u.today
Ripple CTO David Schwartz recently outlined his predictions for technological advancements in 2024. Notably, he focused on the synergistic potential of artificial intelligence (AI) and blockchain technology.
Revolutionizing cybersecurity through AI and blockchain
Schwartz predicts a significant evolution in cybersecurity and financial services by 2024, driven by the integration of AI and blockchain technologies.
This convergence is anticipated to bolster blockchain security and provide enhanced market insights.
Automated trading is expected to see advancements due to the deeper integration of AI in financial systems.
Additionally, AI-enabled chatbots, particularly those on the XRP Ledger (XRPL), are projected to simplify development and promote global innovation and financial inclusivity.
Redefining the financial sector
Schwartz also foresees major changes in the financial sector through Real World Asset (RWA) tokenization, particularly in real estate and commodities.
This development is expected to drive the blockchain economy, with tokenized RWAs on XRPL enhancing collateralized loans, improving interoperability, and attracting institutional investment. Furthermore, the adoption of Decentralized Identity (DID) on the blockchain is set to revolutionize privacy.
DEXes (decentralized exchanges) are likely to witness increased institutional volume, boosting growth and liquidity in the decentralized finance sector.
Ripple's proposed XLS-40 amendment, introducing DID capabilities to XRP Ledger, marks a significant step in this direction.