The Convergence of Blockchain and AI; A perfect match!
Industries are actively adopting Blockchain technology and Artificial Intelligence (AI) as these two revolutionary innovations are helping in transforming the businesses and also offer excellent opportunities for the information flow. Using AI alongside with the Blockchain can aid in yielding better results and security too. As Blockchain and AI are now coming together, it has created great interest in the people. It has even reached Joe Rogan’s popular JRE podcast.
The blockchain is concerned with keeping accurate records, authentication, and execution while AI helps in making decisions, assessing and understanding specific patterns and datasets, ultimately engendering autonomous interaction. AI and blockchain share several characteristics which will ensure seamless communication in the near future. Key features are listed below:
AI, blockchain and data
Handling of data has been the important topic and the businesses that are dealing with it.
A decentralized database emphasizes the importance of data sharing between multiple clients on a particular network. Similarly, AI relies greatly on big data, more so, data sharing. With more open data to analyze, the prediction and assessment of Machines are considered more correct, and the algorithms generated are more reliable.
On Blockchain, the data is broken into small chunks and distributed all over the computer network; also it is encrypted, and hence the data cannot be tampered. This means it is perfect for the storage of personal sensitive information. The example would be, data of the healthcare industry.
AI helps in processing the relevant information from a massive amount of data present. AI-powered machines are made to act like humans and enhance the decision making progress in a specific situation. This would be a more significant step towards increased transparency. It can be used in all spheres of life be it healthcare, education, manufacturing automobiles.
To operate the Blockchain, with all the massive encrypted data on a computer requires a considerable amount of processing power. AI provides us with the opportunity to handle these more intelligently and efficiently. Both technologies together can make way for a much transparent and efficient world.
AI and blockchain are two of the major technologies that are catalyzing the pace of innovation and introducing radical shifts in every industry. Each technology has its degree of technical complexity as well as business implications, but the joint use of the two will redesign the entire technological (and human) paradigm from scratch.