Technology is part of our lives, and we often use it to improve our experiences. Think of the days when people had to send letters that took months, if not weeks, to reach their loved ones. After your loved one received the letter, you also had to wait several days before receiving their responses. Over time, things have changed, and now we can call, chat and converse instantly regardless of location.

And as every sector has been affected by tech advancements, so has the crypto industry, as well. In 2024, a lot has changed in this industry, all thanks to innovations in technology. Therefore, if you are seeking to how the crypto industry has been affected by such innovations, this is just the place to be. Why don’t you read on to make some discoveries?

The power of mobile

Mobile has really transformed a lot of sectors – not just the crypto industry. Imagine you can now move around with almost all essential services in your pocket. Whether it’s banking services, entertainment, or whatever that may be, all these experiences are available to you with just a touch of a button.

It has been the same experience in the crypto sector. Now, you don’t need to worry about how to cash out Bitcoin and other currencies – whether traveling or just at home. Most crypto exchanges have adopted mobile apps and responsive websites to allow for seamless transactions. In fact, by about two years ago, crypto app downloads had increased by 560% from 2020 on Google Play alone. This was about 82.9 million downloads, up from 13.5 million in 2020.

Another good thing about mobile technology is that many people own smartphones. Actually, by the end of 2023, about 70% of individuals used a smartphone, Statista reported. Businesses that ensure their services can be easily accessed through mobile have a great potential to reach many users. And now that more people are buying these devices, the possibility of reaching wider audiences is even greater.

The place of artificial intelligence

One of the technologies that has been making the headlines is artificial intelligence. Almost everyone is talking about AI and the future. Well, if you thought that the crypto industry was not part of this, then you might actually be wrong. In fact, according to Precedence Research, the global blockchain AI market now peaks at $550.70 million and might reach $3,718.34 million within the next nine years.

These statistics prove the fact that AI will become a great part of the crypto industry. But how is this sector profiting from artificial intelligence? You may ask. Let’s explore a few examples.

Enhancing security

One amazing thing about AI is its ability to analyze huge amounts of data in real-time, something no human can do. By the way, as of 2024, there are more than 560 million crypto users, and analyzing their information can be quite cumbersome.

Even if we were just to consider one platform alone, the analysis would still be enormous. Let’s talk about a platform like Binance. Do you know that it has about 200 million registered users? How do you keep monitoring the individual account abilities of such a population to ensure they are safe from fraudulent activities?

This is humanly impossible, but not with technologies like AI. AI can monitor users’ behavior, compare it with previous patterns and identify suspicious actions. At a time where crypto attacks have risen to almost $1.4 billion, we will likely see more crypto companies adopt AI to stay ahead of threat actors.

Automated trading

A recent survey revealed that about 59% of digital currency users were interested in AI integration in trading and blockchain. What’s more, over 90% of the respondents confirmed that they had either used AI in their daily lives or had an interest in the technology. The willingness to use AI seemed even higher among Gen Z and Gen Y.

Sometimes the hullabaloos of the market can put pressure on you and cause you to make investment decisions based on emotions. In most cases, such decisions can cost you. However, artificial intelligence is not subject to emotional pressure and can pick details that are not visible to the human eye, enhancing decision-making.

The rise of AI-based coins

Maybe all that comes to mind when you hear about AI is the popular generative artificial intelligence like ChatGPT. But if that’s all that you think there is, you might need to reconsider. Just as we have ChatGPT to help you with text-based tasks, AI-based crypto coins take advantage of this technology to enhance your experience, scalability and security.

Here are a few of such tokens:

• Near Protocol, which is expected to improve the sharding process because it’s believed to require less computing power.
• Internet Computer is good for those who want to explore limitless smart contracts to host data.
• Render is convenient for animation, motion graphics, etc. It allows creators to access dynamic GPU power, which node operators can lease and receive render tokens as rewards.
• Graph GRT operates as a global APU that can index and organize data effectively.

Final Thoughts

As you may probably know, 2024 has been nothing short of technological advancements. As businesses look to provide better customer experiences, sectors like crypto have been adjusting to modern preferences to remain relevant. For instance, right now, you can access different crypto experiences using multiple devices. Al is also changing things in this sector through real-time analysis and automation.