In 2024, artificial intelligence (AI) continues to be the dominant topic against all crypto narratives. Amid the sectorial lead, India is positioning itself to play a key role with global partnerships.
While tech giants are leveraging the country’s strong talent base and innovation potential, will AI build a strategic advantage for the country?
AI leads in crypto narrative this year
According to Kaito research, artificial intelligence (AI) continues to dominate the crypto narrative in 2024. The study places AI, DeFi, MEME, and Layer 2 solutions as the top 4 crypto topics from January to August 2024. While AI experienced a growth rate of 6%, Chain Abstraction was the standout performer with a 673% rise.
According to Kaito AI research, AI, DeFi, MEME, and L2 ranked in the top four in terms of cryptocurrency narrative mindshare from January to the end of August this year; chain abstraction grew rapidly, increasing by 673%, ranking first in growth rate; BRC20 had the largest… pic.twitter.com/9JnQMGrp0J
— Wu Blockchain (@WuBlockchain) September 25, 2024
Meanwhile, global tech giants are tapping into the potential that AI holds. Cryptopolitan previously reported a major surge in the use of AI and related terms in earnings calls this year. Microsoft announced a $1.3 billion investment in AI infrastructure in Mexico on Tuesday. CEO Satya Nadella noted that the company plans to democratize AI skills through initiatives like the Artificial Intelligence National Skills program, which plans to reach 5 million people in 3 years.
At the same time, India is emerging as a major player in the AI sector. Recently, chiefs of Google and Nvidia met with Indian Prime Minister Narendra Modi. Nvidia’s CEO Jensen Huang underlined the potential of the South Asian country due to the talent in computer science, creating foundation in AI innovation. “Artificial Intelligence is also a new industry, a new manufacturing industry. I’m looking forward to partnering with India in a very deep way,” Huang stated.
India is strategically placed for AI innovation
German software maker SAP Labs’ Indian vertical has also stated it is escalating AI innovations from India. Managing Director Sindhu Gangadharan recently told a local paper that India is the company’s largest R&D hub outside Germany and there are plans for a new domestic campus.
Adding to the momentum is another company called Qure.AI, an Indian startup specializing in AI-driven healthcare solutions. The startup recently secured $65 million in funding and was led by Lightspeed Venture Partners and 360 ONE Asset Management. SAP India previously released a study that found that 77% of Indian startups are investing in emerging tech. These companies are reportedly advancing spending in AI, ML, IoT, and blockchain. Therefore, there seems to be growing confidence in India’s capacity to lead in AI-driven solutions.