Blockchain and artificial intelligence are both making strides in the industry. While Blockchain is revolutionizing the financial sector, artificial intelligence is advancing the industry with self-driving cars and other machine learning advancements. One of the reasons artificial intelligence is progressing at a rapid pace is the data manipulation capability offered by blockchain.
Blockchain’s decentralized technology can lend more transparency and security to artificial intelligence. So far blockchain has had a big impact throughout the industry. As it continues to improve the way we encrypt, examine, and handle large datasets, it can play an important role in the advancement of artificial intelligence. Thus, giving a blockchain engineer opportunities to experiment more and come up with ways to advance AI development.
The connection between blockchain and artificial intelligence
Artificial intelligence is used as a fair term to represent various machine learning developments.
Security and encryption: The security offered by Blockchain is unparalleled, thanks to its cryptocurrency encryption system which is inherent in its filing system. This means that Blockchain is suitable for storing large volumes of personal data, which is further processed to offer convenience is lives. For instance, Netflix recommendations prompt viewers to watch the next shows and Amazon’s shopping recommendations.
Both of these companies store customer’s data. This data is valuable. Companies dealing with this will need to invest billion dollars to build security that matches the level required to secure personal data. As data breaches are increasingly becoming common and larger, this is an essential step to take.
In the blockchain, entire data is encrypted. This means that complete data on the chain can be kept safe with a primary key (amounting to a few kilobytes).
Further, AI engineers are working on algorithms to work (processing and operating) with encrypted data, as working with unencrypted data increases the chances of exposing data and potential data breaches threats. Blockchain can lend significant security to AI.
Blockchain allows data to be shared among a large number of clients. AI requires a large amount of data sets which is further processed to give results. Combining blockchains’ data sharing capability with AI predictive analysis can yield better and reliable results.
Build trust for technology
So far there’s a lack of clear structure in-laws in the development of AI, which also poses a threat. To facilitate proper communication between machines and data sharing, there has to be a proven network of encryption. Over time, block chain has gained respect for its transparency due to multiple layers of encryption. The same level of transparency can be brought to AI learning systems.
Ground for innovation and more jobs
Blockchain is up for disruption. Throughout industry, companies are looking for ways to implement blockchain in their operation. Thus, keeping blockchain engineers busy and open to more job opportunities. Consequently, it has led for more demand for talent skilled in blockchain. Therefore, talent is running towards blockchain technology certification and training.
Manage blockchain more effectively
Blockchain requires immense computing power, traditional computers makes this process slow for. For instance, Hash algorithms on Bitcoin to mine blocks takes a very brutal approach. To verify one transaction, the algorithm runs each combination of characters until it finds the right one.
AI, on the other hand, can handle this task more effectively. A human equipped to break codes would get better if he breaks the code routinely throughout his life time. Following the same learning principles, imagine a machine learning-powered mining algorithm that will break the code instanteously. Given right training data is fed to the system, this task could be done faster.
Combining the two technologies — artificial intelligence and blockchain — can lead to faster development in the field of AI. Clearly, both technologies complement each other. If brought together, their combined potential could bring ground-breaking development, building safer and more accountable solutions. As blockchain and artificial intelligence continues to get better, we will see more robust synergy between the two technologies.