07 Oct Blockchain & Artificial Intelligence Make a Perfect Match
Almost everyone is familiar with artificial intelligence (AI) and applied blockchain. They are now considered as two of the hottest technology trends in the whole world because of their potential to disrupt industries. However, people still tend to think of artificial intelligence in terms of robots and blockchain in terms of cryptocurrencies like bitcoin. Artificial intelligence has more applications than just computing, while blockchain technology has so much potential for applications that could change the face of business. Even though the two technologies have very different developments and applications, researchers are now discovering that their combination actually works well in unison.
Artificial intelligence (AI) has emerged as one of the most promising technological interventions that can transform the way machines interact with humans. AI can now directly enable machines for tasks that require cognitive intelligence and can make fast, intelligent decision-making and learning – either in support of or in place of human intelligence. AI now has the ability for problem-solving when faced with complicated tasks that required human intervention in the past.
Artificial intelligence can help us with the numerous data needed for healthcare, diseases and their causes, and the pharmaceuticals needed to prevent the spread of infection and disease. And since more human activity will happen online, through shopping, socialising, virtual working environments, meetings, etc., the challenge for AI will be to understand the changing patterns of human behaviour.
Blockchain technology is a more recent computing system that goes beyond its original application for cryptocurrencies like bitcoin. It is a system that helps in documenting digital information with better transparency and security. This encrypted distribution of data on a tamper-proof digital ledger system across different computers is now revising the way businesses and industries are storing information. In simple terms, blockchain is the database software that records a digital ledger of all transactions of any size and nature. A transaction not only refers to monetary transactions. It can also be used to exchange any digital asset – for example, music or even votes.
Since blockchain is a digital ledger system, once data is added to the “blocks,” this data cannot be taken away or changed. Also, blockchains are consensus-driven, meaning, no single entity can take control of the data. You no longer need a “trusted third party” to validate or oversee transactions.
Why use AI and blockchain together?
Obviously, while blockchain is a distributed, decentralised, immutable ledger that is used to store encrypted data, AI is the “brain” and engine that enables analytics and decision-making from the collected data. While each technology has its own individual complexities, both AI and blockchain can work together while helping one another and benefiting from each other.
Joining them together will take the exploitation of data to new heights. The integration of Artificial intelligence and its machine learning algorithms into blockchain will enhance blockchain’s underlying architecture and boost the potential of AI.
In addition, blockchain technology can make AI more understandable and coherent. It will be easy to trace and determine why decisions are made in machine learning. Blockchain and its distributed ledger can record all data and variables that go through a decision made during the machine learning process. What’s more, all this data cannot be changed, deleted, or manipulated. AI may also have the ability to boost blockchain efficiency far better than standard computing can.
Benefits of using AI and blockchain together
The increased levels of transparency along with the increased gains into insights for machine learning can help in developing public trust for a specific system. AI has the ability to effectively manage blockchains and vice versa and is critical for people to understand the power behind these two emerging technologies and why the diploma of applied blockchain merging machine learning and artificial intelligence was created.
AI has all the ability to learn about the different tasks and processes on a blockchain, thereby presenting continuous learning. AI helps in blockchain mining data while helping provide revolutionary outcomes in their capabilities. So, both AI and blockchain can improve each other’s capabilities, providing for better usability and flexibility. Unlike standard data processing and computing, no compromises are necessary in terms of transparency and accountability because blockchain makes sure that all data stored can never be altered or deleted.
Applying AI with blockchain
Why use AI and blockchain together as business solutions? Simply put, combining artificial intelligence and blockchain for different applications has always come out with promising results even in different sectors. Also, when AI is used for blockchain solutions:
- They both form the perfect platform for better encryption as it allows working with encrypted data.
- Both AI and blockchain can improve solutions on transparency.
- Both support all auditing decisions made by algorithms.
- They both greatly help in faster risk management and detection.
Some top joint AI-blockchain projects today that have been successful include:
- SingularityNET – A decentralised marketplace for the financing and development of AI projects.
- DeepBrain Chain – A decentralised cloud computing platform for AI development.
- Thought AI – An AI solution that uses blockchain technology and embedded data to generate business values.
- BLACKBIRD.AI – A solution that combines the power of blockchain and AI for detecting, identifying, and combating fake news.
- MATRIX.AI – An AI and blockchain project for providing efficiency and advantages to cybersecurity and intelligent contracts.
It is clear that many of even the best AI-blockchain projects (there are many more that can be researched) are mostly focused on development. But because of the increasing popularity of both Artificial intelligence and blockchain, the use of both together is being attempted and experimented for different sectors, such as food chains, healthcare, agriculture, and transport chains.
In the long run, it is to be expected that there will be other innovative advancements using AI-based blockchain projects. And so, blockchain expertise combined with AI decentralised inclinations now serves as the most prominent factor for employability.
If you want to learn more about the benefits of Artificial intelligence and blockchain solutions, then you need to start exploring blockchain by taking advantage of the applied blockchain diploma courses created and developed by Blockchain Collective. Enroll now and take advantage of the first 10747NAT Advanced Diploma of Applied Blockchain. You can also take up the 10849NAT Diploma of Applied Blockchain.
Both applied blockchain diploma courses are the first-ever in Australia. They are designed to educate plus equip people willing to gain knowledge and experience in applying blockchain frameworks.
Blockchain Collective is an educational body that is working and partnering with Registered Training Organisations (RTOs) and Universities to deliver a benchmark standard of education that will empower professionals and students with the necessary skills for a future in applied blockchain technology. Get in touch by calling +61 (7) 3186 1013. You can also visit our website at https://bccollective.io/.