The term AI might bring in lots of thought bubbles of robots taking over the world or Sophia (robot) gaining more than 50 facial gestures. However, what we will touch upon here will be the integration of the blockchain and AI, which seemingly will bring more prosperity to the world rather than conspiracy theories. The potential amalgamation of blockchain technology and Artificial Intelligence are raising so many questions and are fundamentally changing the way we look and operate the world. It is increasingly becoming a topic of heated and excited debate providing the pros and cons of both. Instead of harping on the drawbacks of it, which is by the way almost zero, let’s focus on what it will give the world.
The blockchain is already revered as the next frontier of a free, secure and open way of transaction. The AI, on the other hand, has mixed reactions from all corners of the globe. It is a must say that AI only brings on lots of fear on to the table, because unfortunately only the ‘AI-apocalypse’ is discussed rather than the benefits it can bring to the world. Even though the world sees mixed reactions to AI, it has been incorporated by tech mammoths to take their innovations to the next paradigm. Similarly, the integration of Blockchain and AI is nothing but a natural innovation which was due in the world. The combination of Blockchain and AI brings forward some interesting questions and concepts that belong to two different branches of philosophies. The blockchain is decentralized, and the AI is centralized. The amalgamation of both will give interesting touch points to focus on, that being said, it will mostly benefit sectors that are already in need of new ways to functions and trade.
As said above, the centralization and the clashes of both the pillars can be hard. On one hand, we have the blockchain, which is an open to code, highly decentralized, distributed in a peer-to-peer network and establishes a secure and updated transaction chain that acts a safe box and a record! On the other hand, AI is centralized, owned by few powerful organization which has the resources and intellect to create and deploy AI machines, uses probability to function and is also feared mainly in the common circuit of people. Centralized AI is also concerned with using technologies like facial recognition and surveillance to spy on people. While the fact is that there are a lot of differences, it can be said that integrating both the blockchain and AI would bring forth some fantastic systems that will help in better trade and monitoring.
AI algorithms incorporated with the transparent verification process of the blockchain technology will assist in enhancing the verification process. Even though the whole process is automatic and secure in the blockchain, the introduction of AI will provide better surveillance tripled with cognition and efficiency. AI has many branches like machine learning and data analytics (backed by AI) which will have a significant impact on the decentralized blockchain and help this novel technology in verifying identities. As AI is not decentralized like the blockchain, this merging can also lead to AI automatically branching into the decentralized marketplace where it will be of great help to individuals and the network they share.
We cannot deny the fact that with new-age technologies, age-old systems don’t die quickly. You have the financial system, database servers – systems and physical knowledge that cannot transform soon. AI will have to tap into blockchain and provide the edge on energy consumption, scalability to introduce new ways, integrate gigantic volumes of blockchain data,
The world of cryptic data and AI-run mechanisms are blooming and seeing new developments with more extensive research done by tech companies and innovators. The massive potential of the blockchain and AI also has caught the eye of companies that are just interested in investing because they see the profit and huge scope lying ten years down the line. In history, we have seen several industries merging and working together, like the fitness and pharmaceutical, food and travel industry, and several others. The gates of amalgamation have also been opened to blockchain and AI that sees nothing but a bright future in the coming years.