Blockchain Press Releases
Generative AI Could Offer a US$60 Billion Opportunity to the Supply Chain, But Stakeholders Struggle to Define a Strong Revenue Model
Generative AI’s supply chain money tree cannot last forever and sooner rather than later they must look to build strong and differentiated revenue strategies to offset their ever-growing operational cost burden
LONDON, Aug. 2, 2023 /PRNewswire/ — Generative Artificial Intelligence (AI) is not a new technology, but its democratization was triggered by the emergence of powerful public APIs, notably ChatGPT. Since then, the consumer market has experienced tremendous traffic with high usage. In the wake of this demand, the supply chain has exploded with significant activity across each layer (R&D, hardware, foundation model, ML service tools, data services, applications, and ethics/regulation), trying to build access to commercial opportunities in the enterprise segment. According to a new report from global technology intelligence firm ABI Research, this market will rapidly expand by 2030 at a CAGR of 162%, offering nearly US$60 billion in revenue for supply chain stakeholders.
“Capturing the enterprise commercial opportunity is essential as stakeholders continue to struggle beneath a significant cost crisis driven by the consumer segment. Building data sets, deploying infrastructure, training, and running large language models like Claude, LLaMa, Titan, or GPT-3.5 has a sizeable cost burden that will be challenging to reduce,” explains Reece Hayden, Senior Analyst at ABI Research. “Popular public applications like ChatGPT cost at least US$500,000 per day to operate. That cost will only rise as usage increases. So far, stakeholders have relied on external funding to support free access through venture capital investment or internal subsidies. This cannot continue forever, and stakeholders must identify strategies to start generating revenue in the consumer and enterprise segments.”
Given their high customer acquisition cost, stakeholders are primarily stuck in ‘freemium revenue models that are largely unsustainable in the consumer segment. “These models are also mostly unfit for purpose in the enterprise market,” Hayden points out. “Although moving on from this model will be challenging, the good thing is that plenty of monetization opportunities have applicability across the supply chain.” Stakeholders can look to implement advertising models like those used by search engines, revenue share models which have proven successful in adjacent areas like cloud marketplaces or even look to productize open-sourced LLMs with closed-source enterprise functions. But it is vital that stakeholders carefully align their capabilities with a revenue model as some may not be fit for purpose.
The most successful revenue generation strategies over the foreseeable future will look to support enterprise adoption directly. Most enterprises lack Machine Learning (ML) skills/tools, operational expertise, and strategic legal/governance frameworks to support generative AI development and implementation effectively. For this reason, Hayden recommends, “Supply chain stakeholders should look to provide consultancy services or build low/no-code platforms that support development, deployment, fine-tuning, optimization, operational change management, and day two operations.” Business consultants like Bain, McKinsey, and BCG have joined system integrator incumbents through partnerships with foundation model owners like OpenAI. Moving forward, the enterprise service part of the supply chain could be worth more than US$15 billion by 2030.
Other factors are at play in this market, most notably the increasing focus on data privacy, which will trigger increasing interest in data service providers. Enforcement of copyright regulation for training data and enterprise demand for fine-tuning will create sustained interest in companies able to curate enterprise datasets or generate synthetic databases. “Recent fundraising rounds indicate more significant interest in ML data companies. For example, Mostly AI, a synthetic data generator, has just raised US$25 million, while Snorkel AI recently raised US$85 million at a valuation of US$1 billion, Hayden says.
“The supply chain has plenty of opportunities to offset their cost burden with revenue models, and some are already looking to do so,” concludes Hayden. “Beyond simply identifying new revenue models, stakeholders should look to build strong partnerships across the supply chain, build products/services that target B2B deployment and scale, and develop a leading position in responsible AI development.”
These findings are from ABI Research’s Generative AI: Identifying Technology Supply Side Revenue Opportunities application analysis report. This report is part of the company’s AI and Machine Learning research service, which includes research, data, and ABI Insights. Based on extensive primary interviews, Application Analysis reports present an in-depth analysis of key market trends and factors for a specific application, which could focus on an individual market or geography.
