How will AI and Blockchain Coexist?
AI and blockchain technology are undoubtedly the two major tech booms of this modern era. Now, imagine the integration of these mighty technologies!
How do AI and Blockchain Integrate?
AI and blockchain technology have played an incredible role in recent years. Moreover, these emerging technologies helped transform various areas such as healthcare, cybersecurity, financial services, etc.
Together, AI and blockchain unlock the possibilities for faster innovation, better security, and efficient decision-making. Here, it is important to note that according to MarketsandMarkets Research Ltd, the blockchain AI market size is expected to grow by over 700 million. Now, let’s check the expert’s take on this topic.
Jerry Cuomo, the VP and CTO of IBM Automation, said blockchain and AI enforce each other. Moreover, he suggested that combining these technologies would immediately benefit the financial services and healthcare industries.
To add more clarity to his sayings, Jerry emphasizes the differentiative value these technologies bring to the table. For instance, blockchain brings trust to data, while AI brings intelligence to data.
Therefore, with trust and intelligence, you have confidence. Finally, he concludes by mentioning, “With confidence, you gain adoption the result of authenticity, augmentation, and automation.”
To better understand this, let’s explore the major use cases that the AI and blockchain combo bring to the table.
Potential Use Cases of AI and Blockchain Combination
The integration of AI and blockchain pave ways that create a transformative impact on the following:
Supply Chain
Supply chain management hugely benefits from combining blockchain’s smart contract and AI’s predictive algorithm. For example, these technologies can help analyze consumer demand patterns, manage inventory, and implement cost-efficient methods. This efficient system allows companies to operate with limited employees.
Financial Services
AI and blockchain transform financial services by implementing efficient features like adding trust, increasing the transactional speed, and removing intermediaries like financial institutions. In addition, implementing these technologies can help detect and restrict most fraud. For example, AI can learn about precious fraud activities and spot similar ones in the future.
Healthcare
The healthcare industry can use AI and blockchain to improve the quality of the patient’s life. For example, blockchain technology will help secure medical records and provide complete ownership to patients. AI can analyze the patient’s medical history and provide essential data to the medical professional.
Security
The decentralized infrastructure of blockchain limits security risk compared to the centralized ones with high-risk potential. For example, the presence of multiple security features restricts the possibilities for a single point of failure. Also, AI can analyze historical patterns to detect possible security threats quickly.
Data Storage
Blockchain’s decentralized storage solutions provide a safer process for storing vast amounts of data. For instance, blockchain projects like Filecoin, Arweave, and Storj facilitate blockchain-based storage services. In addition, AI integration will improve the decision-making process related to data storage and management.
Benefits of AI and Blockchain Integration
The major benefits of these technologies consist of:
High Trust Factor
The merger of AI and blockchain will ensure users a high level of safety associated with data storage and transfer. Moreover, the combination of these powerful technologies can help maintain the privacy of users’ sensitive data.
Secured User Experience
AI will use the data collection to analyze the user’s likes and dislikes and deliver a tailored, user-friendly experience. At the same time, blockchain technology will use its most advanced cryptography encryption technique to safeguard the data and users’ privacy.
Efficient Decision Making
As often quoted in the technology field, “Data is King,” AI’s powerful algorithm helps to sort essential data to analyze a wide range of unseen possibilities. Along with blockchain technology, this data can help professionals from various domains execute major decisions in less time. Now, the time spent sorting and arranging data can be used for something productive.
Co-Evolution Case Studies of Blockchain and AI
Now, as we cover the use cases, let’s delve into some case studies that’ll help to add more clarity to this disruptive technological integration.
SingularityNET
The main aim of the team behind the SingularityNET is to create a decentralized AI marketplace powered by blockchain technology. In addition, they also created an ecosystem that helps support potential AI-based projects. As a result, they have succeeded in developing new ventures in robotics, decentralized finance, biotech and longevity, entertainment, gaming, media, and more.
For example, their ecosystem consists of SingularityDAO, a blockchain-based portfolio management protocol that allows safe and easy management of various crypto assets.
Matrix AI Network
Founded in 2016, Matrix AI Network is the first to launch an AI-optimised blockchain platform. In their first generation, “Matrix 1.0,” they implemented an AI-based verification process for the blockchain’s code.
These smart contracts helped increase the blockchain network’s security, speed, and flexibility. They are working on “Matrix 3.0,” which blends AI and blockchain with neuroscience.
DeepBrain Chain
Powered by blockchain technology, DeepBrain Chain is an AI-based computing platform that reduces the power consumption of enterprises by as much as 70% at a low cost. Moreover, their system uses blockchain’s smart contract and AI’s encryption algorithm to secure data transactions.
That’s not all; DeepBrain Chain also provides the utmost importance regarding user privacy and data ownership. At the time of writing, over 20 cloud platforms were developed based on the DeepBrain Chain computing network.
What Does the Future Hold for the AI and Blockchain Combo?
The convergence of AI and blockchain will inevitably be a deal-breaker in the upcoming decade of technological advancement. These technologies can potentially disrupt traditional industries like banking and finance, healthcare, education, verification, and many more.
The combination of this tech duo is still in its nascent stages, and we can witness further research and development in the near future.
The blend of advantages with these technologies will pave the way to a possible “BlockchainAI” sector. Here, the users can benefit from AI’s analytical and predictive behavior and the safety element associated with the blockchain network.
Also, these technologies will act together and play a crucial role in detecting and eliminating possible security threats while conserving the privacy and safety of the user data. Overall, it will be a win-win situation for future technological endeavors.
