What Happens When AI and Blockchain Come Together?By CIOApplications Europe
Industries are actively adopting Blockchain technology and Artificial Intelligence (AI) as these two revolutionary innovations are helping in transforming the businesses and also offer excellent opportunities for the information flow. Using AI alongside blockchain can aid in yielding better results and security too.
Blockchain and Artificial Intelligence
The blockchain is a shared ledger technology which is spread across multiple sites, and there is no central administrator or centralized data storage. Each participating computer which is connected to this network is termed as nodes, and since a copy of the blockchain is automatically downloaded on each node, all the nodes will have access to this ledger, but the contents will be encrypted.
AI is nothing but a technique which helps in processing relevant information from the massive amount of data present. These AI-powered machines are made to act like humans and enhance the decision making progress in a specific situation. AI has a lot of scope in all spheres of life be it healthcare, education, manufacturing or automobiles.
How is Blockchain the perfect addition to AI?
Both AI and blockchain have different offerings, but they can mutually help each other in attaining better results. The joint use of these technologies might have significant effects on businesses and force the leaders to make more notice of developments in this space. It is essential for companies to understand how AI and blockchain can complement each other and vice versa.
• Enhancing security
The whole process is vital from correct data collection to perfect its algorithm to the outcome. Here, blockchain helps in keeping this data secure without tampering. The data in blockchain cannot be manipulated which further results in better AI models and better results. When the information is organized, blockchain enables new marketplaces for transparent data trade which provides a broader data access platform and a better data monetization model.
• Offering wider data accessibility
AI solely relies on data, but only a few big firms can have access to this data. But in the blockchain, as it is a peer-to-peer connection, the information is available on every network, thereby making the availability broader and easier.
• Data management
AI, for now, runs on a centralized database, therefore, in case of an accident, there are huge chances that the data might get lost or corrupted. But with blockchain, as the data are stored in nodes, users cannot manipulate them, and as there are multiple copies, it is ensured that data won’t get lost.
• Data sharing and scalability
For better outcomes, AI needs an enormous amount of correct data. Here blockchain can aid AI to store data, thereby building a scalable blockchain database and the data can be shared and sole in a secure manner.
• Blockchain’s dependency on AI
Blockchain requires enormous running costs to share transactions and here comes AI which can offer better efficiency and lower energy consumptions, thereby reducing the costs. While the data stored on blockchain is sold to another company, AI can help in tracking the data usage, access grants and other things that can be worked through the use of AI. Also, AI can help in prune the blockchain by removing unwanted data through efficient techniques.
Blockchain and AI have the potential to revolutionize the industries when combined. Both of them enhance each other’s capabilities in such a way that they offer opportunities for better outcomes in the future.