According to Reuters, the European blockchain company Bitfury Group said it has set up an artificial intelligence (AI) department. The AI department will operate with BitFury's existing blockchain services and remain part of the company. It is reported that the company's recent valuation is more than 1 billion US dollars (828.5 million pounds). Bitfury is one of the few blockchain companies in the world with a valuation of at least $1 billion. The list includes the US-based exchange Coinbase, as well as the world's largest cryptocurrency mining company, the Chinese company Bitland. According to Valery Vavilov, CEO and co-founder of Bitfury, the best and most effective way to analyze data is through artificial intelligence. "We still need to trust this data, so this is where the blockchain comes in." He said that BitFury's AI team is still in "research mode." He will have a clearer understanding of the range of AI products the company plans to offer by the end of this year or early 2020. BitFury also said that the appointment of technical expert Fabrizio Del Maffeo led the AI department. Del Maffeo is the Vice President and Managing Director of AAEON Technology Europe, an artificial intelligence and IoT computing company of Taiwan's ASUS Group.