Machine Learning Use Cases with Blockchain Technology
Artificial Intelligence (AI) continues to revolutionise the way technology companies work. With the ability to analyse large amounts of data and make predictions based on that data, AI enables companies to make smarter decisions and streamline their processes. Companies such as Google, Amazon and Microsoft are investing heavily in AI and using it to develop new products and services.
AI is also being used to improve customer service, detect fraud and optimise supply chain management. As AI continues to evolve, we can expect to see even more innovative solutions from tech companies that will change the way we live and work.
Blockchain technology and AI (Artificial Intelligence) are two of the most innovative and revolutionary technologies of our time. Both are capable of transforming industries and changing the way we live and work.
Blockchain technology is a decentralized and secure way of storing and sharing information. It is essentially a digital ledger that records transactions and information in a way that is transparent and immutable. AI, on the other hand, is the ability of machines to learn and perform tasks that would normally require human intelligence.
When these two technologies are combined, the possibilities are endless. For example, blockchain technology can be used to create a secure and transparent platform for AI to learn and make decisions. This can be particularly useful in industries such as healthcare, where AI can be used to diagnose and treat patients, while blockchain technology can be used to securely store and share patient data.
Blockchain and AI can also be used together to create smart contracts. These are self-executing contracts that are stored on a blockchain and automatically execute when certain conditions are met. AI can be used to monitor these contracts and ensure that they are being executed correctly, without the need for human intervention.
In today’s scenario, there are various companies, large and small, applying both techniques, either integrated or integrated with each other, in different efforts of a system working to provide a single output. A few of the use cases of machine learning and blockchain technology are listed below:
- IBM has launched a blockchain-based micro-financing strategy for food vendors in collaboration with Twiga Foods. Where they have successfully applied some machine learning techniques. where data purchased from mobile devices using blockchain is processed using machine learning techniques to determine credit scores and predict the credit worthiness of different users. Thus, lenders can facilitate lending and repayment using blockchain technology.
- Porsche, a popular car manufacturing company, is one of the early adopters of technology where machine learning and IT are integrated to improve car capabilities and safety. The company uses blockchain technology to exchange data more securely and offers peace of mind to its users; by making it easier for parking, charging, and third parties to temporarily access their cars.
- A New York-based company is using a blockchain-based innovation to enable energy generation and trading for local communities. The technology uses microgrid smart meters that operate based on machine learning models and blockchain-based smart contracts to monitor and manage energy transactions.
- Some other companies related to the food industries, such as Unilever and Nestlé, are using blockchain and machine learning to deal with food disasters such as food waste and contamination to efficiently maintain supply chains.
- Hannah Systems brings AI and blockchain to autonomous vehicles. The company’s portfolio includes an AI-powered data exchange platform, real-time mapping tool, an insights dashboard and blockchain so an autonomous vehicle can quickly absorb, interpret and safely store data. Hannah System’s deep learning predicts road information based on human behavior such as jaywalking and speeding, and it takes into account up-to-date weather and traffic congestion notifications.
In this article, we have provided an overview of the use cases of Artificial Intelligence in blockchain technology with its components and applications. We then explored the opportunity to integrate blockchain technology with machine learning.
I hope this article has been useful for you.The combination of blockchain and artificial intelligence has the potential to revolutionise the way we live and work. As these technologies continue to evolve, we can expect more innovative use cases to emerge that will lead to a more secure, efficient and reliable future.
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