Blockchain technology certainly has the potential to transform several fields. Yet at the same time, Artificial Intelligence is another technology that has recently garnered positive appreciation and mass recognition. Nowadays, most organisations are looking forward to adopting the blockchain technology as alternative data storage. And there’s certainly no denying that data analytics with AI is growing as there’s volumes of data that needs to be sorted.
But imagine the possibilities when these two are combined! Well, apart from decentralization and transparency, several other advantages are there that can be used so that diversified sectors are benefited. Wondering what they are? Take a read through the following and get to know about the same!
Google is developing a system, “auditing system for healthcare.” As the combination of both Blockchain and AI will be used, it will operate differently. Because of Blockchain the system will be sharable and meet the security standards and AI will help in concluding the data which would be collected after analysing the profiles of different patients. As the data given by AI will be reliable and will not have any major errors, this project can be used to facilitate information sharing about the patients.
It is estimated that the combination of these two will be helpful in optimizing trade and reducing the wastage of energy. With the adequate knowledge, AI will estimate the amount of energy required for the building by taking some significant factors into consideration. And, the energy will be supplied using the blockchain technology that holds reputation for being transparent.
3. Cyber Security
When AI and Blockchain are combined, they are like a double shield protecting us from the cyber attacks. The machine learning algorithms can be trained to detect the behaviour of the attacker and thus the malware database can be thickened. Another area where the combination of these two technologies can come handy is large data breaches. As it is quite daunting to find if the data is corrupted or not, we can deploy Blockchain with AI so that one can easily determine when the breach took place.
4. Computational Finance
It is imperative to note that the financial services are often vulnerable to attacks and if we deploy the combination of these two in this sector, they will not rely on humans. Moreover, the performance will increase exponentially as the tasks will be automated.
5. Public Science
There is a problem known as “file-drawer problem.” This specifies that the researchers and academicians do not publish those experiment which do not yield any worthwhile results. As the fellow researchers are nowhere aware that a certain experiment has no significance, they might perform it. Eventually a lot of time and resources are wasted. To overcome this, the combination of AI and blockchain can be used. The blockchain will make the data accessible to all whereas the AI will detect if same experiment has been performed before. If such is the case, then the outputs can be used without actually performing the experiment. And if not, then a new database will be created in which the observations and outputs of the new experiment are being stored.
By combining AI and Blockchain, contributions to attain direct democracy can be achieved without much hassle. The Blockchain can hold heaps of data and trace the e-voting procedures so that the results are depicted publically. The experts have also claimed that by doing so, all the fake identities across the globe can be traced.
These were a few of the many areas in which the combination of Blockchain and AI might yield beneficial outcomes. However, there are certain challenges because of which the adoption of new technologies is no less than uphill task. A few of such problems are unequal distribution of computing power, misguided investment in this field, slow adoption of the emerging technologies, cybersecurity risks, and many others.
We hope that all the major challenges in this field are uprooted soon enough so that we can make the maximum utilisation of the resources available to us.
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