KoreConX to Combine Blockchain Technology With Artificial Intelligence

A Toronto-based company that helps private firms raise money is among those entering the emerging field of combining blockchain and artificial intelligence technologies.

KoreConX Corp., which operates a platform where privately held companies can manage their capital market activity and stakeholder communications, announced this month it has hired AI and blockchain expert Kiran Garimella to integrate the two technologies at the company.

Making Blockchain Smarter and AI More Secure

Although blockchain technology is a sophisticated way of keeping track of transactions, it has its limits. Essentially, it’s nothing more than semi-automated contracts, says Garimella, the chief scientist and chief technology officer at KoreConX.

When companies raise money, the process involves many steps and diverse stakeholders such as investors, lawyers and accountants. Keeping data secure in such an environment can be an issue with AI alone, Garimella says.

“As beautiful as it is, it’s not going anywhere unless a human gets in there and does something intelligent with it,” says Garimella, who has more than 25 years of information technology, consulting and financial services experience.

That’s where AI comes in. Garimella plans to use the technology to make blockchain smarter, with the two technologies tag teaming on tasks such as automating the due diligence process for complicated financial technology contracts.

When companies raise money, the process involves many steps and diverse stakeholders such as investors, lawyers and accountants. Keeping data secure in such an environment can be an issue with AI alone, Garimella says.

Enter blockchain. The decentralized ledger technology introduces an element of trust to AI.