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Future Development in Artificial Intelligence (AI) and Blockchain

Oct 14, 2020
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Artificial Intelligence

Undoubtedly, Artificial intelligence and Blockchain are the two hottest and trending technologies in the present time. These two powerful technologies have different applications and development procedures, but now companies are exploring the combination of AI and Blockchain solutions

Every technology has its power and advantages, but both Blockchain and AI can provide more benefits to others by helping each other. These both can have an impact and enact upon the data differently. Similarly, integration of AI and machine learning into the Blockchain can improve the underlying architecture of Blockchain and also can accelerate the potential of AI. 

It is not only about AI that is empowering the Blockchain, but Blockchain is also helpful to AI by making it more understandable and coherent. Hence, it is obvious why all the decisions are made in favour of machine learning. Blockchain technology and the ledger can store all the information and variables that have to go through the decisions made, including machine learning. 

Despite that, Artificial Intelligence Solutions can enhance blockchain efficiency better than any human or a computer. Even, the Blockchain is working on standard computers right now proving much processing power required to perform a simple task. 

Overview of Artificial Intelligence

AI is known as the ability of a program to explore and learn. It is a blend of science and designing & building of intelligent computer programs. AI algorithms can solve problems by understanding the patterns without human commands and using lots of data. They identify external input data and use the knowledge to learn from it to achieve particular goals by completing tasks. 

AI has two types basically- strong AI and Narrow AI. Narrow AI only performs limited or special tasks like spam filtering, facial recognition, or playing chess. At the same time, Strong AI is capable of managing lots of tasks despite the one specific task. Strongly, it can have human-level cognition and can fulfil any intellectual task.        

Overview of Blockchain Technology

This disruptive technology is helpful to provide the foundation for a decentralized future. The way through which this technology is being used and executed has lots of environmental effects and energy. The reason behind this is the procedure known as the core of Blockchain development services

Security provided by Blockchain technology comes from the encryption. And, the consensus mechanism of Blockchain technology involves that all the users need permission for writing on the chain. Every need collectively and individually obliges the heavy amount of computing power and intricate use of algorithms. 

Related Post: A Complete Guide to Hyperledger Blockchain Development

Basics of AI and Blockchain

As we know that Blockchain is a digital ledger to keep track of economic transactions but valuable things virtually. Public Blockchain like Ethereum can be used openly by people and private blockchains used in corporate environments, often with the invitation only. Private blockchains are faster in comparison to public blockchains due to users are reliable and known, and transactions are verified at fast speed. 

Blockchain technology has strong implications only for financial transactions like Bitcoin and also, shares sensitive information across different organizations. Users can be confident that the information is reliable on Blockchain even if they can’t see the beneath information. 

AI includes the computer to do the things that need human intelligence. For this, AI models also can be used to identify, classify, and to forecast from data. AI models have improved with time, unlike traditional software. Machine learning is a subset of AI that is used to derive insights from data. Commonly, large datasets are helpful to build better models for machine learning. It is equally essential like the data quality as all the datasets require to be updated with related and current data. 

Read More: Top 10 Open-Source Frameworks for AI and Machine Learning Models

The Future Development of AI Blended with the Blockchain Technology 

Blockchain Technology Artificial Intelligence Solutions is something that can change the future for us as it is making the world smarter than before. It will make the devices so advanced that they can manage various tasks without having the assistance of humans. It can turn the concept of automation in smart cities and homes into reality. There are still so many pending things to be done yet. These are possible to happen for sure with the combination of AI and Blockchain. The solutions offered by both these powerful technologies will make sure that everything can be automated in this world. Here check out these following points to know about the future development of these hybrid technologies.

  • The Decentralized Data Economy

Data is now a rapidly valuable asset that not only requires to be collected safely but also exchanged. As we know that efficient Artificial Intelligence Solutions and systems are strongly based on data, it is something that can be collected by Blockchain with extreme reliability. Blockchain is a distributed and secure database that is accessed by all the users in the network. This data is collected in blocks, and every block is linked cryptographically to the last one. And, it makes data alteration very complex that is collected without accessing the network consensus in any way. 

