Blockchain tech sees an uptick in VC funding as corporates test the crypto waters

New kids on the block… Despite the frostbite of crypto winter, crypto VC funding jumped for the second straight quarter last month, hitting $2.4B. On the industry’s mind: AI. Earlier this year, IBM consulted with blockchain startup Casper Labs to design a blockchain-backed tool designed to audit the data used to train AI systems. The hope is that the tech could help identify AI flaws like biased results and hallucinations. This week, at the crypto conference Consensus, media execs said the blockchain could help identify AI deepfakes and protect creators.

Off the chain… A survey of Fortune 500 execs familiar with blockchain tech last year found that over 80% said they either already had or were planning crypto or blockchain initiatives. Cos like Nestle and Walmart have tested using the blockchain to track how some of their food products travel from farm to table, and Microsoft’s partnered with crypto co Aptos Labs for AI and web3 projects.

Once bitten… It hasn’t always been smooth crypto-corporate sailing. Last year crowdfunding biz Kickstarter said it “wasn’t committed” to its 2021 plans of switching its platform to the blockchain after facing user backlash. And in 2022, IBM and shipping giant Maersk shut down a global platform that was intended to help bring the blockchain to the shipping industry.