The artificial intelligence (AI) craze has intensified with the advent of ChatGPT and other competitors, piquing the interest of cryptocurrency investors. A recent study by KuCoin highlights this trend and examines the potential complementarity of AI and blockchain.
KuCoin conducts study on the complementarity of AI and blockchain
Artificial intelligence (AI), which has been very much in vogue since the democratisation of ChatGPT and then its new competitors, seems to be becoming a technology favoured by cryptocurrency investors, according to a new study conducted by KuCoin.
The study was conducted precisely with a view to assessing crypto investors’ perceptions and expectations of this innovative technology. The study is divided into various key aspects of artificial intelligence and blockchain, with a view to examining how they complement each other at present, and also how they can solve certain problems in the crypto ecosystem.
Ultimately, the aim of this study is to provide KuCoin with certain keys to understanding, with a view to providing more services that meet the needs of its community and, more broadly, of crypto investors in general. Ultimately, the idea is to understand whether investors are familiar with this technology and above all whether they want to see it established in the blockchain ecosystem.
Methodology and results
This survey was conducted among a sample of 1,125 people in different regions of the world, namely Asia-Pacific, EMEA and the US, over a 7-day period running from 10 to 17 May 2023, all across KuCoin’s various social networks.
The age breakdown of the 1,125 individuals surveyed was as follows: 15% were from generation Z (18-24 years old), 54% from generation Y (25-40 years old) and 31% from generation X (40+ years old). What’s more, 89% of those questioned were men, and only 11% were women
With regard to the results of the study, we discover first of all that over 90% of the individuals in the sample surveyed have already used or are at least interested in AI to improve their efficiency. This trend is particularly pronounced among generations Z and Y, i.e. those aged between 18 and 40.
A much smaller proportion of crypto investors are wary of artificial intelligence, a concern that revolves around factors such as breaches of privacy and security, as well as issues relating to trust and transparency.
On the trading side, the results of the study show a moderate level of interest on the part of the individuals surveyed in the implementation of AI on this type of financial tool. In fact, 27% of all respondents prefer to use AI-based trading to traditional trading. This trend is more marked among generation X (40+ years old), where 35% of respondents are interested.
More generally, the relationship of the crypto investors surveyed to AI in general appears to be very positive: 60% of them are already using AI to improve their day-to-day efficiency, 34% are interested and only 6% of respondents were reluctant or not interested.
What are the benefits of AI for blockchain and exchanges?
Ultimately, 59% of those surveyed want to see AI progress within the blockchain and crypto market, particularly among the over-40 age group. Conversely, this sample is also the most worried about a likely centralisation resulting from AI in this environment.
This concern is also reflected in current regulatory requirements, which are constantly evolving and which artificial intelligence could potentially be able to meet, according to 40% of those questioned.
At the same time, 38% of the sample felt that AI could play an important role in terms of security for exchanges, particularly in warding off computer attacks and even in managing Know Your Customer (KYC) processes.
Ultimately, the survey reveals that crypto investors have a very positive interest in AI. This data will be used to develop KuCoin’s future products, as Johnny Lyu, the exchange’s CEO, points out:
The enthusiastic response from our users regarding the integration of AI and the effectiveness of blockchain is incredibly motivating. At KuCoin, we are committed to staying at the forefront of technological advancements and constantly improving our platform to meet the dynamic needs of the crypto community. The valuable insights from this survey will serve as a roadmap for our future projects, allowing us to create cutting-edge solutions that empower our users and move the industry forward.”
