Artificial Intelligence and Blockchain are proving to be quite a powerful combination, improving virtually every industry in which they’re implemented. These technologies can be combined to upgrade everything from food supply chain logistics and healthcare record sharing to media royalties and financial security. The integration of AI and Blockchain affects many aspects, including Security – AI and Blockchain will offer a double shield against cyber-attacks.
AI can effectively mine through a huge dataset and create newer scenarios and discover patterns based on data behavior. Blockchain helps to effectively remove bugs and fraudulent data sets. New classifiers and patterns created by AI can be verified on a decentralized blockchain infrastructure and verify their authenticity. This can be used in any consumer-facing business, such as retail transactions. Data acquired from the customers through blockchain infrastructure can be used to create marketing automation through AI.
How AI Can Add on To Blockchain
The confluence of AI in blockchain creates perhaps what is the world’s most reliable technology-enabled decision-making system that is virtually tamper-proof and provides solid insights and decisions. It holds several benefits like:
- Improved business data models
- Globalized verification systems
- Innovative audits and compliance systems
- Smarter finance
- Transparent governance
- Intelligent retail
- Intelligent predictive analysis
- Digital Intellectual Property Rights
Technical Enhancements that AI can enable
Artificial Intelligence can provide many improvements in multiple spheres. Some of these are given here:
1. Security: With the implementation of AI, Blockchain technology becomes safer by making secure future application deployments. AI algorithms that are increasingly making decisions about whether financial transactions are fraudulent and should be blocked or investigated is a good example of it.
2. Efficiency: AI can help optimize calculations to reduce miner load which results in less network latency for faster transactions. AI enables to reduce the carbon footprint of blockchain technology. The cost that is applied upon miners would also be reduced together with the energy spent if AI machines replace the work done by miners. As the data on blockchains grows by the minute, AI’s data pruning algorithms can be also be applied to the blockchain data which automatically prunes the data which is not required for future use. AI can introduce even new decentralized learning systems such as federated learning or new data-sharing techniques that make the system much more efficient.
3. Trust: The iron cast records of blockchain is considered one of its USP. Applied in conjunction with AI means users have clear records to follow the system’s thinking process. This, in turn, helps the bots trust each other, increasing machine-to-machine interaction and allowing them to share data and coordinate decisions at large.
4. Better Management: When it comes to cracking codes, human experts get better over time with practice. A machine learning-powered mining formula can eliminate the requirement for human experience because it may nearly outright sharpen its skills if it’s fed the correct coaching knowledge. So, AI additionally helps in managing blockchain systems higher.
5. Privacy and New Markets: Making private data secure invariably leads to it being sold, resulting in data markets/model markets. The markets get easy, secure data sharing that helps smaller players gain Blockchain’s privacy can be more increased by executing “Homomorphic encryption” algorithms. Homomorphic algorithms are the ones using which operations can be performed on encrypted data directly.
6. Storage: Blockchains are ideal for storing the highly sensitive, personal data which, when smartly processed with AI, can add value and convenience. Smart healthcare systems that make accurate diagnoses based on medical scans and records are a good example of that.
Applications of AI and Blockchain
Now let’s see some of the joint applications of AI and Blockchain:
1. Smart Computing Power
If you were to work a blockchain, with all its encrypted knowledge, on a laptop you’d like massive amounts of process power. The hashing algorithms used to mine Bitcoin blocks, for example, take a “brute force” approach – which consists of systematically enumerating all possible candidates for the solution and checking whether every candidate satisfies the problem’s statement before confirmatory a dealing. AI affords U.S.A. the chance to maneuver faraway from this and tackle tasks in a very a lot of intelligent and economical approach. Imagine a machine learning-based algorithm, which could practically polish its skills in ‘real-time’ if it were fed the appropriate training data.
2. Creating Diverse Data Sets
Unlike computing based-projects, blockchain technology creates suburbanized, transparent networks that can be accessed by anyone, around the world in a public blockchain network situation. While blockchain technology is the ledger that powers cryptocurrencies, blockchain networks are now being applied to several industries to create decentralization. SingularityNET combines blockchain and A.I. to create smarter, decentralized A.I. Blockchain networks that can host diverse data sets. By making Associate in Nursing API of APIs on the blockchain, it’d allow the communicating of A.I. agents. As a result, various algorithms may be designed on various knowledge sets.
