Companies that choose to stay invested in older technologies inevitably fade into the background, while those who undergo technological transformations to differentiate themselves quickly become industry pioneers.
Artificial intelligence is one of the main driving forces of innovations loved by entrepreneurs and users alike. It has disrupted numerous industries including agriculture, customer service, healthcare, manufacturing, tech support, gaming and more. Blockchain technology is another force to be reckoned with. Although it is presently synonymous with the finance sector, there are endless uses for blockchain technology including transportation, voting, education, charity, and law enforcement, and this is because blockchain can be applied to any sector in need of an absolute, publicly accessible form of data to confirm actions.
Considering the widespread adoption of both AI and blockchain across numerous sectors, it only makes sense that the convergence of the two would yield amazing results across all aspects.
Blockchain, though powerful on it’s own, becomes enhanced to a whole new level when coupled with AI technology. New features and capabilities become unlocked, enhanced, and more secure through the convergence.
Security: Blockchain technology is more secure than ever before, thanks to companies which have perfected cybersecurity tactics for digital assets. With the implementation of AI and machine-learning, that level of security is brought to new heights, which guarantees secure future application deployments.
Efficiency: AI can step in to help reduce the carbon footprint of blockchain technology, and reduce the costs of upkeep while at it. Estimated upkeep costs come out to around $600 million a year, including energy spent mining for coins. AI can help optimize calculations to reduce miner load, resulting in less network latency for faster transactions.
Trust: The iron cast records of blockchain are touted as one of its main selling points. Applied in conjunction with AI, it means the users will have clear records to follow the system’s thinking process. This is turn will help the bots trust each other, increasing machine-to-machine interaction and allowing them to share data and coordinate decisions.
New Markets: Making private data secure again will invariably lead to it being sold, resulting in data markets, model markets, and with the introduction of intelligence systems, maybe even AI markets. The markets will have easy, secure data sharing that will help smaller players enter the fray.
Entrepreneurs are taking note of the advantages of pairing AI with blockchain technology, and are beginning to use it to drive innovations and solve problems. Three of the top ways they work well together include:
Storage and Usage of Personal Data: Blockchains are ideal for storing the highly sensitive, personal data which, when smartly processed with AI, can unlock so much value and convenience in our lives, such as smart healthcare systems that make accurate diagnoses based on medical scans and records
Understanding AI Decisions: Decisions made by AI can sometimes be hard for humans to understand, such as how it determines whether financial transactions should be blocked or investigated. If decisions are recorded, on a datapoint-by-datapoint basis, on a blockchain, it makes it far simpler for them to be audited, with the confidence that the record has not been tampered with between the information being recorded and the start of the audit process.
Better Management of Blockchains with AI: When it comes to cracking codes, human experts get better over time with practice. A machine learning-powered mining algorithm wouldn’t need a lifetime to become an expert, as it could almost instantaneously sharpen its skills, if it is fed the right training data.
Many researchers and companies who see the invaluable uses of blockchain and artificial intelligence have already begun to support and apply them- especially in the case of enterprise tools governed by AI. It can also be seen in social media applications, as in the case of Mithril. Mithril makes content creation and engagement on social media worthwhile for users, in the form of crypto. Their social media platform, Lit, enables what Mithril has termed “social mining” in which users are rewarded for the impact and influence of their content.
The convergence of AI and blockchain is even emerging in the form of intelligent discovery. Bubblo is a real time discovery app that gives users personalized 5 recommendations of bars, restaurants and other venues. Users who generate data are rewarded tokens as an incentive. They are also launching a marketplace for users to be able to bargain access to their anonymized data in exchange for discounts, rewards and profit. The token can even be used by AI developers wanting datasets to train their algorithms on.
Revolutionary technologies such as blockchain and artificial intelligence systems are individually disruptive on their own. When put together, the two complement and enhance each other, and it is up to entrepreneurs to explore ways to implement the two, to gain the benefits of deeper insights, greater efficiency, and accountability.