blockchain technology which is still in its relatively early years. The more participants are involved in the network, the more issues arise like bottlenecks, delays, hacks, malware attacks, etc. We are using AI to prevent these issues in the blockchain and catch them at the source.
We provide products that protect all blockchains and DLT networks while allowing them to scale up without any major roadblocks. Our Blockchain Guardians can be used in DeFi, e-commerce, financial services, healthcare, gaming, and many more digital spaces.
A: And you are based in Australia? How is the industry developing locally?
V: We firmly believe that Australia is the future leader in blockchain and AI technologies. Earlier this year we have become a member of Blockchain Australia which advocates for the adoption of blockchain by governments and industries to drive innovation in all segments of the country’s economy. Australia is definitely looking to position itself as a blockchain hub which is proven by the Blockchain Week that just took place in March and had 200+ speakers.
The attendees and speakers included executives from major companies and projects like FTX, Solana, Crypto.com, Finder, etc. I am planning to utilize the network that I’m building to provide support for more Australian startups in the space.
A: Sounds amazing, you are getting the support and sharing it around. So what is your role in the company exactly entails?
V: I am representing the company in the business events like World Economic Forum, Consensus, Data and AI Forum. I hit the road for up to 6 months every year to explore new opportunities and maintain investor relations. The very essence of investor relations is to have regular personal meetings with the investors, no matter if they're based in London, Singapore, or New York, so this is what I'm trying to do within a new COVID normality.
I am also a founding member of Priority Token which provides consulting, promotion, and fundraising services. The company is incorporated in the UK with offices in London, Singapore, Moscow, and Seoul with plans to open a subsidiary in Melbourne. Priority Token and its success cases are exemplary of what good networking can help achieve.
A: Okay, let’s circle back to GBC. What does the name stand for? How did the company come to be?
V: Actually, GBC stands for Guardians of the Blockchain. This is how we see our mission: serving the blockchain and finding the best ways to secure and improve it.
At some point two years ago the two co-founders of GBC came to the same thought. They said: “We are applying our technology to many industries such as medicine with cancer recognition. Nobody has applied AI to the core of Blockchain functionality, or at least nobody has succeeded in applying it.” When they came together and formed a team, it became clear that AI could solve scalability difficulties that plague the blockchain while it's growing.
If there are constant issues, major entities like banks and government organizations will not be able to trust the technology to address their needs. So our main priority was to figure out how can organizations reliably implement the tech.
A: So how does GBC utilize AI technology to solve these issues?
V: We use decentralized AI which has the ability to dynamically adjust parameters. There were a few products developed that achieve this goal. For example, Blockchain Guardian. It’s an AI algorithm that adjusts parameters in real-time to improve performance, security, and network adaptability.
Another one is an AI-powered environment that simulates the conditions of the blockchain network. We call it Simulation and it’s utilized for testing.
The last one I will mention is GBC Enterprise which is a service for otherwise traditional businesses that want to adopt blockchain technology. We help them to develop a blockchain that addresses their needs.
A: Which chains have you worked with so far and how were the results?
V: First we tested and proved our hypothesis on POSDAO which is a Proof of Stake (POS) algorithm implemented as a decentralized autonomous organization (DAO). After a successful experiment, we started working on Solana. The results were excellent with blockchain productivity boosted by 28% on average while decreasing the drop rate by an average of 11 pp.
Basically, we can work with any PoS network and are planning to contribute to Parity, Interchain, Avalanche, Polygon, and many others.
A: Hope your plans become reality pretty soon. It sounds like blockchain technology needs AI to help with the scalability issues that you have mentioned. To underline, what is it specifically about AI technology that makes it ideal to be applied to blockchain security?
V: AI has the ability to learn and improve on its own which enhances data security. AI can process a lot of information at once, correlate data at a rapid speed, and bring more value to blockchain-based projects without requiring constant coding and testing.
A: Thank you for answering my questions! I think the details you have provided are enough to understand the utilization of AI in blockchain and how your company sets out to improve blockchain adaptability. If readers want to dive deeper into the topic, where can they find additional information?
V: There are many trustworthy publications that discuss this including Hackernoon. Additionally, I would strongly recommend following our official Twitter account where we provide lots of insights on AI for blockchain with many specific use cases.
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