Does Blockchain and Artificial Intelligence Are Worth Collaborating?

Blockchain is undoubtedly a genius invention in the world of modernization. The Blockchain concept was first introduced in 2008 by Satoshi Nakamoto (pseudo name). It has added a layer of security and transparency into the process of several industries, including healthcare, mobile apps, real estate, finance, etc. And as a result, it has become one of the most beloved technology by monopolists and customers. Now the question arises: what is Blockchain? Let’s have a look at it.

Brief description of Blockchain

Blockchain is a new way to store and make transactions without any third-party involvement. The idea of Blockchain is very uncomplicated and straightforward. The technology encourages digital currency, such as bitcoin and lit coin. You can describe it as a digital ledger stored in a distributed network. Each block of the Blockchain contains a unique code called a hash and the hash of the previous block in the chain. 

Now, if we talk about artificial intelligence, it also significantly impacts the business world. The technology has refurbished conventional businesses and improved customer experience. And just like Blockchain, it has become the core of companies such as finance, travel, healthcare, and mobile apps. Let’s look at the definition of AI (Artificial Intelligence).

Brief description of artificial intelligence

Artificial intelligence is a concept of modern technology in which computer systems possess human-like intelligence, which includes speech recognition; it gives power to the computer to make decisions and helps translate languages. The machines imitate the intellectual abilities to exhibit human-like behavior. AI is a software that provides highly personalized service to the users. Some examples of AI are Alexa, Google Assistant, Siri or Cortana. See fifthgeek.com for related tech-related stuff.

Integration of Blockchain and artificial intelligence

The development of human beings couldn’t have been possible without the advancement in technology. Technology has a significant role in making business sectors more efficient and qualitative, and it’s not just about business anywhere in the world and in every field of human life; it has created an enormous impact. Blockchain and artificial intelligence are the best examples of the latest technology. As a result, despite having highly different developing parties and applications, researchers have been trying to explore their combinations. Let’s discuss the benefits of Blockchain and AI.

AI and encryption perform superbly together.

Cryptography is an excellent feature inherent in the blockchain system. This means blockchains are ideal for storing sensitive and personal data, which, when smartly processed, can unlock so much value and convenience in our lives.

Blockchain databases hold their info encrypted, meaning all your susceptible and private data are completely secure. An emerging field of AI is concerned with building an algorithm capable of working with data in an encrypted state. As any part of a data process that involves exposing unencrypted data represents a security risk, reducing these incidents could make things much safer.

Blockchain can help us track, understand, and explain decisions made by AI.

Blockchains makes us understand the decision made by AIs as sometimes it seems complicated to understand for humans. No matter how clearly we can see that AI offers enormous advantages in many fields, its usefulness will be severely limited if it isn’t trusted by the public. Recording the decision-making process on blockchains could be a step towards achieving the level of transparency that must be very much needed to gain public trust.

AI can manage blockchains more efficiently than humans (or stupid conventional computers)

Traditionally, computers have been high-speed but very stupid. The computer system requires many processing instructions to perform a task. AI is an attempt to move away from this brute-force approach and manage tasks more intelligently and thoughtfully. Let’s talk about a human expert who cracks codes. They improve every time and become more efficient from good to better to excellent at code-cracking, and they will break many regulations throughout their career. 

A machine learning-powered mining algorithm would similarly tackle its job. However, rather than taking a lifetime to become an expert, it could instantly brush up its skills and provide the correct training data. Now, after discussing the features that Blockchain and artificial intelligence share, let’s move towards understanding how blockchain technology will transfigure artificial intelligence.

Free data enterprise

As AI progresses, it becomes dependent on the available data from several sources. Although large companies like Amazon, google, and Facebook have a massive source of data, which can be advantageous for developing AI applications, it is not available in the open market. Combining these two trending technologies, i.e., Blockchain and AI, will help address issues quickly and integrate peer-to-peer connections. As it is a distributed and open registry, everyone in the network can quickly access the data.

Handling data on a larger scale

when the data is available, the most challenging task is to scale it. A subfield of AI known as artificial general intelligence, can be structured as a feedback control system. This feature helps autonomous people interact better interactions with the physical environment. If any natural disaster hits the business, the data will not remain in a single location. This ensures the safety of large data in decentralized systems.

Supervise data usage

This indicates that the blockchain network will give you permission to use the data or the same, as it is considered an asset. Similarly, when coins are transferred on a cryptocurrency platform, one can also share the permit to access data on that network. When you integrate Blockchain and AI, it will become straightforward to control the use of data. 

Conclusion

Both Blockchain and artificial intelligence have been well-received in recent years. People are looking to merge this duo as it will result in the much-needed mechanism to power intelligent systems in the future. Integrating AI and Blockchain is no doubt a work in progress. Major economies seeking to lead the way in innovation have already launched several initiatives that aim to combine both technologies, confident that the result would deliver acceleration across various fields. 

Undoubtedly, AI and Blockchain are two different trends that are changing the world in their own rights. Given their respective strengths and weaknesses, the experts are confident that integrating them would result in a world with improved oversight and accountability and limitless opportunities, and connecting them will create massive synergies. Blockchain and AI are 2 extreme sides of the technology spectrum; one fosters centralized intelligence on close data platforms, and the other promotes decentralized applications in an open data environment. However, if we find an intelligent way to make them work together, the total positive externalities could be amplified in a blank. 

A viral quote by Santosh Kalwar is that life is an experiment in which you may fail or succeed. Explore more, expect less…. The same goes for this integration. Keep experimenting and hope for the best!