AI is already on its way to reforming how humans interact with machines, and its impact can be modified by intersecting it with another promising innovation – blockchain. Blockchain is disrupting how online payments are made providing an unprecedented level of security, privacy, scalability, automation, and efficiency in the governance of data regulations.
AI utilizes data to recognize trends to evolve itself by deep learning. The mutual dependability between the two technologies has the potential to lead to a technological breakthrough.
Combining AI and Blockchain is a futuristic idea and still in its nascent stage. AI is probabilistic. It is all about computing the possibility of something happening in the future using what it has learned. Blockchains, on the other hand, are nor probabilistic, they are deterministic. Unlike AI, they are permanent and immutable. They use algorithms and cryptography to record reality. These two techs can really go well together if you segregate and understand what they are good at.
We use multiple services on a daily basis, and these services collect and monetize our data. The problem is that our data is valuable and it will become even more valuable as services move toward complete automation. Your data will be your most valuable asset and you need to own it. We are instead giving it away in exchange for free services. This brings us to the dangers of a centralized server. If a set of automated machines were to coordinate through a central server, it would create backlogs and delay relaying of messages which could be disastrous in certain cases such as self-driving cars at an intersection coming from different directions.
On the contrary, if these machines could communicate with each other instead of relying on a central server to dictate their moves, they would be much more efficient. Such a system could be built on a decentralized structure, an idea that developers call web 3.0.
Combining AI and blockchain is the most talked-about method of causing a disruption in any industry. Dapps or decentralized apps are slowly gaining momentum.
Just as blockchain benefits from AI, AI stands to benefit from blockchain. AI gets access to more information from the massive archive of data in blockchains to further the evolutionary process of the system. The efficiency of AI increases as it becomes more sophisticated.
Blockchain brings the added advantage of transparency to AI and it is speculated to instill greater trust of the public in the tech that is often seen as a potential source of havoc. The potentially enhanced trust in AI, when combined with blockchain, could also be attributed to the changing perspective toward moving away from traditional financial culture. Cryptocurrency is rapidly changing how the world banks and makes transactions. Its decentralized nature ensures that the power over the digital ledger at the core of a blockchain network does not reside in one entity or machine. To a layman, this setup is much preferable to an autonomous, self-executing computer. Since technology is known to bypass limitations often, there are high chances that AI too may advance beyond restrictions programmed to keep its operations in check. Blockchain can provide a remedy to this issue as well by implementing smart contracts that make it mandatory for transactions to meet preprogrammed criteria for them to be validated and processed. Such a system would help human users retain authority over AI. Artificial Intelligence working in tandem with distributed ledger technology will improve machine-to-machine interactions and expedite processes.
Although there is a major hype about the potential of the impact of blockchain in AI, it is wise to remember that both these technologies are fairly new and are still in the process of establishing trust in users. They do however open up massive opportunities for businesses.
Leading software development companies such as AlphaNetworks, Figure Technologies Inc., Core Scientific Inc., and IBM are constantly polishing their AI services to give the best of the tech world to the public. Enterprises looking to adopt AI in their infrastructure would stand to benefit to avoid fervor around these two innovations and seek the advice of experts such as the companies mentioned above to understand the various use cases and factors of the technologies relevant to their company.