These decentralized data exchanges develop a new data economy applied on top of all blockchains. It will make the information and storage accessible for everyone with ease and security. For connecting with the data economy, algorithms of AI could use various external inputs and also learn rapidly. ‘Moreover, the algorithm can also be swapped in the marketplace. It will make it accessible to more audiences to boost development. 

  • Data Collection

A lot of data gathered smartly will bring improvement in software development, marketing, product development, and service development. All these will help the business to do things and also people for whom it will be done. Blockchain solutions combining with the AI solutions can be a good match to collect the data securely and accumulate it smartly. After that, it can be categorized as per a different basis. But this thing is not possible for now as it needs human interference due to the inaccuracy in the collection and divided data, so it requires a person to check all the things are related or not? This thing will help in the procedure of product development is a very short time. 

  • AI Betterment for Blockchain

Mining needs a lot of energy and computational power. Many distributed ledgers offer efficiency for things like censorship-resistance and immutability. Undoubtedly, AI is capable of optimizing the energy consumption that would be helpful to improve mining algorithms. AI can also optimize the collection requirements of blockchains. Since the history of a transaction is gathered in all nodes, the distributed ledger’ size can include fastly to a huge amount.

Role of AI in Business

If there are collection needs are high, the entry barrier is also higher, it decreases the network decentralization potentially. Moreover, AI could commence new techniques of database sharding that will make the blockchain size smaller and collect data on it effectively.  

  • Data Storage

In the situation of a lot of data, businesses will also require a company that can offer a great and safe storage solution. And, the data must be stored in one specific location, either physical or virtual. Spaces in physical stores will not be as popular as virtual; hence, this is the time when Blockchain solutions will come into the light. 

These solutions can build storage solutions to deliver security, transparency, and improved data recovery and backup options rather than any other current technology. 

  • Greater Auditability of AI Decisions

Decisions that are taken by AI systems can be difficult to understand for humans. These executed algorithms can work only with such data abundance that it will not be possible for the social practice to inspect and replicate the procedure of decision-making. If all the decisions are stored dependent on each data point, then there is a clear trail of the audit to check for humans. It can enhance the trust in all the decisions taken by AI algorithms. 

  • Decentralized Supercomputers

There is also a need for computing power as well as quality data in training AI through which algorithms learn. AI algorithms use a kind of computing system often that is known as combination of AI and Blockchain (Artificial neural network). These learn to do the tasks by considering various instances. Also, these ANNs need some computational power to crunch through different aspects to perform a specific task. 

AI systems can be trained more effectively with reduced cost on these computing platforms. On the other hand, early use cases work primarily with rendering 3D computer graphics, and in this, the focus will slightly shift to AI. 

  • Data Analysis

While data is gathered and saved, it needs to be analyzed. Data is not valuable if it is not analyzed, but if it is systematically analyzed and delivers accurate information that is necessary for the development procedure and marketing purpose. Artificial Intelligence Solutions, being mixed with blockchain technology together, can develop smart analysis tools to help the people increase all the things in the best possible manner.          

Application Areas of Blockchain and Artificial Intelligence

  • Developing Different Data Sets

Blockchain technology develops transparent, decentralized networks that can be used by any person in the situation of public blockchain networks, unlike AI-based projects. Blockchain is the ledger that empowers cryptocurrencies and blockchain networks. Also, these are being executed now to various areas to build decentralization. For instance, SingularityNET is particularly concentrated on applying blockchain technology to motivate a wider data and algorithm distribution that makes sure the development of decentralized AI and the creation of AI shortly. 

  • Substantial Computing Power

For operating a blockchain on a computer, including all the encrypted data, you will require strong processing power. In this, the hashing algorithm can be used to excavate bitcoin blocks. Also, AI can provide people with the chance to shift from this and handle the tasks more efficiently and with more intelligence.  

  • