What Happens When AI Meets Blockchain?

What Happens When AI Meets Blockchain?

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Blockchain

Despite what people might thing, the two disruptive technologies, Artificial Intelligence and Blockchain never really needed an introduction. Both play key role in current digital revolution and are now part of every industry from healthcare to automotive. Their combined effect is bringing change in many industries but what are these changes and how will they help us is a big question.

In this article we will discuss about what happens when AI meets Blockchain, its effects. And for those who don’t have much idea about both these technologies we will start by explaining what Artificial Intelligence is, what is Blockchain and more.

So, let’s begin with what is Artificial Intelligence (AI)

What Is Artificial Intelligence?

The concept of Artificial Intelligence before 1950 was just a science fiction. But as people started to know about it they described it as any machine or program capable of carrying out a task with intelligence like humans even when no one is around.

This may seem a bit weird but if we see at a larger picture this is what AI is all about. Often you may find arguments about this and whether a particular thing qualifies as AI or not. Therefore, we need to know about what all tasks can involve AI.

Artificial Intelligence can be used for tasks that include learning, knowledge gaining, problem solving, planning, manipulation, reasoning, perception and lot more. This all requires someone who is intelligent enough to understand importance of social intelligence and creativity. AI at present is not able to handle all this bit soon will possess all the capabilities.

Not only this, you like it or not we are surrounded by AI and this includes voice assistants like, Alexa, Siri, Facebook’s ability to recognize someone in a photo we upload, and anti-fraud programs designed to detect if any card fraud is found.

Hope this small explanation was enough to make your understand what is AI and how we use it daily.

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What Is Blockchain?

Blockchain the primary technology that was invented in 2008 with the sole purpose of removing intermediaries to have transparent transactions and it powers almost all cryptocurrencies and applications.

This technology allows transfer of digital information and data across multiple computers and to multiple individuals in real time. Once added to Blockchain this information cannot be altered, copies which mean it can have only one owner and it is absolutely immutable to fraud.

To understand it much better you can think of it as a large spreadsheet on Google Drive that can be shared with various users through the globe. But you must be thinking what is new in it, we do this with all our documents. But the thing that makes Blockchain different is, nothing can be changes or altered once send is pressed after data is entered.

All information entered into Blockchain is made consistent this means the information is public and can be they verified. Also, there is no central location for this information to be stored making it hard for hackers to hack the information, as the information is shared over number of machines.

Now, that we have fair idea about AI and Blockchain let’s know what happens when AI meets Blockchain.

What Happens When AI Meets Blockchain?

When we put this into simple terms, we get to know Blockchain is focuses on keeping exact records, verifying transactions, and performing specific features. On the other hand, AI assists in decision making, evaluating patterns, collecting & analyzing data and much more.

This explains how these technologies are gaining pace and they share some characteristics that will help to create a unified way of working together in near future.

Both technologies have taken off in last few years and have transformed a range of industries. But they have not work in an extensive manner.

Therefore, it becomes important to know what happens when they will crossroads.

Let us find out!

Improved Security

To stay secure we need an extremely high secure network that Blockchain brings. If developers design an AI solution in a centralized platform, they need to make sure, security and integrity of machine learning algorithm is kept. Also, consistent representation of AI output should be achieved. This all can be easily attained with, Blockchain as it is transparent and accessible by all the participants and nothing can be removed from it. This makes it a trusted party and the progress of machine learning makes AI and Blockchain a great companion.

Data Sharing

AI majorly depends on data sharing and Big Data. A decentralized database provided by Blockchain, helps user to share data between multiple and shared networks. This eventually results in organized collection and analysis of data, thus helping in valuations and predictions. Thus, making AI more accurate and any algorithm created more reliable.

No more Restrictions

Blockchain helps to create a borderless world, and AI won’t work without using well-analyzed datasets. For this we need high profile, highly paid engineers and people working in developing countries who can markup data for machine learning.

For both these segments of people earning cryptocurrencies is very lucrative especially for the latter, as fiat payments can cause legal and baking difficulties, which is not the case if the payoff is received in crypto.

This means they can skip paying any exchange rate or bank charges for the payoff received in crypto. Plus, Blockchain platform will give developers the freedom to request for a task, ask for a specific price and anyone having the required skill set will be able to take the job irrespective of the location.

Trust

Both AI and Blockchain needs to earn trust as people still have doubts about them. Only trust will help them grow. Undoubtedly, AI is considered more trustworthy, as compared to Blockchain. This is because people trust AI and chatbots. But in doing so they miss human touch and get the feeling that they are interacting with a machine instead of a human.

AI and blockchain
Source: PwC

User-friendliness

Blockchain and AI, can streamline the association between crowd workers. In some developing countries, opening a bank account and making fiat payments can be difficult. In this case, cryptocurrency earning can be considered a solution. One can register for an Ethereum or Bitcoin wallet in no time.

This means, Blockchain will help to speed up AI adoption across the globe by expanding its focus, creating larger and involved workforce, and making datasets accessible for giants, small companies and individuals.

Blockchain is capable of breaking down the boundaries that stand in the way of AI development. This will lead to greater competence and more openness at lesser price.

Open Source For Data

AI advancement centers on data from big sources like Google, Microsoft, Facebook and others. As they have vast amount of data that is invaluable for a wide range of AI processes and the data they have is not easily available in the market.

Blockchain the distributed ledger, open platform that makes data readily available can easily handle this issue as it is capable of introducing an idea to peer-to-peer connections. This will help AI processes to get more and more data for analysis and use.

This means soon we are going to enter into the new era of open and free data.

More Reliable AI Predictions

Garbage in, garbage out is the core principle of IT system and as AI sector is dependent on big data any interference or tampering with this data may result in vague results. To cure this problem Blockchain technology can be used as it won’t let anyone change the data once entered. Any tampered data will be deleted even before it is processed thus helping AI to give more accurate and reliable results.

This means with the help of Blockchain technology, AI will be able to create segmented database that will be verified before it is implemented for any irregularities or faults. This means no time will be wasted as any discrepancy will be reported before it is too late.

Plus, this will also help to save time that is taken up by the cumbersome process of troubleshooting and identification of irregular datasets.

Blockchain is immune to tampering and every bit of data uploaded on to it is auditable and accessible by all. This means once both join hands there will be more reliable predictions.

A Huge Earning

The question of who wins remains unanswered as both technologies have their negatives and positives. Both have an extra edge and win and both sectors are growing in many respect. We cannot choose one over the others. The way they have developed over the past few years is incredible and looking at their growth we can very well imagine they will grow to a considerable extent.

Both technologies will bring a change to everything and we are not far off in seeing both of being inseparable. Soon we will see exciting times when the two most existing technologies will fuse together and do wonders.

Wrap Up:

Scope of both the technologies is very vast, it is more than we can imagine. Truth is what we are seeing now is their infant stage and it is impossible to know what future holds. Today cannot tell us what future holds and how tremendous their impact will be.

But there’s one thing that we can be sure of AI and Blockchain will undoubtedly change our everyday life and how things work.

AI and Blockchain will shape the world of tomorrow; their synergy is answer for many of our problems. Most crucial of which is security and data sharing. Both AI and Blockchain will change everything around us the world we live in today will no longer be the same in near future.

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