Building An Industry AI Trading Market Powered by Blockchain
SINGAPORE / ACCESSWIRE / October 26, 2018 / The invention of the steam engine and electricity marked the beginning of the industrial era. The emergence of the internet led to another technological revolution. Today, with the explosive development of computing capabilities and the gathering of big data, artificial intelligence is primed for leapfrog development; ready to usher in a new era of unprecedented industrial revolution. VisionX, the industry smart chain,appears with opportune timing. Boasting tailored solutions for the nuanced requirements of different industries as they prepare for the new era, VisionX will lead the development of a new paradigm powered by blockchain and optimal, customized Artificial Intelligence solutions.
Leading the Path to Industry 4.0
Industrial civilization is fueled by the gathering and applications of big data, and in particular, industry data. We sit atop a gold mine of global industry data whose value has yet to be tapped. According to data from KPMG, by 2020, the global AI market will be worth $4 trillion. Statista forecasts that the value of industry data at the end of 2018 will be $42 billion. For a fitting example of this explosive development, consider the visual inspection industry. China has over 60 million surface inspectors and spends $350 billion every year in this industry. Another example is robotic pick and place, estimated to be worth $47.3 billion by 2020.
The trend of industrial development is rather clear; constantly increasing product quality, on-demand production and faster delivery time. As a consequence of these demands, labor costs keep rising and reports of human errors are frequently noted. One challenge is the lack of cross-industry AI solutions. Using current industry practices, in order to receive AI solutions, companies are required to first provide data. Additionally, it's difficult for a single company to generate enough valid data to be provided with an AI solution. This is where VisionX comes in.
In the era of Industry 4.0, VisionX combines blockchain with AI to provide industry solutions starting with product surface defects detection and eventually expanding to offer thousands of tailored AI solutions to all manner of industries.
Smart Industry Starts with Vision
Making intelligent machines be able to "see" product surface defects has become a difficult roadblock worldwide. Consider the following examples: small scratches, dents and holes can affect the quality and integrity of steel products; the tiny defects on textiles or zippers may deter customers from making a purchase; the flaws on aeronautical parts or safety belts may have public safety consequences; and surface defects on LED, LCD or solar panels will cause them to operate less efficiently.
VisionX's goal is to build the world's largest surface defects detection images recognition database. It has the largest and highest-quality image dataset that includes more than 130,000 images and over 1 million metadata sets. It uses a Dataonomy algorithm to analyze relevant data with the goal of creating both generalpurpose and tailored AI solutions. It offers simple and efficient deployment and promises an accuracy rate of more than 95%. VisionX will allow savings of up to 30% as compared to competitors that utilize more traditional methods.
VisionX can be applied to consumer electronics, textiles, furniture, steel, mining, automobile and display industries. In the future, it can be extended to predictive maintenance, robotic pick and place and cross-industry exhibition planning.
Dataonomy Smart Algorithms
VisionX has multiple patents, including one for automated AI-based surface inspection systems and methods and one for AI-based object recognition and manipulation systems and methods. Furthermore, VisionX has a patentpending for Dataonomy, a data classification algorithm which is its core IP.
Dataonomy is a self-developed taxonomy algorithm and provides an innovative way to categorize data, discovering the internal relations between large-scale public data and more specific cross-industry defect data.
At the moment, the Dataonomy algorithm has successfully helped with yielding results from visual inspection exercises, including successfully challenging the international industry surface defect inspection image data set (DAGM2007). Compared to currently employed traditional methods and deep-learning methods, it shows a clear advantage in the accuracy of its inspection capabilities.
VisionX Smart Industry Trading Market
No matter how smart an algorithm is, it can never sustain a complete ecosystem, because of the scattered data and high-costs for a single company to conduct research, as well as a general lack of necessary data among industries. VisionX's solution is an ecosystem built on blockchain to incentivize cross-industry participation. People can offer their datasets and VisionX will verify and test that contribution. VisionX will organize, clean and annotate the data in order to build an Industry X basic dataset and an Industry X basic AI solution, as well as providing customized AI solutions for special clients. Through the collection of data, the accuracy of such solutions can be as high as 99.97%; meanwhile, a decentralized cloud AI computing structure will support large-scale cloud deep-learning network training to provide clients with quick and frequent upgrades and iterations.
Based on the data contribution recorded on the blockchain, users will receive token rewards and a percentage of the profit. VNX token rewards will encourage people to offer data, solutions and services; 15% of the profit from AI solution's sales will be distributed to data contributors, 65% will be given to solution providers and dataset builders and 20% will go to the VisionX Foundation. VisionX Foundation will use the 20% to buy back and burn VNX tokens, and they will continue to buyback and burn as much as 50% of the tokens in circulation.
VisionX has built a bridge for industries and enterprises to realize cross-industry collaboration with the goal of creating high-quality AI solutions and leading the way into Industry 4.0. In the future it will be able to serve thousands of industries and offer millions of AI solutions with a vast and ever-expanding dataset. Starting at defect detection, VisionX will expand into robot pick and place, predictive maintenance, smart voice interaction, supply chain and much more.
Their potential partners include the world's top 500 companies, tech giants, steel manufacturers, large-scale printing machine providers, image quality inspection in traditional enterprises, automation, robotic device developers and more.