Blockchain and Artificial Intelligence are on nearly every chief knowledge officer’s list of game-changing innovations, poised to transform industries. Both technologies have numerous advantages, but they also have their own set of limitations when it comes to adoption. It also is reasonable to suggest that the excitement around both technologies alone may be unparalleled, therefore the idea of combining these two ingredients may be considered as creating a modern-day version of IT pixie dust by some. Simultaneously, there is a reasonable approach to consider this mix that is both logical and practical.
According to PwC, Artificial Intelligence will add $15.7 trillion to the global economy by 2030, resulting in a 14 percent increase in global GDP. Gartner predicts that the business value contributed by blockchain technology will reach $3.1 trillion by the same year. Hence, the opportunities for cryptography jobs and block mining jobs have increased.
What is blockchain?
Blockchain technology is a type of distributed ledger technology that uses a chain data format to store information. It is a novel distributed infrastructure and computing paradigm that leverages encryption to assure data security and reliability. Moreover, it assures the dispersed node consensus process to check transaction information, and synchronize the entire network.
What is Artificial Intelligence?
Artificial Intelligence (AI) encompasses the following key technologies: computational vision technology, language processing technology, cross-media rationale technology, intelligent adaptive technology, swarm-based technology, autonomous drone system technology, smart chip technology, and brain-computer interface technology, which can be extensively employed in a variety of industries, including medicine, automated cars, education development, sports, and amusement.
Impact of AI and Blockchain technologies on different industries
Companies have begun to depend on blockchain-based procedures and smart contracts as part of the manufacturing process to facilitate manufacturing, openness, protection, and regulatory checks. Instead of creating set equipment periodic maintenance, AI and ML predictive algorithms are utilized to construct flexible plans that occur at the precise moments they should. Quality assurance and testing of the product have also become completely sophisticated, with adaptable and machine graphics algorithms employed to detect excellent and faulty items, particularly in extremely sensitive areas. Many of the best AI/ML consulting firms are assisting such businesses with their AI and blockchain implementations.
For instance, an automotive company incorporates disruptive technology, using AI and Blockchain to increase vehicle capabilities and safety. Furthermore, the company employs blockchain technology to transmit data more safely and swiftly, providing its customers with peace of mind; whether it is for parking, recharging, or third-party access needs such as limited accessibility to a car or a shipment.
2. Energy and Utilities
Blockchain technology is assisting in the facilitation of energy exchanges in the Energy and Utilities industrial sector. For example, an energy-based startup is adopting peer-to-peer blockchain energy utilization. Smart energy microgrids are also gaining prominence as a means of producing sustainable energy supplies. A blockchain-based invention is also being used by a New York-based startup, to enable energy creation, conservation, and trade for local communities. To track and control energy transfers, the technology use microgrid smart meters, in conjunction with smart contracts.
Blockchain plays an important role in food production mainly because there is a huge need of processing a vast amount of data. This accurate information is critical to the success or failure of the food production project. With blockchain and BPM, it is possible to track the journey of a food product from the field to the store shelves. Thus, companies have the opportunity to monitor the project in real-time, find possible errors fast, and assure transparency. Finally, blockchain can have the greatest impact in making it easier to verify the origin of food products. If the entire manufacturing process is recorded on the blockchain, businesses would be able to prove to customers that their product is genuine.
Ways to Combine AI and Blockchain
AI and encryption complement each other quite well
Data stored on a blockchain is, by definition, incredibly secure, thanks to the cryptography built into its file system. This implies that blockchain technologies are excellent for holding highly sensitive, personal information, which, when processed intelligently, may unlock a wealth of value and ease in our business life. Consider smart healthcare systems that make accurate assessments based on the health scans and data, or even the recommendation systems used by Amazon and Netflix to recommend what we should purchase or view next.
The data supplied into these systems is quite personal. Businesses who deal in it must put up substantial sums of money in order to achieve the data security requirements that are expected by them. Nonetheless, large-scale data breaches resulting in the loss of private information are becoming more regular.
Blockchain databases store information in an encoded fashion. This means that the secret keys — a few kilobytes of data – must be maintained safely in order for all of the data on the network to be protected.
AI has a lot to offer in terms of security as well. An emerging field of Artificial Intelligence is focused on developing algorithms capable of interacting with data while it is still encoded. Because any portion of a data process that exposes unencrypted data poses a security risk, eliminating these instances could assist to make operations much safer.
Blockchain can help businesses track, analyze, and explain AI judgments
AI decisions can be difficult for humans to comprehend at times. This is due to their ability to examine a vast number of variables independently of one another and “learn” which ones are crucial to the overall task at hand.
However, for a little longer, these judgments will need to be reviewed for accuracy by humans. But, given the wealth of information that might be considered, this can be a difficult undertaking. If judgments are documented on a blockchain on a datapoint-by-datapoint basis, they may be audited much more easily, with the assurance that the record has not been altered between the time the information was entered and the commencement of the audit process.
To Sum up
No matter how plainly we can see that AI offers tremendous advantages in many industries, its utility will be seriously restricted if the public does not believe it. Storing decision-making processes on blockchains can be a step toward obtaining the kind of openness and understanding into robot minds required to achieve public confidence.