Blockchain and AI are the two most important and emerging technologies. Blockchain is versatile and is easy to apply whereas AI has surpassed all its limitations of experimenting performances in the labs. Both are embedded with the recent technological developments, though both have different roots.
Blockchain is considered a shared and permanent ledger that will be used for the encryption of data in the future. AI engine, on the other hand, enables an individual to analyze and make decisions from the collected data. It is worth mentioning that each technology has its multiple complexions, but artificial intelligence and blockchain together will provide many benefits.
It is clear that blockchain will make AI more consistent, understandable, and logical. When you want to understand and trace back why decisions are made through machine learning, then you have to check its ledger. The ledger holds all the records of the data which will help you with your decision-making process.
What is blockchain?
Blockchain is an immutable and shared ledger that will provide an immediate, shared, and transparent exchange of encrypted data simultaneously to different parties as they initiate and complete transactions. A blockchain network can track multiple transactions, orders, accounts, payments, production, and so on. As the members with granted permission share a single view of the output, they gain confidence and trust in their transactions with other businesses and get new profound efficiencies, insights, and opportunities. Blockchain is difficult to manipulate, deceive or hack, making it a very efficient storing front.
Bitcoin is one of the best examples that prove the safety and security of blockchain technology. It is a promising and revolutionary technology. It reduces uncertainty, provides total transparency, and prevents fraud. The inherent security features make it the most ideal technology.
What is artificial intelligence?
Artificial intelligence leverages computers, data, and machines to mimic the problem-solving and decision-making capabilities of the human mind. It also encompasses the subfields of machine learning and deep learning technologies. These technologies use AI algorithms to train data for making predictions and classifications The benefits of AI include automated decision-making, recurring tasks, and reducing human errors. AI fuels the development of technologies like big data, the internet of things (IoT), and robotics. In the future, the combining effects of AI and blockchain technology will continue to be a technical trailblazer.
Existing integrations between blockchain technology and Artificial intelligence
Blockchain technology is interlinked with AI in many ways. Below are the major integrations:
1. Transparent data source :You need ample data to train an AI application. As blockchain is the most transparent technology, it is a reliable source of refined data. Due to the traceability of nodes, the source of data can be verified efficiently.
2. Autonomous system: The decentralized ledger technology ensures that no single server handles all the operations of the AI application. The autonomous system drives the decentralization for managing the AI training and operations without being supervised.
3. Privacy protection: Cryptographic techniques strengthen privacy throughout the network which runs AI training and operations. When you have a robust privacy system you can train and supply AI systems as they are competitive and have higher complexity.
4. Distributed computing power: To train and maintain AI, you require a lot of firepowers. Blockchain technology takes that responsibility and helps to get through it. It also takes care of the space requirements like hardware and software, storage, and maintenance cost.
5. Security: Blockchain’s smart contracts are not secure enough. The blockchain revolves around the rigidness of the contract, when there are loopholes you can exploit and harm the applications easily. For minimizing such vulnerabilities, AI is used to generate more secure and smart contracts.
6. Reading efficiency: The low query performance often limits blockchains as they have limitations in their data storage modes. The blockchain applications sacrifice the reading efficiency for achieving a more write-intensive approach with level DB-a write-intensive DMS.
While using AI, the data storage methods help to enhance the usage of blockchain. A proposed novel TTA-CB protocol lowers the issues of data storage through PSO algorithms. When you do rigorous testing and training, AI eventually helps in improving the speed of data queries.
7. Authenticity: Blockchain’s digital record provides insights into the AI framework and the provenance of the data which is used, it also addresses the challenges of explainable AI. It helps you in improving your trust in data integrity and the recommendations the AI provides. When you are using blockchain for storing and distributing AI modes it provides an audit trail, and pairs blockchain and AI to enhance data security.
8. Augmentation: AI reads data comprehensively and rapidly. It also understands and processes the data at a great speed by bringing higher intelligence to the blockchain-based business networks. When you provide access to larger data within or outside the organizations, blockchain will help the AI scale and provide more actionable insights, manage model sharing and data usage, and create a transparent and trustworthy data economy.
9. Automation: Automation, AI, and blockchain will bring newer values to business processes that span different parties like adding, removing friction, and increasing speed and efficiency. AI models embedded in smart contracts execute on blockchain to resolve disputes and select the most sustainable shipping methods.
How do Artificial intelligence and Blochain complement each other
Blockchain is an expensive medium of storing vast data in a traditional method. When you are keeping larger files on the Bitcoin blockchain, it is prohibitively expensive as they are the one-megabyte size per block. For addressing this issue, data is stored on a decentralized storage medium, which hashes the data and connects it to the blockchain blocks or uses the smart contract code from within. When you merge artificial intelligence and blockchain technologies, decentralized AI apps and algorithms are built with access to an identical vision of a trusted and shared data platform for storing your knowledge, records, and decisions. This platform is useful when you keep reliable records of all the AI algorithms before, during, and after the learning and decision-making process.
In conclusion, the amalgamation of AI and blockchain holds tremendous potential to create new business models enabled through digitalization. Artificial intelligence and blockchain developers also stand to gain acute insights on how integrating these two technologies creates business synergy. AI and blockchain developers can collaborate to develop automated and decentralized business applications that offer better governance, higher performance, and greater security of user confidentiality and privacy .