Artificial Intelligence (AI) and Blockchain are the two most popular innovative trends at the moment. Specialists have explored and tested the combination of these two technologies, despite their profoundly different applications and gatherings.
According to PWC, AI will contribute $15.7 trillion to the global economy by 2030. This will lead to an increase of 14% in GDP.
PwC predicts AI to add $15.7 trillion to the world economy by 2030. This will result in a 14% increase in global GDP.
According to Gartner’s prediction, blockchain technology’s business worth will rise to $3.1 trillion in the same year.
Blockchain is a distributed, public, decentralized, immutable and distributed ledger that records digital transactions. It’s used to protect encrypted data. It uses cryptography for secure exchanges.
Blockchain technology allows consumers and suppliers to remove the middlemen (banks), creating an environment that is person-to-person for all types of transactions. It’s very similar to Bitcoin.
AI, on the other hand, has been around for many decades. But, it wasn’t until recent years that AI technologies made significant advancements like NLP and Machine Learning.
AI can be described as the “brain” of a machine or the engines that enable analytics and decision-making from data. Ai refers to the ability of a machine, such as a computer, to imitate intelligent human behavior.
AI refers to the theory and practice behind creating machines that can perform tasks that require human intelligence.
Each technology and each innovation is unique. However, the combination can be advantageous to both. Both AI and Blockchain can still benefit from one another and work together.
AI can boost blockchain efficiency even better than humans or everyday computing.
Blockchain AI
Blockchain and AI in the workplace
It is obvious that we are in an AI revolution. This is largely due to the advancements in Big Data and Analytics.
Today’s information handling is a hot topic. Businesses that deal with it have a legal and moral obligation to protect it, whether for business reasons or not. Blockchain and AI can have a significant impact on how this is managed.
Blockchain has emerged as an acceptable information storage solution due to the abundance and rise of data.
Blockchain information is not like cloud-based solutions. It is broken down into smaller sections that are distributed across the entire computer network.
Each computer or hub has a complete copy of the ledger. There is no central authority or control point, so if any corners are mangled, the information will not be lost.
The Blockchain encrypts all transactions and ensures that the information cannot be altered. This means that blockchains can be used to store sensitive or personal information and, when processed with AI utilization, could open up new opportunities for consumers.
This is perhaps the most prominent example. It is evident in the Healthcare mobile app development sector, where data is being used to diagnose, prevent and treat disease. Or, how streaming services like Netflix and Spotify use this information to make recommendations for customers.
Blockchain Can Help Us Track Our Thinking
AI frameworks may make it difficult for humans to understand the choices they make. Blockchain, however, can provide new insights by helping us track our thinking and make choices.
Imagine that you are in a Maths lecture and the professor explains an algorithm to you by plotting the cycle from premise to answer on the board.
However, this is a mistake by the professor. He or she has missed important opportunities and key steps that could have helped him/her to get here. You might be able to see why it would be wrong for the individual students in this room.
Blockchain could serve the same purpose as the board except that the last date can be edited or deleted. The Blockchain would, however, be permanent and immutable.
Computing
AI allows us to get away from these tasks and focus on more important and efficient tasks. Imagine a machine-learning-based algorithm that can practically improve its skills in real-time if it is fed the right training data.
Computers are not designed to be useful in everyday life. However, they cannot perform a task without explicit instructions.
Even though they are immensely valuable in our daily lives and can be used to great effect, computers cannot do any task without following certain guidelines.
For example, the hashing calculations that are used to mine Bitcoin obstructs use a “beast power” approach. This involves inefficiently describing every possible arrangement and verifying that each competitor meets the announcement before confirming the exchange.
AI allows us to get away from these tasks and focus on more important and efficient tasks. Imagine a machine-learning-based algorithm that can practically improve its skills in real-time if it is fed the right training data.
While Blockchain and AI are great in their own right but one cannot help but wonder what they could achieve when combined.
Both technologies can be used together and could lead to a more transparent world. Keep an eye out for this.
Data Protection
AI’s progress depends entirely on our input of information. AI is able to access information about the world, and what’s happening there. AI can improve its performance by feeding data.
Blockchain, on the other hand, is a technology that allows encrypted data storage on a distributed ledger.
It allows the creation of completely secured databases that can only be accessed by those who have been authorized to look into them. We have a backup system that protects individuals’ highly sensitive and valuable personal data when we combine blockchains with AI.
Conclusion
It is still very much unknown how to combine Blockchain technology with Artificial Intelligence.
Although the convergence of these two technologies has received a lot of academic attention, ventures dedicated to this innovative combination are still rare.
Combining these two technologies can open up new possibilities for data use. Information is a key ingredient in developing and improving blockchain and AI algorithms. It secures data and allows us to audit all intermediary actions.
