Is the combination of Blockchain and AI the perfect match?
Blockchain and artificial intelligence are currently two of the hottest technical topics. Even though the two technologies have quite different evolving parties and applications, academicians have been debating and studying the possibility of combining them.
According to PwC, artificial intelligence will add $15.7 trillion to the global economy by 2030, resulting in a 14 percent increase in global GDP. Gartner predicts that the business value contributed by Blockchain will reach $3.1 trillion by 2030.
A blockchain is a decentralized, distributed record of transactions used to hold encrypted information. On the other hand, AI is the mechanism or “brain” that will allow analysis and decision-making process analysis of the data obtained.
It suffices to say that every tech will have its layer of difficulty, but AI and Blockchain are both in positions where they may profit from and assist one another. There are countless blockchain jobs found on BlockchainWorks, Indeed and Monster.
AI has the potential to be extremely transformative, but it should be created with extreme prudence – something that Blockchain can tremendously aid with. It’s anyone’s guess how the communication between different technologies will evolve. Nevertheless, the possibility for true upheaval is there and growing. Simultaneously, incorporating Artificial Intelligence and Machine Learning into the Blockchain can improve Blockchain’s underlying design and increase the potential of Artificial Intelligence.
Furthermore, Blockchain can make AI more consistent and understandable, and we can track and identify why judgments in machine learning are generated. Blockchain and its record can store all variables which go through a machine learning judgment. AI can improve blockchain efficiency significantly more effectively than people or even traditional computing. A glance at how blockchains are presently performed on regular computers demonstrates this, with a lot of computing power required to complete even simple activities.
What Is the Process of Artificial Intelligence?
Approaches and Concepts in Artificial Intelligence
In less than ten years after deciphering the Nazi encryption system Enigma and assisting the Allies in winning Second World War, mathematician Alan Turing changed history with a simple question: “Can machines think?”
Turing’s work “Computing Machinery and Intelligence” and the Turing Test outlined artificial intelligence’s essential vision and purpose.
At its core, artificial intelligence (AI) would be the field of computer science that tries to address Turing’s question correctly. It is the attempt to recreate or replicate human intellect in machines.
The broad goal of artificial intelligence has sparked numerous questions and arguments. As a result, no single definition of the discipline is commonly accepted.
Can machines think by themselves?
The primary drawback of defining AI as just “creating intelligent machines” is that it does not explain exactly what artificial intelligence is. What factors contribute to a machine’s intelligence? AI seems to be an interdisciplinary discipline with many techniques, but advances in machine learning techniques are causing a fundamental change in almost every section of the IT industry.
Artificial Intelligence And Blockchain Smart Computing Power Applications
To run a blockchain with its encrypted files on a pc, you would have to use computational power. Before confirming a transfer, the hashing algorithms used to generate Bitcoin blocks, for instance, use a “brute force” technique, which involves methodically counting all potential candidates for the answer and evaluating whether each option fulfills the problem’s statement.
The question is, how artificial intelligence helps in this process? AI helps us move away from this and overcome issues more accurately and effectively. Consider a machine learning-based system that could practically refine its skills in real-time’ if given the right training data.
Creating a Variety of Data Sets
In contrast to artificial intelligence-based projects, blockchain technology creates decentralized, open networks that may be accessible by anyone, anywhere in the world, in the case of public blockchain networks. While blockchain technology seems to be the database that underpins cryptocurrency, blockchain networks are currently being used to generate decentralization in a multitude of sectors.
Data Security
The advancement of AI is entirely contingent on the data input – our data. AI receives knowledge of the world, and it’s going on through data. Essentially, data feeds AI, and AI will be able to develop itself due to it constantly.
On the other hand, Blockchain is fundamentally a technology that enables the secured storing of data on a public ledger. It enables the establishment of completely secured databases that may be accessed by parties granted access. When blockchains and AI are combined, we have a back – up plan for people’s sensitive and very valuable private information.
Health or financial information is far too delicate to entrust to a single corporation and its algorithms. Safeguarding this information on a blockchain, an AI can view that but only with authorization. Going through the right protocols might provide us with significant benefits such as personalized suggestions while securely storing our sensitive information.
Monetization of Data
Another revolutionary breakthrough that could result from integrating the two techniques is data monetizing. For giant corporations like Facebook and Google, monetizing acquired data is a huge source of money.
Allowing others to determine how data is sold for businesses to benefit reveals that information is being used against us. Blockchain enables us to cryptographically secure our data and use it as we see appropriate. This also allows us to monetize data personally without jeopardizing our details. This is critical to resist biassed algorithms and develop various data sets in the long term.
The same is true for AI programs that rely on our data. AI networks will be forced to buy information directly from their producers through data marketplaces that need AI algorithms to develop and master. This will make the process much more equitable than now, with no tech behemoths exploiting their users.
A data marketplace like this will also make AI available to smaller businesses. Creating and training AI is too expensive for companies that do not produce their data. They would be able to obtain otherwise costly and privately-owned data through decentralized data marketplaces.
Putting Faith in AI Decision Making
As AI algorithms mature and become smarter, data scientists will find it increasingly challenging to comprehend how these programs arrived at specific conclusions and actions. This is due to the fact that AI algorithms will be able to handle vast volumes of data and factors. However, you must continue to check AI conclusions to ensure that it continues to match reality.
Thanks to the utilization of blockchain technology, there are immutable recordings of all of the data, factors, and procedures used by AIs for their decision-making processes. This makes auditing the whole system much more accessible.
All stages from entering data to conclusions may be watched using the proper blockchain code, and the witnessing party can be confident that the data has still not been changed. It helps build trust in the judgments reached by AI programs. This is a vital stage since individuals and businesses will not begin using AI applications until they understand how they work and what data they make their conclusions.
Conclusion
The future of Blockchain and artificial intelligence seems to be promising. The intersection of blockchain technology and artificial intelligence has been mostly unexplored territory. Despite the fact that the confluence of the two technologies has attracted considerable attention from scholars, projects dedicated to this ground-breaking mix are still in little supply.
Data is crucial for the development and improvement of AI algorithms. Blockchain safeguards this data while also allowing us to verify all intermediary stages AI undertakes to draw inferences from the data and enables citizens to commercialize their produced data.
AI has the potential to be extremely transformative, but it should be created with extreme prudence – something that Blockchain can tremendously aid with. Anyone can guess how the communication between different technologies will evolve. However, the possibility for true upheaval is there and growing.
With a solid foundation in technology, backed by a BIT degree, Lucas Noah has carved a niche for himself in the world of content creation and digital storytelling. Currently lending his expertise to Creative Outrank LLC and Oceana Express LLC, Lucas has become a... Read more