September 7th, 2020 | Updated on June 29th, 2022
Artificial Intelligence and Blockchain are two of the hottest innovation drifts at this moment. Although the two technologies have profoundly different and extraordinary parties, gatherings, and applications, specialists have investigated and investigated their combination.
As per PWC, AI will add up around $15.7 trillion to the economy, globally, by 2030, leading to an increase in GDP by 14%.
PwC predicts that by 2030 AI will add up to $15.7 trillion to the world economy, and as a result, global GDP will rise by 14%.
As per Gartner’s prediction, blockchain technology’s business value will hike to $3.1 trillion by the same year.
Blockchain can be defined as a public, decentralized, immutable, and distributed ledger of digital transactions used to keep encrypted data safe. It uses cryptography to keep exchanges safe.
Blockchain technology enables consumers and suppliers to eliminate the middlemen, such as banks creating a person-to-person environment for all types of transactions. It is very much similar to Bitcoin uses.
On the other hand, AI has been around for many years. However, It wasn’t until recently that AI technologies made huge advancements such as NLP and Machine Learning.
AI can be defined as the “brain” or the engines that enables analytics and decision making from the collected data. Ai is a capability of a machine such as a computer to imitate intelligent human behavior.
AI is used to explain the theory and practice of creating machines capable of carrying out tasks that require human intelligence.
As we all know, each technology and innovation has its degree of complexity, and the combination may be beneficial to both. Still, both AI and Blockchain are in situations where they can benefit from each other and help one another.
Besides, AI can also boost blockchain efficiency far better than humans, or even everyday computing can.
Application Of AI And Blockchain
It’s a bit obvious to say we find ourselves in an AI revolution, which is mostly due to the progress being made in Big Data and Analytics.
The handling of information is an increasingly hot topic in today’s world, and businesses dealing with it have a moral and legal duty to safeguard it for commercial reasons or otherwise. AI and Blockchain can make a substantial impact on the way this is handled.
The abundance and emergence of data have catalyzed Blockchain as a reasonable information storage solution.
Not at all like cloud-based solutions, the information on a blockchain is separated into little sections and dispersed across the whole computer network.
There’s no control point or central authority, and each computer, or hub, holds a total copy of the ledger – implying that on the off chance that a couple of corners are undermined, the information won’t be lost.
Every one of that happens on the Blockchain is encrypted, and the information can’t be altered. Basically, this implies blockchains are the ideal storage facility for delicate or individual information that, whenever processed with care with AI utilization, can help open significant bespoke encounters for consumers.
Perhaps the best example of this is the healthcare mobile app development industry – where data is being leveraged to detect, diagnose and prevent disease – or how predominant streaming services such as Netflix or Spotify use the information to feed into their platforms that helps to provide recommendations for their customers.
Choices taken by AI frameworks can be challenging for humans to appreciate. However, Blockchain can reveal new insight into this by helping us track the thinking process and get choices.
Imagine you’re sitting in a Maths lecture, and the professor explains an algorithm by plotting the cycle between premise and answer on the board.
In this manner, however, the professor unintentionally misses significant opportunity key steps, which helped the person arrive as a result. Would you be able to perceive why this would be mistaken for individual students in the room?
In this occurrence, Blockchain would fill the same purpose as the board, except that the date written on the last can be composed or deleted. In contrast, on the Blockchain, it would be immutable and permanent.
AI allows us to move away from this and tackle tasks more intelligently and efficiently. Imagine a machine learning-based algorithm that could practically polish its skills in ‘real-time’ if fed the appropriate training data.
Even though they are unimaginably useful in our day to day life, computers cannot carry out a task without accepting explicit guidelines.
At last, even though they are unimaginably valuable in our daily lives, PCs can’t do an undertaking without accepting specific guidelines.
The hashing calculations used to mine Bitcoin obstructs, for instance, take a “beast power” approach – which comprises inefficiently specifying all potential possibility for the arrangement and checking whether every competitor fulfills the issue’s announcement before confirming an exchange.
AI allows us to move away from this and tackle tasks more intelligently and efficiently. Imagine a machine learning-based algorithm that could practically hone its skills in ‘real-time’ if fed the appropriate training data.
Although Blockchain and AI have great potential in their own right, one can’t help but wonder what they may achieve if their combined force were put to fair use.
Both technologies are mutually inclusive and could pave the way for a much more transparent and efficient world. Watch this space.
The progress of AI is entirely altogether on the input of information— our information. Through data, AI gets information about the world and things happening on it. Data feeds AI, and through it, AI will be able to improve itself continuously.
On the other side, Blockchain is significantly a technology that allows for encrypted data storage on a distributed ledger.
It enables the creation of fully secured databases that can be looked into by parties affirmed to do so. When joining blockchains with AI, we have a backup system for individuals’ sensitive and highly valuable personal data.
The blend of blockchain technology and Artificial Intelligence is still a largely undiscovered area.
Even though the two technologies’ convergence has gotten a considerable amount of academic considerations, ventures devoted to this groundbreaking combination are still scarce.
By combining both of these two technologies, there is the potential to use data in ways never thought before.
Information is the critical ingredient for developing and enhancing blockchain and AI algorithms that secures this data, allowing us to audit all intermediary steps.
Shruti Bansal is a tech enthusiast with a specialization in Digital Marketing. She is passionate about technology, internet marketing, big data, and writing.
Currently working in a Chatbot and Mobile App Development Company. Reading novels, traveling, researching new online marketing trends are some of her areas of interest that keep her rejuvenated.