Sergey Nazarov of Chainlink Muses on the Fusion of AI and Blockchain

Chainlink (LINK) was one of 2023’s top performers. Coming into the year trading at approximately $5 (AUD $7.43), the token price has surged 150% amid growing use cases, ecosystem health and strong partnerships with high-profile businesses. Australians in particular are becoming intimate with Sergey Nazarov’s brainchild, as the blockchain is behind ANZ’s successful attempt to mint its own AUD-based stablecoin. Last week, Nazarov and Chainlink released a video highlighting the project’s next agenda, while musing on two of the biggest developments in the tech industry – blockchain and artificial intelligence.

AI Needs to Find Truth – Blockchain Oracles Can Provide

By now, everyone has probably experienced heading over to ChatGPT and asking for information. Therefore, they’ve probably also experienced the AI Chatbot disseminating data that is very clearly incorrect. However, when you try to call the model out on being incorrect, it will dig its heels in and argue with you – just like any other human on the internet. But this has proven to be a major issue for both developers and users, but something that Sergey Nazarov believes the blockchain can address.

Oracle networks [like Chainlink] are very good at generating…a single truth that cannot be disputed because it was agreed upon in a decentralised way. Blockchain technology can create cryptographic truths that can be pumped into AI… that its results can rely on.

Sergey Nazarov

Nazarov also poses that blockchain tech can help provide limitations to artificial intelligence, so that it can only perform actions that people want it to, rather than going rogue as we’ve seen in so many sci-fi films. 

Chainlink’s Top Priorities for 2024

In another recent video, Sergey Nazarov outlined the main goals of Chainlink moving into the new year. As an Oracle network, the blockchain’s primary focus is to provide highly reliable data in various manners. The team has already partnered with several major players across multiple financial industries to provide this service.

However, the mission for 2024 is to improve how off-chain systems interact with the blockchain. By connecting chains using Chainlink’s Interoperability Protocol, Nazarov hopes to improve the efficiency of private chains (e.g., those used by banks or businesses) and their interaction with Oracle networks. The outcome of this will allow multiple chains to a single application or source, use multiple crypto-based payment systems through one platform and overall make it easier for smart contracts to work across multiple chains. 

Chainlink is set to play a big role in TradFi’s emergence into the cryptosphere, as they provide many of the tools these big companies require – as we’ve already seen with the ANZ partnership. Eventually, the Oracle network wants to help the big Web3 sectors like DeFi and GameFi interact to create a seamless user experience.