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AI In Blockchain: Current Application And Trends

AI In Blockchain: Current Application And Trends

A few years back, “blockchain” and Artificial Intelligence” were mere buzzwords. However, that scenario has seen a drastic change, as we have seen both establish themselves as leading technologies that power innovation across almost every industry. Each technology has proven to be a game-changer in the fields they have been applied in. They are credited with bringing in the fourth industrial revolution and technological advances. Experts across the board are convinced that both technologies have and will see significant business implications within the next decade.

While most industries focus on these technologies individually, their true potential comes into play when both converge. This is an aspect only just being discovered by industries and companies as they begin to use blockchain and AI in tandem. As a result, we have already seen the establishment of several companies, all focusing on integrating the two technologies and creating new use cases and business models. At AIWORK, we have realized the potential of these technologies. We are combining them to create a novel and unique protocol designed to address the issues the online video space faces. In this article, we’ll take a closer look at these technologies, understand their potential and implementation, and also at some of the current and future applications of these technologies.

A Brief Look At AI And Blockchain

Blockchain is a distributed ledger that stores data in the form of blocks. Each block in the blockchain consists of information linked to the preceding block. All of the data on the blockchain is secured through cryptography to secure the data.

Moving on to AI, artificial intelligence is the ability of a computer to perform tasks and learn actions that would otherwise require human intelligence to process and complete. There are several use cases for AI, with some prominent ones studying and analyzing data sets and classification. Another feature of AI is its capability to learn from the data provided to it and improve itself over time, and it acquires and learns from more data sources.

The Potential Of AI In Blockchain

AI and blockchain are very distinct, with the former providing data and computing resources decentralized, while the latter relies on computational resources and data. The interconnection of both technologies has opened up a host of benefits. Let’s understand how AI and blockchain can be beneficial.

Business

AI sees increasing adoption as it is gaining mainstream attention. Machine learning and AI feature prominently as businesses embrace the technology. The adoption of both technologies can lead to the simplification of processes involved in the decision-making process.

Standardization, Authenticity, And Integrity Of Data

Data from users is currently stored in centralized databases, which often lack standardization. The introduction of blockchains can help standardize data, and Blockchain records can also help gain insight into AI and how it utilizes data. This helps to address the concept of explainable AI, improving trust and data integrity, and making recommendations provided by AI more reliable.

Efficiency

Blockchain technology and AI can bring new value to business processes that involve multiple parties by removing friction and significantly improving speed and efficiency. For example, AI models in smart contracts can execute transactions and recommend products to recall. AI can also help reduce blockchains’ processing power to provide the necessary encryption for computing by offering efficient solutions.

You can also read : Decentralization Of Social Media

Current Applications Of AI And Blockchain

We’ve examined AI and blockchain, how they can be used together, and their impact on industries. Are there any applications of AI in blockchain?

AIWORK

An open-source blockchain protocol, AIWORK is a blockchain protocol to address issues faced by the online video space. It combines blockchain technology and artificial intelligence. The platform is built upon consensus and a community of human experts to generate normalized and enhanced metadata for video content. AI algorithms scan media files and generate metadata, transcripts, and translations.

We have recently concluded our alpha-testing phase, during which we pushed the capabilities of machine learning, proving without a doubt that through learning from data, AI is capable of learning enhanced capabilities. From our point of view, the sheer volume and high level of technological advancements required for AI stop the mass adoption of the technology. We have combined AI algorithms with human experts to address the adoption issue, functioning on a highly secure blockchain.

SingularityNet

SingularityNet focuses on decentralizing the creation of AI. A full-stack AI solution is powered by a decentralized protocol that allows AI to coordinate and cooperate at scale, removing one of the biggest hindrances to adopting AI. The project combines blockchain technology and AI to create a decentralized marketplace to help create and finance AI projects.

CertiK

CertiK was founded in 2018 by faculties from esteemed institutions such as Columbia and Yale. The platform is a leader in blockchain security and offers users some of the best-in-class formal verification and AI tech to help secure and monitor smart contracts, blockchains, and Web 3.0 apps.

In Closing: Future Applications

With the growing popularity of blockchain and AI, we could see both technologies used in tandem to improve upon features such as scalability and security. Additionally, blockchain technology could also help understand AI better, such as establishing why AI makes a particular decision. The potential held by both technologies is immense, and they could revolutionize entire industries, as we are seeing with medicine, finance, supply chain and logistics, and even the music industry.

Platforms such as AIWORK, SingularityNet, and CertiK are excellent examples of how AI and blockchain can be used in tandem to develop new use cases and increase adoption.

You can also read : How Much Does it Cost to Build your own ICO?

About AIWORK

AIWORK is a decentralized and open-source blockchain protocol and ecosystem. The protocol is built on a network of AI computing resources and a community of human experts, which generate normalized and enhanced data for video content. Human experts can help create, verify and validate AI datasets, helping improve AI efficiency.

Credit : Medium

By |2022-10-13T20:18:43+05:30October 13th, 2022|Artificial Intelligence|Comments Off on AI In Blockchain: Current Application And Trends

About the Author:

SoluLab is a market-leading digital & technological solution provider with the upper hand in Blockchain, AI / ML, IoT, Data Science, and Digital Transformation. Proudly recognized as the number one global enterprise blockchain development company, we have a prominent team of developers & designers displaying extensive experience in their domains. Our UI/UX team is qualified to come out with pixel perfection in each project. The company is co-founded and mentored by the well-seasoned duo in the tech-business landscape, ex-vice president of Goldman Sachs and principal solution architect of Citrix, with over 30 years of software industry experience.

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