The benefits of merging blockchain and artificial intelligence
The evolution of technology has aided in improving the way we live and work today. The implementation of these new technologies has given us the ability to carry out unimaginable tasks and at speed, increasing the pace of the world today. The developments of new technologies almost always come with great potential in changing antiquated ways of working and propelling them into the future. However, merging technologies can create huge advantages and massive opportunities.
Artificial intelligence, more widely known as AI today, is the theory and practice of creating and building machines which are capable of carrying out tasks that seem to require a high level of intelligence. Many new cutting edge technologies include machine learning. The inclusion of creating artificial neural networks and deep learning helps the technology to identify specific features. AI technology is an intelligent system which helps machines work like the human mind when looking for anomalies, patterns or trends and can assist at the enterprise level to excel businesses, providing a smarter way of working.
In comparison to AI, a younger piece of technology which has made an impact on the business world of today is blockchain technology. Blockchain technology is mostly familiar with cryptocurrencies. The blockchain, which is made up of blocks, is able to store data in a distributed ledger format while being encrypted. Due to the encryption of the data and its distribution across different computers, it creates an unforgeable database that is highly robust, bad news for hackers. The database can also only be read and updated by individuals with the right permissions. The transparency of everything on the blockchain makes it favourable for most, if not all, businesses.
There has been much theory which has supported the combination of both AI and blockchain technology. The combination of these two technologies can also develop devices in the smartphone industry. We have already seen AI incorporated in smartphone cameras and blockchain smartphones which indicate a promising future. However, there has been very little evidence of the combination of both it in the real world. The focus on the benefits of the two technologies merging means that, shortly, we may see the adoption of them together sooner rather than later. Here are a few benefits of AI joining with blockchain technology.
Encryption and AI go hand in hand.
By blockchain nature, data held on it is highly secure. This is thanks to cryptography which works as a filing system. This makes blockchains ideal for storing information that is highly sensitive such as personal data. When this information is smartly processed, it can unlock value and convenience to our lives.
In most cases, the data that is fed into the systems is highly personal and is typically collected by users interacting with a range of services. Due to the nature of the data, businesses have a responsibility to ensure that personal information is secure. Blockchain databases hold information in an encrypted way, which means that only the private key, which allows access to it, needs to be kept safe in order for the whole chain to remain secure.
AI also houses many features when it comes to security. As AI develops, one of the emerging fields within it is building algorithms which are capable of working with data while it is encrypted. Exposing un-encrypted data poses a security risk on any level. Using AI and blockchain together, there would be no need to expose unencrypted data which could reduce incidents and improve security.
Blockchain can help us understand decisions made by AI.
The intelligence and abilities involved in AI make its decisions sometimes complex for humans to understand. The reason for this is because AI is capable of assessing vast numbers of variables on its own. It can then pick out by learning which ones are important in connection to its overall task. For example, AI algorithms are slowly being adopted in the financial industry to identify fraudulent transactions. It can decide if the transaction taking place on devices should be blocked or investigated. Although this is promising and the new technology takes on, there will still be a need for the AI based decisions to be audited for accuracy by humans. The disadvantage of this is that due to the large volumes of data, and the human mind limitations, checking it will be a timely process.
By using blockchain technology as an extension of AI it can help reduce the time used to audit the findings. If the decisions made by AI are recorded on a blockchain on a datapoint-by-datapoint basis, it would be simpler to audit. Using both technologies together will also give organisations the confidence in knowing that the record has not been tampered with between the beginning and end of the audit process.
Like all technologies, if the public does not trust AI, then its usefulness will be diluted and severely limited. Using blockchain technology, however, could take us a step closer to achieving the level of transparency and insight that is needed into the mind of robots to gain the trust of the public.
AI can more efficiently manage blockchain.
Traditionally, without set instructions on performing tasks, computers are unable to get them done. This means that due to blockchains encrypted nature, operating with it requires enormous amounts of computer processing power. Here's where AI can make a difference. AI can aid in managing tasks more intelligently. By creating a machine learning mining algorithm, the task would be able to be completed faster.
The introduction of AI and its machine learning capabilities can improve computers and their tasks. The technology will work in the same way as a human expert who is used to cracking codes. Over time the technology will learn and become better and more efficient.
When looking at AI and blockchain technology individually, we can see the impact and change it has had overall. Both technologies are groundbreaking in their own rights; however, together, they have the potential to transform into even more revolutionary pieces of tech. Bouncing off one another, they have the ability to serve and enhance the capabilities and features of one another while simultaneously, offering more significant opportunities for accountability and oversight.