About ABI Research
ABI Research is a global technology intelligence firm delivering actionable research and strategic guidance to technology leaders, innovators, and decision makers around the world. Our research focuses on the transformative technologies that are dramatically reshaping industries, economies, and workforces today.
ABI Research是一家国际科技情报公司，为全球科技领袖、创新人士和决策者提供实用的市场研究和战略性指导。我们密切关注一切为各行各业、全球经济和劳动市场带来颠覆性变革的创新与技术。
For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.
Contact Info:
Global
Deborah Petrara
Tel: +1.516.624.2558
[email protected]
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Blockchain Press Releases
Bybit Unveils Its Web3 Vision: Pioneering Simplicity, Openness, and Equality in the Decentralized Ecosystem
DUBAI, UAE, Dec. 8, 2023 /PRNewswire/ — Bybit, the world’s third-largest crypto exchange by volume, today unveiled its forward-thinking Web3 vision on its 5th anniversary, aimed at creating a decentralized ecosystem that is Simpler, Open, and Equal for all.
“Our Web3 vision is an extension of our promise to be the Crypto Ark, safeguarding user assets and seamlessly integrating them into the world of crypto. We want to help bridge more users from Web2 into Web3, by building a decentralized ecosystem that’s simpler, open and equal for all,” said Ben Zhou, Co-founder and CEO of Bybit.
Bybit’s Web3 Mission and Values: Openness Redefined
At the core of Bybit’s Web3 vision lies a commitment to openness. Bybit aims to be open to all builders, creators, and partners in the blockchain space. This translates into a commitment to collaboration, exploration and innovation with our community and partners to build an environment where blockchain technology empowers everyone equally.
Bybit’s goal is to connect and open up currently segregated walled systems into an unified experience that connects users seamlessly across various Web3 ecosystems, platforms and services.
Unlocking the Promise of Web3
Bybit’s strategic approach to achieving its Web3 vision is multifaceted, encompassing infrastructure, application, ecosystem and user engagement initiatives:
- Opening Up and Simplifying Access to Web3
- Bybit Web3 will introduce multi-wallet integration, seamlessly blending ease with advanced technology, empowering users to manage both custodial wallet and MPC wallets for various uses.
- Users can easily access dApps, NFT marketplaces, and the entire spectrum of Web3 features and services directly from the Bybit Wallet. This streamlined approach allows users to conveniently manage their DeFi portfolios, encompassing buying, selling, trading, swapping, and staking DeFi assets, all within a few clicks on a single platform.
- Deepening Ecosystem Partnerships, Equalising Access to Opportunities
- Building upon a successful 2023 marked by empowering partners to embrace the Web3 space, such as the Oracle Red Bull Racing Velocity series, Bybit will continue to upgrade its Web3 infrastructure, foster more partnerships with prominent blockchain ecosystems and projects, including the launch of its revamped NFT marketplace.
- Users can expect a more diverse and dynamic marketplace, a broader range of curated digital assets, and increased liquidity, all of which will facilitate easier participation in the opportunities within the DeFi and NFT space.
- Brands and businesses seeking to transition into or harness the Web3 space can look forward to enhanced support, such as tailored programmes and collaborative initiatives, empowering them to harness opportunities presented by the evolving decentralized landscape.
- Bringing Simplicity, Enjoyment, and Rewards to Web3
- Bybit is dedicated to injecting fun and rewards into the open exploration of Web3 for all users and partners, cultivating a more inclusive and participatory experience in the decentralized realm.
- The community can anticipate more support, incentives and initiatives empowering them to develop their research, analysis, and investment skills, as well as to build and expand the Crypto Ark and Bybit Web3 ecosystem together.
“In a world where division prevails, we aim to build an ecosystem that breaks down barriers and enables equal opportunities for everyone,” adds Ben.
“This unwavering commitment aligns with Bybit’s broader vision to democratize access to the transformative power of Web3, ensuring that its benefits extend far beyond the realms of technology and finance.”
#Bybit #TheCryptoArk #BybitWeb3
About Bybit
Bybit is a top-three cryptocurrency exchange by volume with 20 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X (Twitter) | Youtube
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Blockchain Press Releases
Innovative Crypto-Native Money: Bybit to Integrate Ethena’s USDe Stablecoin
DUBAI, UAE, Dec. 7, 2023 /PRNewswire/ — Bybit, the world’s third-largest crypto exchange by volume, is proud to announce the partnership of its institutional team with Ethena Labs, heralding the integration of the new USDe stablecoin on its platform.
