To supplement and even compete with the intelligence of human beings, many technological developments have come into existence to enhance Artificial Intelligence over the years. After a long experimental struggle, developers within the space, have formed systems whose artificial intelligence is demonstrating increasing promise. One such development using artificial intelligence is blockchain. Read on to find out why this collaboration of technologies could have a transformative outcome for all.
Artificial Intelligence in blockchain
Blockchain is the technology that stores encrypted data known as blocks in electronic ledgers. A digital filing system. The functioning of the blockchain, when kept parallel to that of artificial intelligence, shows a lot of scope for innovation in the space.
The below discussed points unpack why combining both blockchain and AI could result in some ground-breaking outcomes:
· Encryption and Artificial Intelligence Go Hand In Hand:
Blockchain technology enables storage of large amounts of data in an encrypted form that makes it safe and secure. This is demonstrating an ability to add ease and smooth functionality in our daily lives. Blockchain can securely capture your personal information: browsing history, medical and bank records and numerous other forms of data.
AI has plenty to bring to the party in terms of security, too. For example, AI is concerned with building algorithms which are capable of interacting with data which is still in an encrypted state (exactly what blockchain offers). As any part of a data process which involves exposing unencrypted data represents a security risk, AI and blockchain offer a double dose of beefed up security.
· Artificial Intelligence Can Be Understood Better by Using Blockchains:
Not all the decisions made by the system of AI can be understood by humans. The reason behind it is the wide possible alternatives which are available to the AI for choosing. What decides its capability is the alternative it chooses for accomplishing the ultimate goal.
Therefore, when talking about blockchain, it stores all the data and keeps it unaltered, which makes it easy for the AI to initiate the process of auditing. Security and transparency are the key elements. Thus, blockchain offers both these elements and hence when added to the robotic intelligence, the potential to build well-trusted and effective systems is enhanced.
· Increased Efficiency of Accessibility:
With the intersection of AI in blockchain, it will become easier to contact and collaborate with a wide audience. The involvement of blockchain and cryptocurrencies like bitcoin and ethereum are eliminating the difficulties faced in making fiat payments or in opening an account in a financial institution within developing countries.
AI will support the mass adoption of blockchain. AI currently is the preserve of large multi-national corporations due to the fact that it is expensive. But crypto is dissolving these restrictions. Take examples such as Argur and Endor. The Augur platform provides users with predictions based on crowd wisdom. It rewards users by allowing them to earn money for accurately predicting the outcome of real world events. On the other hand, Endor is working to utilize this technology in order to introduce a new dimension to predictive analytics using science. Brave new frontiers are been explored.
The integration of AI in blockchain is expected to break through the limitations and boundaries of accessibility and be open to a wide and dynamic crowd. The whole process possesses a potential to be ground breaking.
Blockchain Can Be Managed Better by Using AI, Know How
The functioning of the computer is fast and accurate, but what makes it function is the specific set of instructions fed in it. Without these instructions, a computer is nothing more than a useless box. Hence when working with blockchains on a computer, numerous complex instructions are required by the computer to function or to process. These computers keep trying the sets of instructions until they find the perfect one that suits the function to be performed.
They say that practice makes a perfect. This implies that if you perform a function again and again, eventually you master it and become better at it. AI aims at removing the complex and lengthy system of scanning numerous sets of instructions to find the perfect one. It adds in more intelligence to the management of tasks.
List of Some Promising Projects with AI and Blockchain:
When combined, AI and blockchain have the potential to be transformative to millions of people. Perhaps even change the global economy. Both of these technologies are still developing. For me, the exciting question is which platform will succeed in the ultimate amalgamation of the two technologies? As that one surely will be a Google of the future. Want to find out other growth areas in 2019, then check out this awesome post Blockchain and Crypto Trends for 2019