Blockchain and AI meets: Top Applications and trends
Technology is evolving day by day. We can see the emergence of one or two newly evolving technologies every decade. The most prominent among the recently evolved cutting edge technologies are Blockchain and Artificial Intelligence. These two technologies have gathered a great place in the current scenario. This is because of the field of application and their benefit to this present world.
As we are familiar with the exceptional individual functioning of blockchain and Artificial Intelligence, no one would have thought of combining these two technologies. This will definitely have considerable benefits as it can be applied in many fields. Also, it stands out as a trendsetter in the current decade. So, in this blog, we can know about the top-notch applications and the technology trends that the duo will bring in.
Why Blockchain and Artificial Intelligence combo?
Automated machines and thinking robots is not a mere imagination from this decade as the humankind has advanced by implementing those into reality.
Blockchain is a security software to protect the data from being theft or cyber-attacked. Artificial intelligence is neural network of a machine that helps it to think. Shortly, the machine itself takes its own decision using the current market trends and helps the services to be conducted swiftly. Also, Blockchain is not only a security software, it also helps in interlinking of the management process to help the machine work efficiently. That is the reason why blockchain is used in wide amounts of service industries.
Both are unique in their own aspect. But there are certain differences between the Blockchain and the AI.
Difference between the Blockchain and AI:
Head and Tails:
Artificial Intelligence is a centralized technology whereas the Blockchain is a decentralized technology. Artificial Intelligence works on a huge platform managing an enormous amount of data and massive computation algorithms. It can make huge tasks easier by picking up the required data from the huge data cloud. But the theory of blockchain is the mere opposite. Blockchain is a decentralised technology. They work on storing data in a simplified format in terms of a block. Each block will contain particular information about a transaction or communication. They are ledgered with the assistance of cryptography and maintained under a hash.
Openness and closedness:
Blockchain is known for its transparency and openness. The entire function of the blockchain is transparent and hence it gets accepted by the entrepreneurs for their security perspective. That is the reason why Blockchain got a huge demand despite its initiation with a no-regulation digital currency “Bitcoin”.
But, coming to Artificial intelligence, the entire system is more complex and difficult to understand. Yes, the statistical algorithms need a knowledge and understanding of linear algebra and other mathematical solutions like topography, while some others need advanced learning in other such techniques which makes us very hard to understand. Hence Artificial intelligence is considered as a “contraption”.
Benefits of merging AI with Blockchain:
AI and Blockchain, when working separately have their unique functionality but to perform a task effectively, they need to be interdependent. Think of this. AI conducts various operations and take quicker decisions but there are certain doubts on their encryption. Their security system is not so secure. If the Blockchain is integrated with the AI- machine learning techniques, then the encryption becomes assured that the AI will perform better than before.
Tracking the decisions:
As we know, AI makes quick decisions. It is one of the efficient tools in the digital marketing field, but it is the blockchain that can segregate and track the decisions made by AI. it is because AI is a complex mechanism that is hard to understand its functionality and decision making a prediction.
Despite being the decisions made by the machines are accurate, there is a need for checking by humans to consider the flaws in the system. So recording the transactions and ledgering the decisions will help the user to take out the necessary decision where it went wrong. It can help him to analyze it, and make necessary changes to make it right in the future.
Auditing becomes easy if it is simplified. For instance, a huge store uses AI to feed the transactional data of a month’s worth, then that organization can feel it hard to revise or analyze it. But if it is stored in a database on a compact basis segregated by blocks, then it is easy to handle.
AI can handle blockchain more effectively than humans. With the right training data, the AI can manage the blockchain and its mechanism as it is fed with code-cracking capability.
Both are magnanimous technologies with an impeccable performance in their own fields and can perform even better if they are merged together.
Current trends in merging the two technologies:
Blockchain and AI merging will be used in three major industries: Finance, AI marketplaces, and Crowdsourcing predictive marketing arenas. In finance, especially in investment management platforms, the merger will be more useful. Nowadays, Blockchain is more prevalently used in the banking sector for interoperability. With the assistance of AI, Blockchain can further enhance its interoperable mechanism.
Adoption in businesses:
Business ventures are understanding the adoption of AI and machine learning techniques in their companies. And now the introduction of blockchain for security and interoperability is a gift for them. Adopting the merger of these two cutting edge technologies will reduce the complexity in manual revision and decision making despite the faster decision making done by AI. The thing to consider is its credibility. The higher the credibility, the more the company will manage to operate the merging technology. This is not like the company will have to invest huge amounts to adopt this technology. But it needs to be credible.
The applications where the merger will work out fine are multifarious: some of them are discussed below:
Efficient computing technology:
Blockchain provides you the necessary encryption to your computing but it will take an enormous amount of processing power which is to be defined as the “Brute force approach”. AI comes as help in providing efficient solutions to the processing techniques. It will align the flow of data in an appropriate manner by providing the data in real-time.
Diversifying data sets:
Blockchain and AI can provide a diversified data approach. Blockchain stores the information by hashing it in blocks providing the user to pick the necessary information at that particular time. So, to be short, Blockchain is a decentralized artificial intelligence. It also helps in a wide perspective. Think of intercommunication between different AI’s. That is amazing right. This is possible with the merger of Blockchain and AI.
Data protection and security:
It is obvious. Blockchain provides encryption and AI stores massive data. Apart from the centralization factors, the data is completely protected and secured.
Data handling is one of a mighty task and if it is happening so smoothly with the help of two emergent technologies; Man, we are all blessed. The above said benefits and the trends will further enhance the area of applications of the merger technologies - Blockchain and AI.