Dec 3, 2018 14:30 UTC
Dec 6, 2018 at 06:50 UTC
Major Benefits Of Combining Blockchain & Artificial Intelligence
As two of the most radical technologies to emerge from innovation in the technology realm, Blockchain Technology and Artificial Intelligence are even more potent when combined. In this article, we will be discussing some of the significant benefits of combining Blockchain and Artificial intelligence. Let’s start by defining the two.
Artificial Intelligence is the practice or theory of developing machines which can perform tasks that require intelligence. Presently, many emerging technologies such as deep learning, machine learning, neural networks, etc., are transforming this into a reality.
Blockchain, on the other hand, can be defined as a distributed ledger of digital information where the data is stored chronologically in an encrypted format. A Blockchain is composed of many Blocks of data. Since data is spread across a vast network of computers, hence it enables the creation of robust and immutable databases which can only be updated by those who have the permission.
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Even though a lot has been written on the implications of combining these two cutting-edge technologies, yet there are not a lot of real-world applications. Let’s go through some of the benefits of combining Blockchain and Artificial Intelligence in the future.
1. Artificial Intelligence and encryption work well together
Due to the cryptography inherent in the filing system of Distributed Ledger Technology, the data stored in a Blockchain is secure. Hence, Blockchains are ideal for the storage for personal and sensitive data. Since Blockchain databases store information in an encrypted state, therefore it is critical that the private keys are kept safe to ensure that all the data on the chain is kept secure. Artificial Intelligence complements Blockchain here as it brings a lot to the table concerning security. In fact, an evolving field of Artificial Intelligence is developing algorithms that can work with data while it is still in the encrypted state.
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2. Decisions made by AI can be understood with the help of Blockchain
Artificial intelligence makes decisions by analyzing a large number of variables. Such decisions can be hard for humans to understand. These decisions become easier to be audited when they are stored on a data point by data point basis on the Blockchain. One can be confident that the information stored on the Blockchain is tamperproof.
3. Blockchains can be managed efficiently with Artificial Intelligence
So far, computers have been stupid as they are not able to perform any task without explicit instructions. It means that operations with data on the Blockchain would require large amounts of computing power. This is where Artificial Intelligence comes into play. AI makes computers intelligent. A Machine Learning based mining algorithm would be able to learn on the job, and thus sharpen its skills.
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In the end, I would like to conclude by saying that the emerging technologies of AI and Blockchain have the potential to become something even more groundbreaking when put together.
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