Blockchain has garnered a lot of attention for being an emerging technology with the ability to disrupt almost each and every industry. The decentralized system of blockchain technologies is operating on a global scale now.
Blockchain technologies have made operations more transparent. It is now safer than most centralized technologies. The impact has already been felt in industries like advertising, business logistics, healthcare, and security! Cryptocurrencies such as Litecoins, Ethereum, and Bitcoin are already making headlines. However, researchers are going into a deeper aspect of blockchain technologies, trying to incorporate them into more specialized technology like Artificial Intelligence.
AI is referred to the ability of the machine to execute cognitive functions which are associated with the human mind, like learning, interacting, perceiving, reasoning, problem-solving, and creativity as well. AI is also being used to solve various business problems related to language, machine learning, self-driving vehicles, and computer vision.
Why AI and Blockchain are Made for Each Other
• It is a no-brainer that AI and blockchain technologies are two of the sensational technologies that are creating radical paradigms in each and every industry. Both the technologies need data sharing. Like Blockchain, AI is heavily dependent on Big Data, particularly, data sharing. Now that more data is there to analyze, the analysis and evaluation of the machines are more reliable, and correct.
• Security is one of the biggest concerns when it comes to high-value transactions on the network of blockchain technologies. As for AI, the independent nature of the machines needs a higher level of security to reduce the possibility of fraudulent activities.
• Trust is needed! To have machine-to-machine communication, a level of trust is needed. Additionally, to execute transactions on the network of the blockchain, trust is highly required. One has to understand that this kind of solution has better transparency and flexibility than other traditional techniques.
• The blockchain is perfect for storing any sensitive or personal data. The information is kept in an encrypted condition which means the private keys must be kept guarded. The emerging field of AI has a lot to bring to us when it comes to security. AI is concerned about creating algorithms that are able to work with data while it’s in an encrypted state. It will also work on unencrypted data that has a potential security risk.
• Sometimes AI can be hard to understand and blockchain can help us in this case. For example, decisions made by AI are sometimes difficult to interpret which is because AI is able to learn a large number of variables to know what is important. Now the decision made by AI also needs to be audited for precision. To make it easier, blockchain can be used to achieve the level of transparency that is needed for public trust.
These two ground-breaking technology has the enormous potential to become more dynamic when combined together. Both are capable of improving the potential of each other, along with providing plenty of opportunities for the future.