Blockchain and AI: A Perfect Match?

Blockchain and Artificial Intelligence are the “hot potato” trending high these days. Even though these two technologies differ in many ways but when combined these technologies make a deadly combo. Blockchain is a distributed, decentralized, immutable ledger used to store encrypted data while AI acts as an engine or the brain that will enable analytics and decision making from the data collected. There is no divided opinion about the fact that every technology has its own degree of complexity. AI and blockchain, when in a combo, can benefit from each other and can take the exploitation of data to new levels. The integration of machine learning and AI into the blockchain can boost AI’s potential and architecture of blockchain.

Applications of Blockchain and AI

Following are some applications of AI and Blockchain:

Smart Computing Power

To operate a blockchain with all its encrypted data on a computer a large amount of processing power is needed. AI tasks can be managed in a more intelligent and efficient way than in real-time. With machine learning-based algorithms, the fed data can be read in less time.

Data Protection

The progress of AI is completely dependent on the input of data — data feeds AI, and through it, AI will be able to continuously improve itself. Blockchain allows the encrypted storage of data on a distributed ledger. Such data is secured and access is provided only to authorized persons. A backup system can be created for highly sensitive data by combining blockchain and AI. Storing medical or financial data that is highly sensitive to handle can be stored on the blockchain and accessed by AI only. This gives the advantages of personalized recommendations and the safety of sensitive data.

To Create Diverse Data Sets

Blockchain technology can build transparent networks that can be accessed by anyone around the globe. Blockchain networks are now being applied to many industries for decentralization. Blockchain technology helps ensure the future development of artificial intelligence and the creation of decentralized A.I. Blockchain networks can host diverse data sets by creating an API that allows for the intercommunication of all AI agents. This results in the creation of diverse algorithms that can be built on diverse data sets.

For Data Monetization

Another disruptive innovation is the monetization of data by using a combo of these technologies. Monetizing collected data is a huge revenue source for many businesses. Blockchain cryptographically protects our data cryptographically and we can use this data as we see fit. Without compromising our personal information it lets us monetize data personally. This plays a vital role to combat biased algorithms and to create biased data sets. AI networks are needed to buy data directly from owners through data marketplaces. The entire process is fair and seamless. The data marketplace will also help smaller companies.

So the crux is that these technologies when combined together open many doors. This combo gives birth to innovative pathways and has many applications. Both blockchain and AI are very useful for businesses across the globe.