Ethena’s synthetic dollar protocol, USDe, offers a groundbreaking solution for decentralized money, independent of traditional banking infrastructure. It provides a censorship-resistant, scalable, and stable solution. By delta-hedging staked Ether (ETH) collateral on Bybit, USDe ensures full collateral backing without sacrificing ETH yield.
Bybit will play a crucial role in Ethena’s strategy, handling a significant portion of the initial hedging flow for USDe. This partnership represents a strategic step towards creating a crypto-native solution to digital money.
The introduction of USDe on Bybit also provides the opportunity for users to diversify their stablecoin holdings into a crypto-native product. This offers an uncorrelated risk profile compared to the centralized stablecoins currently dominating exchanges.
Ethena keeps its assets with qualified custodians demonstrating Bybit’s commitment to providing trading infrastructure that meets the demands of large institutional players. Indeed, Ethena’s approach to separate custody and execution, similar to traditional markets, and its commitment to using off-exchange custodians for accessing centralized liquidity, positions it as a transformative force in the industry.
“Our collaboration with Ethena Labs represents our commitment to solving some of the biggest challenges in crypto today, not least, the creation of a decentralized stablecoin,” said Ben Zhou, co-founder and CEO of Bybit. “The integration of USDe on Bybit expands our stablecoin offerings, providing our users with an array of uncorrelated solutions accessible from our Unified Trading Account.”
#Bybit / #TheCryptoArk
About Bybit
Bybit is a top-three cryptocurrency exchange by volume with 20 million users established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X (Twitter) | Youtube
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Blockchain Press Releases
US blockchain company, Constellation Network, Welcomes Leading Experts from Top Enterprises and U.S. Government Agencies to their Enterprise Advisory Board.
SAN FRANCISCO, Dec. 6, 2023 /PRNewswire/ — Constellation Network, a trailblazing US blockchain enterprise, proudly unveils its Enterprise Advisory Board, marking a significant stride in expanding its influence across commercial, enterprise, and federal sectors. This board, comprising distinguished leaders from diverse backgrounds, underscores Constellation’s commitment to innovation and security, notably as the first blockchain to develop secure communications for the US Department of Defense.
The board members, selected for their expertise and visionary leadership, include:
Erik Bethel, a global finance expert with significant public and private sector experience, including a pivotal role at the World Bank. His insights into blockchain and AI technologies are invaluable for advancing Constellation’s strategic objectives.
Michael Sandoval, a former Microsoft executive and current CEO of AI Research Corporation, brings a wealth of experience in AI, cybersecurity, and technological architecture, enhancing Constellation’s approach to secure communications and blockchain technology.
Alan Boehme, with over 25 years in global corporations, including H&M and Coca-Cola, offers a deep understanding of emerging technologies. His expertise will be pivotal in guiding Constellation’s technological innovations and applications across industries.
Art Seabolt, a technology specialist with four decades of experience, including senior executive roles, contributes his knowledge in large-scale data management and technology innovation, crucial for Constellation’s big data and blockchain initiatives.
Ken Spedden, recognized by the White House Office of Science and Technology Policy for his technological innovations, brings a unique perspective on applying technology to complex societal and security challenges. His experience in inter-agency collaboration and technology application bolsters Constellation’s mission in leveraging blockchain for wide-ranging societal and national security needs.
The formation of this board is a testament to Constellation Network’s dedication to harnessing Web3 technology for addressing global and industry-specific challenges. This initiative is a key component of Constellation’s strategy to pioneer blockchain applications that are secure, scalable, and transformative.
For more details about these advisors and their contribution to Constellation Network’s vision, visit https://constellationnetwork.io/team.
About Constellation Network, Inc.
Constellation Network is a dynamic force in blockchain, offering an open-source framework for business development. The assembly of this board is a decisive move in solidifying Constellation’s position as a leader in blockchain.
Twitter: @conste11ation
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