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- 1 Technology is set to witness groundbreaking advancements with the amalgamation of blockchain and AI to leverage each other’s potential.
- 2 When used together, blockchain and AI can help create cutting edge, safer, transparent and larger participant volume avant garde territories.
Businesses are now waking up to the idea of how blockchain and AI complement each other, that will amplify the immense benefits that both of the technologies have to offer. Blockchain ensures to provide large amount, tamper-proof, highly accurate decentralized data while AI knows how to use and implement it for a business model as well as develop better mechanisms to procure it.
Benefits of Merging the Two Technologies
Blockchain technology, a decentralized database management system that offers higher security and transparency for bulks of data and AI (Artificial Intelligence), something that’s been sailing the 21st century closer to the ever unanticipated, are now being given substantial consideration to be combined together that will enhance what each one is capable of.
Blockchain will produce highly secure data records with every transaction accurately present. Large volumes of data can be accessed which then the AI can use to gain actionable insights whether largely obvious ones or the minute but important ones. The AI then processes and manages data that in turn utilizes blockchain data more efficiently.
Given the AI is highly centralized, incorporation of blockchain helps increase transparency, thereby making the computing power more distributed. The provenance and traceability of blockchain systems helps AI make more accurate and intact decisions, identify shortcomings better and increase reliability.
AI tackles the notorious issue of scalability faced in blockchain. The issue is only expected to magnify as every business requires generation of tons of data and more and more users are able to access the technology, more and more businesses are arising. AI can increase the speed of transactions by faster processing and eliminating the need for human verification.
AI is also capable of digging into deeper spaces to look for data. There’s always a certain amount of data that is not accessible in the market yet. AI can thus enhance the collection and registry of data by the blockchain which is available on peer to peer connection, thereby making the data accessible to everyone on the network.
Some use Cases Where Blockchain and AI can be Combined
Finance: Blockchain obviously makes the finance and banking systems more secure and efficient. When combined with AI, it can catch fraudulent activities quicker, give unexhausted inputs from the client history, and speed up the traceability of the entire system. Smart contracts in blockchain can give an edge to the performance of AI while AI can develop ways to generate better smart contracts for the banking system.
Healthcare: From the records maintained on blockchain, AI can gain flawless insights by which it can give early detection and better diagnosis, and help prepare personalized medicines and treatment plans. From the provenant and traceable history that blockchain provides, AI can also give calculated probability and forewarning of a disease and by observing trends from the chain, it will help advance medical development and research.
Life Sciences: AI has already unlocked new discoveries in this field – from protein chain structures to neural networks. Blockchain will improve the system efficiency and accuracy greatly as protein structures, DNA fingerprinting, genome sequencing and research areas – all require the management of enormous amounts of data.
Supply Chain: By digitizing the process, making the data transparent and secure, blockchain stands to benefit the logistics industry greatly. AI can help induce automation of the process for seamless execution and augmentation of the complexities such as identifying issues like counterfeit goods, rectifying destination errors and forecast possible problems.
Applications of the combined AI and blockchain tech are surprisingly helpful in cases where critical decision making, learning abilities, recognising patterns, calculating upcoming trend probabilities etc. are required along with the necessity of reliable, traceable, hack-proof and tamper-proof record-keeping systems in place.
Situations where the history of transactions, traceability and accountability plays a vital role in decision making, to leverage AI to give untapped insights of the data and convert them into productive outputs that were not even perceived before, this coalescence of the two technologies becomes imperative.
DeepBrain Chain, SingularityNET, Numerai, Peculium, and other projects that have successfully combined and stepped into pioneering this great idea of AI and Blockchain marriage.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
