Blockchain and Artificial Intelligence are the two trailblazing technologies. Blockchain is a distributed ledger that stores information in an encrypted, immutable set-up. Moreover, AI is a term used to explain whether a machine can perform assignments that require intelligence. By combining blockchain’s capacity with AI, it helps to track and trace the food supply chains to healthcare and supports in tackling the world’s some of the toughest challenges.
Artificial Intelligence and Blockchain
- Blockchain and AI are demonstrating to be a perfect powerful pair, by improving every industry in which they are going to get executed. AI and Blockchain have combined to redesign everything from healthcare, logistics, financial security, media royalties, and several more.
- Blockchain can be described as a decentralized, distributed, immutable ledger, which is used to store encrypted information. Contrastingly, AI can be explained as the “Brain” that enables decision making and analytics on the data collected.
- It is rightly said that every technology has its very own individual level of complexity, yet both AI and blockchain are in circumstances where they can help and get benefitted from each other.
- Both technologies can impact the data in various ways; combining both can take the manipulation of data to different levels. Simultaneously, the combination of AI and machine learning into the blockchain, and vice versa, can upgrade blockchain’s architecture and lift AI’s prospects.
- Furthermore, blockchain can make AI progressively intelligible and organized, and the users can determine why the choices are made in machine learning. Blockchain distributed ledger can record all information and factors that go through machine learning.
Applications of Artificial Intelligence and Blockchain
Data Backup, Collection, and Protection
The development of AI is subject to the input of data, which is the user information. Through data, AI gets information about things happening around it. Essentially, data support AI, and through it, AI will have the option to develop itself. When integrating blockchains with AI, we can have the backup framework for the highly valuable and sensitive personal data of the people. As there may be some projects that need data separating data after collection. The best example is the European Union, who designed the General Data Protection Regulation (GDPR) to protect the data with the help of blockchain.
To operate a blockchain with all its encrypted information on a computer, a large amount of processing power is required. Artificial Intelligence tackles this problem by handling tasks more efficiently and intelligently. Also, we can take machine learning-based algorithms that could help in utilizing its skills in real-time and provides the user with the appropriate solutions.
Monetization of Data
Another innovative development by combining the AI and the blockchain is the monetization of data. Monetizing the collected data is a huge income source for large organizations like Facebook and Google. Moreover, Blockchain enables the user to secure the personal data cryptographically and is utilized in many ways. This additionally gives a chance to monetize the data if the user decides to, without having to compromise on the personal data.
Contrary to AI-based ventures, blockchain technology creates transparent, decentralized networks that can be accessed by anybody around the globe in public blockchain systems. While blockchain technology is the distributed ledger that powers digital currencies, blockchain systems are presently being applied to various industries to create decentralization.
Having a huge data marketplace will enable smaller organizations to open up for Artificial Intelligence. Moreover, feeding and developing AI is expensive for organizations that do not produce their data. Besides, through decentralized data marketplaces, organizations will have the option to access the data, which is otherwise too costly for procuring the data. With the proper blockchain programming, all sorts of information can be watched, and the group can be certain that the information has not tampered.
AI in Decision Making
As AI algorithms get smarter through the learning process, it will turn out to be progressively hard for data scientists to see how these projects arrived at specific decisions and conclusions. This is because AI algorithms will have the option to process a lot of data and variables. Blockchain technology can be utilized in the decision-making process. This makes it far simpler to audit the whole procedure.
Combining the two technologies has a greater potential for the utilization of data like never. Moreover, data is the key element for the upgradation and development of AI algorithms. Further, blockchain verifies the information, enables the user to audit all the steps taken by AI to reach conclusions from the data and enables people to monetize their data. AI can be a revolutionary technology, yet it must be planned with the most extreme precautions, where blockchain can significantly assist in this matter.