We are in the technology sector, as we know that blockchain and Artificial Intelligence are the two hottest trends that have been ruling now. Though the applicants and the developing parties of both the technology are profoundly different, researchers have been searching for ways by which they would be able to combine blockchain technology and artificial intelligence opening gates to new explorations and observations and applications.
What is Blockchain & Artificial Intelligence Technology?
As per research, it’s been predicted that AI, aka Artificial Intelligence, would add up to $15.7 trillion to the whole of the world economy. And as a result of all these, the global GDP would rise by 14% as well. And the blockchain technology that would be brought to the business world would be worth $3.1 trillion within the same year.
If you are confused regarding the main difference between blockchain, then it would be decentralized and immutable ledger that is used widely by businesses worldwide to store their encrypted data. This would keep your private data safe and secure from the hands of the notorious hackers who are coming up with new technology every other day.
And on the other hand, the definition of AI would be something that acts as the engine of the brain which would help with the analytical and decision making power of the data that has been collected. Artificial Intelligence and blockchain technology both have their complexities, but there are situations as well where they would be able to help each other and would be able to benefit from each other as well.
Different between AI & Blockchain Technology
Both the technologies Blockchain & AI would be able to enact and effect upon data in different ways, but their coming together would make some great sense, and would take the utilization of the data to another greater level. And if you are trying ways by which you would able to boost AI’s potential and also improve the underlying architecture of blockchain, then integration of AI into blockchain would be a great idea on which research is being done.
Also, with blockchain, you would be able to make AI even more understandable as well as coherent. And in machine learning, you would be able to understand and trace the power to make the decision. Blockchain technology would record all the data and would help you in making and understanding the decisions made under machine learning.
And if you are thinking about the prime benefit behind using AI for blockchain, then it would help in increasing the efficiency of the blockchain better than humans.
Here are some ways by which uniting Blockchain and Artificial technology would be great for the coming businesses and technology sectors.
Benefits of Artificial Intelligence & Blockchain Integration
Enhancement of Security:
With inherent encryption, your data in the blockchain would be safe. If you want to protect your highly confidential information like medical notes or any kind of personal recommendation, then using blockchain would be the best idea. And AI needs data in high volumes.
And in the meantime, many researchers are working on ways by which Artificial Intelligence would be able to build algorithms and use the encrypted information without jeopardising the security.
Machine learning would help with improving the deployment of the blockchain apps and would be able to predict any kind of system breach and warn you. Thus it would come in handy during software development as well.
Untangling the Thinking Process of AI:
Unless and until you can understand the whole thing process of AI, you would not want to use it. And one of the broader stops when it comes to using AI in greater ways would be not understanding how the computer is decision making.
And with the process of blockchain recording the whole decision-making process, it would be able to gain more public trust. And with blockchain, you would be letting your computer think more transparently.
Managing and Accessing of Data Market:
Many big market players like Google, Facebook, have access to a huge amount of data that would be useful for AI processing. But this kind of information is not available for the smaller industries.
But with the integration and web development, you would be able to challenge the big techs by accessing the same information. And another advantage regarding integrating AI and blockchain would be making sure that you can work better with the data.
Optimizing Energy Consumption:
With the integration of technology in business, by training the AI on historical data from a data centre with thousands of centres, you would be able to optimize energy consumption. Also, the same principle could be used for mining which would lead to lesser prices for mining hardware.
Improving Smart Contracts:
There are often some glitches that should be handled with proper care and actions should be taken immediately. AI would help you to verify smart contracts and would help in predicting any kind of vulnerability that could be exploited as well.
Blockchain and Artificial Intelligence in 2020
Implementation of AI & Blockchain in your business website & Mobile app. Look at the combination of blockchain and AI, and see the ways by which it would prove beneficial for the future of the mobile apps by using Blockchain technology.
With this KBA system, you would be able to take personalization to the next level. With AI, you would be able to figure out what the customers want and how you could improvise and how you should respond to those needs. You would be improvising the customer’s experience.
And with immediate response, you would be able to help the customer complete the whole task with the help of a secure network. Thus with personal interaction with the customer, you would be improving your loyalty to them and would increase customer satisfaction as well.
Also Read: Right Technology Stack For Web Development Project
For once, with the combination of AI and blockchain, the machine would be able to face the issues, and would also be able to tackle them easily through the data that has been provided by the blockchain and would be secured.
The combination of the two would help you in increasing productivity as well as the time required for response and to solve an issue. For example, when you enter the payment gateway, with the help of blockchain, the payment channel would be made smooth for you and with the AI; the gateway for payment would be defined.
One problem that most of the mobile apps face would be security and with the combination of blockchain and Artificial Intelligence, this would be solved. Most stay away from mobile apps thinking that it would be unsafe.
With the biometric as well as the image recognition given by the AI and the peer-to-peer transaction and linking by blockchain, this would be improved. The data that would be passed through the chain would be secured and the flexibility of the whole process would be visible.
When thinking about implementing AI as well as blockchain, then you have to think through the cost of applying this technology. And also the changes that your system has to undergo to support it. If the combining becomes a success, you would be able to increase productivity and also reduce turnaround time for everything with the right collaboration methods.