How Blockchain and AI Integration is Changing the Business Landscape?
April 11, 2022
4 min read
It is said that Blockchain and Artificial Intelligence integration possess the power to revolutionize many industries. It has the potential to change the way different business functionalities are run and managed.
AI, basically, refers to the ability of computers to perform tasks that are usually done by human intelligence. On the other hand, Blockchain technology is a database system based on peer-to-peer network architecture which allows digital information to be distributed but not copied.
AI and Blockchain Will Change Business and Market
The combination of these two technologies will provide us with a robust network that can eliminate the major issues in the present time. As per World Economic Forum, there will be an economic growth of around USD 16 trillion by 2025 through automation, robotics, as well as cognitive technologies like artificial intelligence and machine learning. This could happen only if we get an integration between artificial intelligence and blockchain technology together.
Companies like Google, Apple, Netflix, Uber, etc., are already taking advantage of personal data for their own benefit; this makes it necessary to develop new business models that can help in protecting individual’s personal data from the black market.
How AI Can Benefit Blockchain
Blockchain can be a boon to the world of AI in many ways. Smart contracts are one good example of how blockchain and AI can work together. The process of gathering the data needed to train AI systems is a difficult task, and is usually performed by large companies that incentivize users to give up their information through discounts and other rewards. By using smart contracts, which are an essential part of blockchain tech, these companies can automate this process, thus making it more efficient and effective.
Also Read: How Blockchain Is Transforming Businesses
Blockchain also has the potential to help increase transparency and trust in AI systems. Because blockchain technology enables any user with access to view the information it contains (this info is known as a ledger), it can allow for better tracking of an organization’s data collection practices. This will help prevent such organizations from collecting information inappropriately or misusing it once they have acquired it. With this transparency comes a trust from the public that their data will not be misused, something that could potentially lead to greater use of AI in fields like healthcare and government services.
What is AI-powered Blockchain?
You might be wondering, what the heck is a Blockchain?
Well, it is the backbone of the cryptocurrency Bitcoin. It is a distributed ledger that is completely transparent and everyone can see every transaction that has ever happened. It’s pretty much like a public spreadsheet, where everything you do on it can be seen by everyone else who uses it.
But don’t worry, no one knows who does what on this public spreadsheet, since people are identified through alphanumeric addresses instead of their names or email addresses. Plus, each transaction on the blockchain must be verified by other users before they can become permanent. So if you want to transfer money to your friend via Bitcoin blockchain, all you do is write down your intention to send her some money into a block — then other users verify this transaction by solving complex math problems (this process is called “mining”). Once solved, the transaction gets written into the ledger of transactions and becomes permanent. Know more about blockchain evolution.
Deep Learning and Blockchain
Deep learning is an AI technology that works by imitating the complex network of neurons in the human brain. These AI systems can be taught to make intelligent decisions and predictions by mimicking how human brains interpret information, solve problems, and learn. There are two main types of deep learning: supervised deep learning and unsupervised deep learning. The former uses labeled data to learn (i.e., data with a tag that defines it) while the latter uses unlabeled data to learn (i.e., data without a tag defining it).
Supervised deep learning involves using labeled data to train an AI system on what results should be for specific inputs or situations. For example, if you provide an AI system with labeled images of apples and oranges, it will be able to tell if a new image contains an apple or orange based on what it learned from previous images.
Unsupervised deep learning involves using unlabeled data to train an AI system on how to find patterns or correlations between different pieces of information without any help from humans. For example, if you provide an AI system with pictures of cats and dogs but don’t label them as such, the system will be able to find commonalities between cat pictures and dog pictures so it can tell which one is which when presented with new images later down the road!
How Will Blockchain Change the World of AI?
It is important to note that blockchain will not only be used for the creation of AI systems, but also for the improvement of their capabilities. How? The platform can do a great job in enhancing the current AI technologies, including making them more accurate, efficient and reliable.
In addition to this, blockchain will aid in the development of a trustless AI system. Trustless here means that there will be no need for trust between different parties when transacting or dealing with each other. This means that you don’t have to rely on a third party to complete any transaction as you would when selling or buying goods and services online.
Know More: Hire Blockchain Consulting Services
Blockchain will also be used as a platform for building AI applications. For example, it can be used in offering smart contracts and creating tokenized personality rights data. Apart from this, it might be used in improving the data-gathering capabilities of AI through providing high-quality training data which is immutable and transparent; hence cannot be tampered with by anyone.
Artificial intelligence (AI) is enabling a wide range of business solutions, including predictive analysis, process automation, data management, machine learning, conversational systems and more.
Considering this progress and the potential benefits, it’s no wonder that business leaders are investing in AI technologies. However, despite these investments, many companies have not been able to capitalize on their investments in AI due to the inherent lack of trust in the system.
How can you rely on a system that doesn’t guarantee transparency or accuracy? You can’t! With AI systems being black boxes filled with algorithms that cannot be verified or audited for accuracy and fairness.
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