Blockchain technology has seen impressive improvements over the past few years, and it was often considered as one of the mainstream forms of technology. Investors, businesses, and even people, in general, see blockchain as something more than just digital money in the way of cryptocurrencies.
We already observe plenty of real-life use-cases of blockchain technology all around us, from the secure sharing of data to anti-money laundering tracking systems. Some of the most notable businesses utilizing blockchain include BBVA, a Spanish multinational financial services company, HSBC, Barclays, and VISA.
It’s clear that the blockchain sector has come a long way; however, a new trend is quickly emerging. People are looking for ways to integrate blockchain with other technologies for better use cases when utilizing both technologies together. Integrating two new technologies create synergy, and it is possible to create a whole new thing.
Can AI and Blockchain Work Together?
AI is currently one of the promising and highly expected technologies. PricewaterhouseCoopers, a global professional services network of firms, stated that by 2030, AI would add up to around $15.7 trillion to the entire world economy.
Although AI has its own complexity, several projects are already trying to implement this technology with blockchain technology. It seems that blockchain could help make AI more understandable and complement each other optimally.
There are several ways both technologies can complement each other. For one, AI could increase the efficiency of the blockchain. Also, AI might help improve mining processes, and the data contained inside a blockchain may be hefty but can be optimized through AI.
Challenges of Integrating AI with Blockchain And Examples
Despite the numerous benefits, there are significant challenges ahead, from security concerns to the complexity of integrating both technologies. Nonetheless, existing AI projects like DeepMind already use some aspects of blockchain like Merkle trees to track data changes.
Also, there are already several prominent projects utilizing both AI and Blockchain technology. SingularityNET, which created Sophia, the first AI humanoid robot to receive citizenship, employs blockchain technology to create a decentralized AI marketplace to encourage others to develop and fund AI projects.
Another interesting example is Gainfy, integrating blockchain, AI, and healthcare to create a platform with a robust identity verification system and secure sensitive data protection.
There are plenty of other examples of companies trying to integrate blockchain and AI. This new industry is moving at a fast pace and could be the next big thing.
Conclusion
Artificial Intelligence is one of the most challenging puzzles humanity faces; despite its difficulty, the progress we see is astonishing. Blockchain technology can significantly improve AI, and likewise, AI can optimize blockchain.
Both technologies can form a strong bond and considerably improve the lives of millions of people worldwide. We are very certainly going to see a significant increase in the number of new Blockchain-AI projects shortly.
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About FLETA
FLETA is a blockchain platform that aims to offer infrastructure that can be applied to real-world business models. FLETA has its own core blockchain technologies like Level Tree Validation, Parallel Sharding, Independent multi-chain Structure, Block Redesign, and PoF(Proof-of-Formulation) which is its own consensus algorithm. With them, it aims to solve problems that existing platforms have such as slow speeds, scalability limitation, and excessive fees and provide a flexible development environment. Moreover, through its Gateway technology, it enhanced its interoperability by allowing projects issuing their tokens through other mainnets to maintain their mainnets while using FLETA chain.
Sendsquare, a foundation that developed FLETA project, was selected as one of the blockchain PoC support projects by the National IT Industry Promotion Agency (NIPA) of the South Korean Government since 2019 and has developed the blockchain-based on-chain clinical data management system (eCRF System) and RWD basic clinical research analysis report platform using blockchain technology.
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