Blockchain technology is one of the simplest and most ingenious innovations of recent times, which has changed how information can be transferred and stored. It offers users an open network through which they can easily transfer data or funds, with the blockchain ensuring complete transparency, security, and immutability.
In recent years, blockchain technology has been primarily associated with cryptocurrencies such as Bitcoin and Ethereum. However, as it gains more popularity, researchers realize its potential and integrate it with various other technologies.
One such technology is artificial intelligence (AI). The convergence of blockchain and AI has helped transform several industries, with observers noting that the convergence of the two technologies is ushering in the fourth industrial revolution. Several companies spanning various industries are using the two in tandem and reinventing themselves. At AIWORK, we are using blockchain and AI in the online video space and addressing long-standing issues plaguing the industry. This article will look at how other industries can utilize blockchain and AI.
Understanding Blockchain Technology And AI
We are all familiar with the definition of a blockchain. It is a shared, immutable ledger that allows users to share data with multiple parties as they initiate and complete transactions. Blockchains are capable of storing data, transaction details, and more. It can also track orders, payments, accounts, productions, goods, etc. The blockchain essentially guarantees fidelity and security of data, generating trust without needing a third party.
The blockchain was created with a straightforward goal, allowing digital information to be recorded and distributed immutably. Immutable simply means that once any data is recorded on the blockchain, it cannot be changed. This quality makes blockchain technology a foundation for immutable ledgers.
On the other hand, artificial intelligence (AI) refers to machines capable of simulating human intelligence. AI-powered machines can think like humans, mimic their actions, and exhibit various traits associated with the human mind, such as learning or problem-solving. AI can rationalize and take actions that stand the best chance of achieving a specified outcome. AI can also learn from the data provided to it without human intervention, get smarter over time, and use unique AI algorithms to make predictions and classifications.
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The Benefits Of Blockchain And AI Integration
We know that humanity is capable of creating artificial neural networks and teaching computers algorithms, helping them expand their learning capabilities thanks to machine learning. However, one thing we have not been able to do is predict the actions of AI or explain its way of thinking when reaching a conclusion. Essentially, how AI makes complex decisions is completely cut off from scrutiny. This is where the blockchain comes into the picture. If decisions made by AI are recorded on the blockchain, we can view decisions taken by AI and try to understand the logic behind each decision.
When it comes to blockchain, transactions are validated by miners who expend energy and try different combinations to guess the right one and validate the transaction. AI, powered by machine learning, can guess the correct combinations, helping to save power and time, and speed up transactions while also making them cheaper.
Convergence Of Blockchain And AI In Industry
We have already established that blockchain technology and AI are transformative. Let’s look at the impact their convergence has had on industries.
Blockchain technology and artificial intelligence are reinventing the healthcare industry, offering new opportunities for patients and healthcare providers. Using the two technologies in tandem can allow healthcare companies to safeguard patient data and medical records. AI can study patient data, learn from insights, and reveal patterns in the data. Meanwhile, the blockchain can store patient data and health records and grant easy access while protecting data privacy.
Google’s DeepMind is developing an auditing system for healthcare data using blockchain technology and AI, letting hospitals and patients track patient data in real-time. The two will work in tandem to ensure the smooth functioning of the system. The blockchain will ensure the system’s security, and the data is easily shareable. On the other hand, artificial intelligence will enable staff to obtain medical predictions and analytics drawn from patient profiles. DeepMind’s blockchain technology is already being tested on NHS data, with its AI applications deployed to spot early warning signs of degenerative eye conditions.
AI and blockchain technology can provide an extra layer of security against cyber attacks. AI can be trained to detect threats in real time, while blockchain technology can handle vulnerabilities in decentralized databases.
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Self Driving Cars
Self-driving cars are considered the future, and what better technology to drive it than blockchain and AI? Initially, not every individual will be able to afford a self-driving vehicle. In such a scenario, leasing could be an option for users. Blockchain technology could simplify the leasing process, syncing data, and provide audit trials.
Blockchain and AI are transforming the financial industry, removing friction from transactions involving multiple parties, and ensuring cheaper and faster transactions. Blockchain can build trust without a third party through smart contracts, while AI will reduce the dependency on humans, increasing automation and efficiency.
While blockchain and AI are fairly well-established technologies in their own right, their integration is at a relatively nascent stage. However, more and more businesses, institutions, and industries are turning to these technologies, attempting to use them in tandem. Companies such as AIWORK and SingularityNet are already driving the merger of blockchain and AI. SingularityNet is using the two technologies to create an open and decentralized market for AI, allowing companies, organizations, and developers to buy and sell AI algorithms. Meanwhile, at AIWORK, we are using blockchain and AI in tandem to address the numerous problems related to metadata faced by the online video space.
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