3. Data Protection
Through knowledge, AI receives data regarding the globe and things happening thereon. Knowledge feeds AI, and through it, AI will be able to continuously improve itself. On the opposite aspect, blockchain is essentially a technology that allows for the encrypted storage of data on a distributed ledger. It allows for the creation of fully secured databases that can be looked into by parties who have been approved to do so. When combining blockchains with AI, we have a backup system for the sensitive and highly valuable personal data of individuals. The development of artificial intelligence applied to big data together with the security offered by blockchain technology creates the perfect combination for the management of large databases. Medical or financial data are too sensitive to hand over to a single company and its algorithms. Storing this data on a blockchain, which can be accessed by an AI, but only with the permission and once it has gone through the proper procedures, could give us the enormous advantages of personalized recommendations while safely storing our sensitive data.
4. Data Monetization
Another turbulent innovation that might be doable by combining the 2 technologies is that the validation of information. Monetizing collected data is a huge revenue source for large companies, such as Facebook and Google. Having others decide how data is being sold to create profits for businesses demonstrates that data is being weaponized against us. Blockchain permits the U.S.A. to cryptographically defend our knowledge and have it utilized in how we tend to see work. This additionally lets the U.S.A. legitimatize knowledge in person if we elect to, without having our personal information compromised. This is important to understand to combat biased algorithms and create diverse data sets in the future. The same goes for AI programs that require our knowledge. For AI algorithms to learn and develop, AI networks will be required to buy data directly from its creators, through data marketplaces. This will create the whole method a way more truthful method than it presently is, without tech giants exploiting its users. Such a knowledge marketplace also will open AI for smaller corporations. Developing and feeding AI is implausibly pricey for corporations that don’t generate their knowledge. Through suburbanized knowledge marketplaces, they will be able to access otherwise too expensive and privately kept data.
5. Trusting AI Decision Making
As AI algorithms become smarter through learning, it will become increasingly difficult for data scientists to understand how these programs came to specific conclusions and decisions. This is because of AI algorithms are going to be ready to method implausibly massive amounts of information and variables. However, we must continue to audit conclusions made by AI because we want to make sure they’re still reflecting reality. Using blockchain technology, there are immutable records of all the data, variables, and processes used by AIs for their decision-making processes. This makes it far easier to audit the entire process. With the appropriate blockchain programming, all steps from data entry to conclusions can be observed, and the observing party will be sure that this data has not been tampered with. It creates trust within the conclusions drawn by AI programs. This is a necessary step, as individuals and companies will not start using AI applications if they don’t understand how they function, and on what information they base their decisions.
Finalze is a software platform that uses blockchain and machine learning to build applications aimed at improving civil infrastructure. The company’s tools automate and speed up construction industry workflow, management, and verification processes, and its technology also integrates with wearables to meet safety regulations. Finalze aims to make crucial processes more efficient while maximizing ROI in an industry whose revenues are projected to hit $15.5 trillion by 2028.
2. BLACKBOX AI
Blackbox AI develops artificial intelligence tools for emerging technologies. The company’s engineers create a customized information architecture that powers everything from machine learning and natural language processing to blockchain tools. Besides developing infrastructure for blockchains, the company also offers consultation services that focus on how their products can maximize a blockchain’s potential. Hailing from some of the largest tech organizations in the world (including Apple, Intel, NVIDIA and MIT), Blackbox AI’s engineers have devised AI-based tools for everything from virtual reality to natural language processing.
For more examples refer:
- Top 5 best Programming Languages for Artificial Intelligence field
- Artificial Intelligence | Natural Language Generation
- Introduction to Hill Climbing | Artificial Intelligence
- Blockchain | Smart Contracts
- Impacts of Artificial Intelligence in everyday life
- Blockchain Forks
- Important Blockchain terminologies
- Integration of Blockchain and AI
- Blockchain in Brief
- Proof of Stake (PoS) in Blockchain
- Artificial Intelligence in Financial Market
- How Artificial Intelligence (AI) is Revolutionizing the eCommerce Industry in 2020?
- Features of Blockchain
- How to convert an existing callback to a promise in Node.js ?
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