VOL 24: AI and BLOCKCHAIN
What is Artificial Intelligence?
In simple terms, Artificial Intelligence involves using computers to do things that traditionally require human intelligence.
John McCarthy (revered as the father of AI) defines it as “the science and engineering of making intelligent machines”.
In a broader concept, AI is allowing machines being able to carry out tasks in a way that we humans would consider “smart”.
What is Blockchain?
Blockchain is a decentralized database, a digital immutable distributed ledger, that can be programmed to record and track anything of value, from financial transactions to medical records etc. It uses a technique called Cryptography to process, and verify every transaction on the system before making any change which leads to the creation of a new Block, thereby making them secure, permanent, and transparent.
Blockchain is all about Databases, it is a non-destructive database. Databases are an organized collection of structured information or data stored on a computer that can only be accessed electronically from a computer system.
Although the concept of "artificial intelligence" was introduced in the 1950s, it was not widely accepted until the 2000s. The goal of artificial intelligence research is to produce machines that mimic human behaviour, such as thinking and making decisions on their own.
That level of intelligence, however, has yet to be attained. Meanwhile, humans have come a long way from where they began the twenty-first century in terms of technological advancement. Modern artificial intelligence can understand data and make real-time decisions, thanks to amazing branches like data science, machine learning, robotics disrupting the ecosystem.
Blockchain has come a long way since its realization as the technology to power Bitcoin by Satoshi Nakamoto in 2009 to emerge as a futuristic aspect in the digital sphere. It has expanded far beyond the original cryptocurrency realm.
Furthermore, blockchain is gaining traction with new features such as decentralized applications, smart contracts, the metaverse, and NFTs. In a nutshell, artificial intelligence and blockchain technology looks like they are here to stay.
Combined Values of AI and Blockchain
Did you know that these two opposing great forces in technology can be interconnected, and interdependent in our world, and they can give rise to each other as they interrelate to one another?
Artificial intelligence is at the heart of the Fourth Industrial Revolution, and it can be combined with blockchain technology to increase the power of both artificial intelligence and blockchain. Artificial intelligence and blockchain have the potential to disrupt business models and have a transformative impact on society.
Data Management
According to estimates by IoT Analytics, more than 20 billion devices will be connected to the internet by 2025. These two technologies can help in improving privacy, security, and scalability of data. In IoT devices, blockchain technology can improve data management due to its transparency, trust, truthfulness, immutability, security, and privacy features. Combined with AI, it can address the current limitations of IoT data.
Authenticity
Blockchain will aid in increasing trust in data integrity and AI recommendations. The use of blockchain to store and distribute AI models creates a chain of evidence, and the combination of blockchain and AI can improve data security.
Another advantage of blockchain technology is that the immutable record of any digital identity is difficult to forge.
Automatization via Smart Contracts
Aside from data and identity management, the convergence of these two technologies has the potential to greatly improve business process automation. The use of smart contracts is a critical component of connecting these two innovations.
AI models embedded in smart contracts executed on a blockchain, for example, can recommend expired products for recall, execute transactions such as re-orders, payments, or stock purchases based on predefined events and choose the most sustainable shipping method.
Conclusion
Blockchain brings trust to data and we all know AI feeds on data. On the other hand, AI brings intelligence to data, Blockchain has ledgers that contain data. Combining trust and intelligence, you have confidence.
These two technologies are going to transform our lives for the better. The combination of AI and Blockchain will bring more advantages to the economy and the only limit that can be achieved with these two technologies is our imagination.
A Quote;
“Blockchain protects. AI get better with more data." They both enforce each other.
Until next week, Happy Learning.
Enjoy the weekend.