Blockchain

Blockchain and Artificial Intelligence: 3 Major Benefits by Combining these Two

Technology is evolving to new heights day by day, and things are becoming more automated and connected ones. Technology changing face of every industry with its revolutionised innovations. Artificial Intelligence and Blockchain both are emerging technologies which are impacting and changing the face of each industry. Artificial intelligence is nothing but empowering the machine to act intelligently according to the situation as  human does. Artificial Intelligence has other sub areas as well which are machine learning and neural networks.

The blockchain is an emerging technology which is used to store and transfer the information in an un manipulatable way. Blockchain system has been paving its way to all most all industries to show its highly secured way of moving the data in distributed ledger format.

Most of the artificial intelligence uses expert systems that use database knowledge which is used to make decisions. However, the researchers and scientist are working very hard to develop the Artificial Intelligence thereby it can have a capability to act intelligently to take decisions which will have the more positive impact on our lives.

Blockchain has the real potential to make the AI more democratised and bringing into masses with decentralised intelligence system. Let’s look at the following scenario to better understanding how AI and blockchain will change the technological environment when we combine both of them.

 

1) AI and encrypted work very well together

Data which gets stored on blockchain is very secured because of the cryptography feature that it has. It means blockchain is the ideal place to store the sensitive and confidential information which will give us the so much benefit if the data is processed smartly. Consider the smart healthcare system which offers accurate diagnosis service based on our medical scans and records and even online streaming giants like Amazon, Netflix and youtube use Recommendation algorithms to suggest the videos which are near to our tastes.

Usually, we interact with the different business most of the times and submit our details, and it would be the primary responsibility of the concerned companies to protect their customer data. We have been experiencing the incidents like data breaches and security hacks which results in putting customer data at Risk. For protecting the customer data companies are investing a lot of money on data security purpose.

Blockchain database holds the information in an encrypted secured manner where there is no chance to manipulate or hack the data on the blockchain, and we can sit back merely because data is secured.

When it comes to AI, we have to consider the security concerns as well. The emerging field of Artificial intelligence is working building Algorithms which uses encrypted data to make decisions. If any part of the data is un encrypted means it would be a security threat, by eliminating this kind of things would help in doing better things.

2) blockchain will help us to track, understand and analyse the decisions produced by AI.

The decisions that are made by Artificial intelligence sometimes it is tough to understand by the humans. Because we humans asses and compare different things to each other to make better decisions. 

As an example, AI algorithms are expected to increasingly use to make decisions regarding whether the financial transactions are fraudulent or genuine and thereby one can take decisions.

Sometimes the decisions made by the AI has to be audited by the human for Accuracy. The AI systems have to be feed with the large volumes of data to take a proper decision. For example, the Walmart feeds a month of data to its AI systems so the systems will make the decisions like what should be stocked and exactly where the stock it has to be loaded.   

If decisions are recorded on datapoint by data point basis on the blockchain, it makes it very simple to be audited, with the confidence of that the record not been changed with the other information and the audit process becomes reliable.

No matter AI may be the most significant technology by producing tremendous results in the technical world, there will be no use if it does not gain popularity among the public. Deploying the decision-making process on the blockchain would be a step towards the achieving the level of confidence of security which helps in increasing the popularity among the people.

3) AI can manage the blockchains more effectively than humans.

Traditionally computers are high-speed but very stupid at the same time. Without exact instructions to a processor, it will not accomplish a task,  This means with the encrypted data of blockchain processing on these conventional computers requires an extra amount of processing capacity. For instance, the hashing algorithms in the blockchain which are used to mine blocks on the Bitcoin needs a “Heavy force” application – efficiently trying a combination of characters until the transaction gets validated.

Artificial intelligence will help in a move away from the brute force approach and manages the tasks intelligently and thoughtfully. Let’s take an example as a programmer will continuously develop his skill by cracking the different codes in his career, and he becomes an expert at it. The machine learning supported with mining algorithm will do its job in the same way, but it takes very less time to sharpen its skill rather than taking the years like a human. It takes very less time if it is feed with the right data.

Conclusion

The blockchain technology and the  Artificial Intelligence both are the Groundbreaking emerging technologies and paving a unique path into future by enhancing the growth of all most all industries. When we combine these two unique fields, we will get the unimaginable outcomes. It has been the proven that embracing the changing technology in a right way can create the employment instead of job cuts. We must be ready to adopt the new environment to experience the future.

Author Bio

Vinodh Kumar, postgraduate from the Business Administration background. He is currently working as a content contributor for Mindmajix and loves to write tech related niches. Contact Vinod at [email protected].Socially connect to Vinod at LinkedIn and Twitter.

 

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