Coinbase has successfully executed the first AI-to-AI blockchain payment in a pretty exciting development (ok, thought experiment).
Coinbase CEO Brian Armstrong announced this milestone, detailing how two AI agents used crypto tokens to transact with each other. Specifically, one AI bot used crypto tokens to purchase AI tokens from another.
“What did one AI buy from another? Tokens! Not crypto tokens, but AI tokens (words basically from one LLM to another). They used tokens to buy tokens,” Armstrong wrote, adding a “mind blown” emoji.
“AI agents cannot get bank accounts, but they can get crypto wallets. They can now use USDC on Base to transact with humans, merchants, or other AIs. Those transactions are instant, global, and free.”
Armstrong added that this marks an “important step” in AIs performing useful work, arguing that AI agents currently “can’t transact to acquire the resources they need. … They don’t have a payment method to book you the plane ticket or hotel for your upcoming trip.”
The CEO invited companies working on AIs and large language models (LLMs) that might benefit from having an integrated crypto wallet to conduct payments to integrate Coinbase’s wallet.
“And if you are a company that sells a service — get ready for your shopping cart to be AI checkout enabled,” Armstrong added. “It turns out everyone benefits from having access to good financial services, including AIs! How big will the AI to AI economy be a few years from now?”
Despite being an experiment, it is interesting on so many levels … and a bit spooky too …
It got me thinking: where are AI agents already choosing up in business processes, and what use cases might lie at the intersection of AI and Blockchain?
AI agents are increasingly being utilized in various business transactions across multiple industries.
Customer Support and Personalization: AI agents are widely used in customer service to automate responses, provide product recommendations, and personalize customer interactions. For example, companies like Amazon use AI agents to suggest products based on customer behaviour.
Finance and Accounting: AI agents automate back-office tasks such as organizing financial records, processing invoices, and conducting financial analyses. They can also validate financial transactions, ensuring accuracy and security.
Supply Chain and Logistics: AI agents optimize supply chain operations by analyzing data, forecasting needs, and suggesting alternative logistics routes. They enhance efficiency and reduce waste by automating shipment tracking and order management.
Market Research and Analysis: AI agents gather and analyze customer data to provide insights into consumer preferences and buying habits. This helps businesses tailor their products and marketing strategies effectively.
So, what new Use Cases could be enabled by blockchain transactions?
Autonomous E-commerce: By enabling AI agents to transact on the blockchain, they could autonomously purchase inventory, manage payments, and handle logistics in e-commerce settings. This could lead to fully automated online stores with minimal human intervention.
Decentralized Finance (DeFi): AI agents could participate in DeFi platforms, executing trades, managing portfolios, and optimizing investment strategies based on real-time data analysis. This could democratize access to financial services and enhance market efficiency.
Smart Contracts and Automated Compliance: AI agents could use blockchain to execute smart contracts autonomously, ensuring compliance with contractual terms and automating complex business processes. This could reduce the need for intermediaries and lower transaction costs.
Data Monetization and Sharing: AI agents could facilitate secure and transparent data exchanges on blockchain networks, allowing businesses to monetize data while maintaining privacy and security. This could create new revenue streams and enhance data-driven decision-making.
It is such an exciting time to be building companies …