Key Insights:
- Many schools moved to online learning in response to the Covid-19 outbreak to continue with the children’s education.
- Due to the constant evolution of these technologies, investors need to constantly evaluate the contents inside Exchange Traded Funds (ETFs).
- Private sector enterprises, from insurance companies to non-profit organisations to manufacturers, can equally benefit from Blockchain and AI technologies.
In the world of innovation, Blockchain Technology has emerged as one of the major driving forces. They have revolutionised various industries like Finance, Retail, Real Estate, Healthcare, Mobile Apps, etc., by adding transparency and a layer of security into their ecosystem. And along the road, it has emerged as one of the technologies that entrepreneurs adore the most.
On the other hand, Artificial Intelligence (AI) has also impacted the business world significantly. Technologies like “AI Chatbots” have modernised traditional businesses and improved customer experience. It has become an essential component of every industry, whether it be Finance, Retail, Real Estate, Travel, Healthcare, or Mobile Apps.
Blockchain and AI: An Overview
Blockchain and Artificial Intelligence (AI) have laid the groundwork for a new era of business. Will both worlds be accepted in the industry? Would they make the economy better or worse?
Before we delve deeper into how the convergence of two technologies will appear and how it will change the face of this world, let’s take a quick look at the significance of Blockchain and AI.
Artificial Intelligence (AI)
Artificial intelligence is the field of computer science that develops machines with the capacity to imitate human intelligence and carry out independent tasks. It uses computers, data, and other devices to simulate how the human mind makes decisions and solves problems.
Moreover, it includes the subjects of deep learning and machine learning. These innovations train data using AI algorithms to make predictions and categorise objects. Thanks to the technology’s remarkable features, everyone understands why investing in artificial intelligence is essential in business.
Key Features of AI:
- Personalisation
- Better Data Management
- Error Reduction
- Future Prediction
- Data Mining
- Real-Time Assistance
Blockchain Technology
In layman’s terms, Blockchain Technology is a distributed and immutable ledger system that securely and transparently records all transactions in nodes. Many transactions, orders, accounts, payments, production, and other activities can all be tracked on a blockchain network.
Thanks to its innovative features, this technology has impacted business in many ways, which has piqued everyone’s curiosity in developing Blockchain applications.
Key Features of Blockchain
- Decentralised Database
- Distributed Ledger
- Immutability
- Transparency
- Data Protection
While we have explored the basics of Blockchain and AI, let us bring their characteristics into the mix to get a better overview of how these two disruptive technologies are interlinked. So, here we go.
How Are Blockchain & AI Interlinked?
Blockchain and AI will address various challenges and create new opportunities when seen as a single entity. Below are some significant integrations:
Autonomous System
Thanks to the decentralised ledger technology, no single server manages all aspects of the AI program. The autonomous system encourages decentralisation for handling AI operations and training without supervision.
Transparent Data Source
To train an AI program, you need ample amounts of data. Blockchain is the most transparent technology, making it a trustworthy source of finely refined data. The data source may be efficiently verified thanks to the nodes’ capacity to be tracked back.
Privacy Protection
Cryptographic methods secure privacy throughout the network, supporting AI operations and training. With a robust privacy mechanism, you can train and provide AI systems because they are competitive and more complex.
Security
The “smart contracts” on the blockchain aren’t secure enough. The rigidity of the contract, around which the blockchain revolves, makes it easy to harm applications when there are loopholes. AI is utilised to develop more secure smart contracts to reduce such vulnerabilities.
Distributed Computing Power
A significant amount of firepower is required to build and maintain an AI, and Blockchain technology handles this responsibility and facilitates its resolution. The need for space, including that hardware and software, storage, and maintenance costs, is also taken care of.
Automation
Blockchain, AI, and Automation will bring new benefits to business processes involving multiple participants, such as increasing productivity and reducing friction. The AI models incorporated in Smart Contracts using the Blockchain choose the most environmentally friendly shipping options and resolve conflicts.
The Future of Blockchain & AI: Conclusion
Considering Blockchain and Artificial Intelligence (AI) individually, both have promising bright futures. On the one hand, the AI software market is anticipated to grow to $59.8 billion by 2025, while the blockchain technology market is forecast to reach $3 trillion by 2024.
Yet, regarding the confluence of blockchain and artificial intelligence, the idea is still in its infancy. While integrating these technologies through AI and blockchain development companies have seen some success, it is still in its early stages. This suggests we still have time to wait before fully grasping the opportunities this integration presents and how to seize them.
