However, challenges remain in both technologies that could help BigTech keep its holding.
As AI becomes increasingly integral to everyday life, the power to control and shape the emerging technology is becoming increasingly concentrated in the hands of BigTech.
Some experts believe that the integration of crypto technology, specifically blockchain, into AI could help reduce some of this reliance, moving towards a more decentralized and open future.
The Risk of BigTech's Dominance in AI
Since OpenAI's launch of its smash-hit chatbot ChatGPT, BigTech has poured billions of dollars into getting their own successful slice of AI pie.
The AI roadmap is extremely expensive, with large scale models such as GPT-4 or Meta's Llama costing millions to maintain.
This, along with the mass amount of computational power and resources needed to create AI, is a driving factor in the centralization of the technology.
AI systems also need massive datasets in order to get them trained, meaning BigTech companies like Google and Meta have a huge advantage over any of the smaller players. The rush to get these huge data sets has ended with a large portion of BigTech embroiled in lawsuits for alleged copyright from web scraping.
AI and Crypto
Andrew O'Neill, Digital Assets Managing Director at S&P Global Ratings, said that the intersection of AI and crypto could offer potential improvements across a range of industries.
For example, the use of AI threat detection and automated responses could enhance cyber security in blockchain networks.
"AI can also help ensure the security of code, which is particularly important for DeFi applications, including by assisting in smart contract validation and through code testing and verification," O'Neill said in a S&P report.
However, AI can sometimes suffer from data bias which leads to false negatives.
"AI models could be targeted and manipulated to compromise their effectiveness," O'Neill said. "To mitigate these risks and maintain AI-driven security, continuous updates and validation are essential."
Bryan Daugherty, Global Public Policy Director at the BSV Association, told CCN that the intersection of AI and crypto technology has the potential to disrupt BigTech's control over AI development and deployment.
"At its core, blockchain enables a decentralized approach to storing, verifying, and sharing data, which is crucial in today's AI-driven world where data is the new currency," Daugherty said.
Data on the blockchain is stored in a distributed ledger, Daughtery explained, where access is managed through consensus algorithms.
This offers "security without the need for a trusted third party, which is a direct counter to BigTech's centralized data monopolies," he added.
Challenges Remain
While there are certainly many possible positives in the intersection of AI and blockchain, challenges remain in both technologies.
Both blockchain and AI in their current forms are extremely energy hungry.
The Cambridge Bitcoin Electricity Consumption Index reported that Bitcoin mining uses more electricity than both the Netherlands and Pakistan.
AI on the other hand is expected to drive a 160% increase in data center power demand by 2030, according to Goldman Sachs.
"In the U.S. and Europe, this increased demand will help drive the kind of electricity growth that hasn't been seen in a generation," the bank wrote in a report. "Along the way, the carbon dioxide emissions of data centers may more than double between 2022 and 2030."
Another hurdle is the regulatory and legal challenges posed by the two technologies integration.
Both crypto and AI operate in rapidly evolving regulatory landscapes, with governments around the world rushing to figure out how to regulate the technologies ethical, financial and privacy risks. A combined system could potentially favce scrutiny from multiple regulatory angles.
Hoewever, O'Neill believes the synergies between the technologies "should support their growth, mitigate centralization risks, and give rise to impactful applications ranging from supply chain management to smart cities".
"The rate at which those applications will emerge, and the pace of their adoption, remains uncertain," O'Neill said. "Yet we believe that the question is not if adoption will happen, but when it will occur."