Artificial intelligence (AI) has been a popular talking point in the narratives surrounding emerging technologies and their potential to revolutionize the workplace. The advent of large language models (LLMs) and the early adoption of other generative AI tools have spurred this work transformation, making certain functions and processes more efficient and cost-effective, among other advantages.
Now, more developers and projects are more deeply exploring the benefits that Web3 and blockchain technology can offer to the growing AI-based economy. Several platforms and services are already utilizing AI tools in one form or another, in the blockchain industry.
Yet, many questions remain about how exactly AI will work. Many technological and other limitations are still in place that must be addressed before wider mass commercial adoption.
In this blog, we will discuss one of the solutions merging AI and Web3 that aims to tackle these AI limitations by utilizing the Cardano blockchain.
Challenges Faced by AI Tools and Services
There are still unresolved, lingering issues with most current AI models that are deployed for consumer usage. These challenges have created obstacles for companies, their employees, and other users from fully embracing them for work or personal usage. Some of these problems include:
A lack of transparency and trust: Many AI agents and tools are available for free or require some sort of payment using a “freemium” model to onboard new users. Like other commonly used internet and mobile applications, users might sign up and hand over their data to receive access to applications that haven’t been verified. This can cause privacy concerns for certain users who may not know how their personal information is being stored and used by unverified parties.
Also, some of these require a user to input or upload data, which may even be confidential. This can also cause privacy concerns, especially for companies and organizations dealing with sensitive material, as the information may be exposed to data leaks or be used by the developers of the AI agents. In other cases, some AI agent tools may not even work as intended or have malicious code inserted by developers that can take advantage of users.
Lack of accountability: The logic used by generative AI agents to give answers and the sources for such responses can often be difficult to verify and track or be outdated. This can lead to a situation where an AI tool can give users the wrong or unverifiable information.
Lack of transactional capability: Many AI tools right now have limited capacity to transact with each other. Transactional capability will increasingly become a necessity as these tools start to become “smarter,” more commercialized, and thereby widely adopted.
These are a few of the problems that can potentially be addressed by decentralized blockchain technology.
Related reading:
- How NMKR provides unique value to businesses through NFTs
- 5 key benefits of the Cardano blockchain network for asset tokenization
- How to store, send, and receive Cardano NFTs
Introducing Masumi
NMKR is an NFT and tokenization service that offers plug-and-play tools for anyone to launch NFT and tokenized real-world assets.
Recently, NMKR has launched Masumi, a new joint project with the Serviceplan Group, Europe’s largest owner-operated agency group with over 7,000 employees.
To meet the explosive growth and demand in AI-driven services and digital agents, Masumi aims to provide an AI Agent Network Protocol to enable an AI Agent-based economy where autonomous AI agents can perform tasks, collaborate, and transact with each other and other humans across a variety of industries and use cases.
These agents are software entities that operate independently, make decisions, and interact with other agents or systems to achieve specific goals. These elements create an environment where agents can reliably interact, exchange services, and fulfill commitments – just like participants in any human economy.
By leveraging blockchain and these AI agents to achieve these objectives, Masumi is solving some of the existing AI issues mentioned above through:
- Verified Agent Identities: Masumi assigns unique, verifiable identities to every agent, enabling secure, trustworthy interactions across platforms.
- Decision Logging Accountability: Masumi’s decision logging creates a transparent, traceable record.
- Enable Data and Payment Transactions: Masumi equips AI agents with digital asset wallets and uses smart contracts to enable fair, secure, and transparent payments and exchange of services.
Read more: Here are 5 real-world NFT use cases of NMKR’s platform
Built on the Cardano Blockchain
Using the Cardano blockchain network as its technological foundation, Masumi can leverage Cardano‘s native token model, developed ecosystem infrastructure including wallets, dApps, and users, and its deterministic fees and smart contracts for efficient, concurrent transactions.
Cardano will be the underlying Layer 1 for the new protocol.
Cardano’s consistent infrastructure development enables secure, large-scale agent interactions, and meets Masumi’s need for a trustless, scalable network..
For more updates on Masumi, follow @MasumiNetwork on X and visit https://www.masumi.network to subscribe to their newsletter.
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You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by EMURGO to invest.
