KRAKEN CTO: Current macro environment hinders new technologies
Vishnu Patankar, the new Chief Technology Officer (CTO) of cryptocurrency exchange Kraken, shared his insights on the current status and future potential of blockchain, cryptocurrencies, and artificial intelligence in an interview with the company's official blog.
According to his biography, Patankar could be characterized as a highly competent manager with an illustrious work history. He has a successful track record in developing decentralized technologies for both cryptocurrency-focused and conventional companies, such as Amazon and Microsoft.
I recently realized that I’ve worked with some aspects of blockchain technology for the past sixteen years – more than half of my nearly 25 years of experienceshares Vishnu Patankar, Kraken's CTO
Patankar asserts that many analysts erroneously liken today's blockchain applications to the technologies of the 90s, largely because they are more prevalent now: cryptocurrencies, tokenized assets, and collectibles. Moreover, the adoption of blockchain in everyday sectors of life, such as healthcare, logistics, real estate, public services, and copyright continues to surge.
Yet, the recognition and impact of blockchain haven't reached a point where it can drastically modify the established technological norms. Despite growing interest from multinational corporations, the prevailing macro environment (including regulatory bodies and public sentiment) stymies the advancement of new technologies. While businesses are ardently trying to integrate innovations into their operations, there's an emerging risk of computational resources shifting from cryptocurrencies to artificial intelligence. This might transpire since, unlike blockchain, AI is in its nascent stage of development but is already utilized across many domains. For instance, attempts are being made to replace pseudorandom number generators, which statistically generate arbitrary numbers for encryption, modeling, and other projects that include random variables.
So, for example, it might be okay to have a 90% correct answer from an AI chatbot, but there’s less use for a password that is 90% correctcomments Vishnu Patankar, Kraken's CTO
Some developers are pushing the boundaries by integrating artificial intelligence with blockchain technology to develop more sophisticated features. These include generative personalization expressed via NFTs, automated transaction collection and analysis, and enhancements to cybersecurity and data privacy.
Patankar, however, has greater optimism for other sectors that involve processing large volumes of information. While artificial intelligence is not yet extensively applied in traditional sectors, he asserts that it has the potential to expedite research and development down the line. This spans from medical science to advanced technologies that could profoundly shape the future of humanity.
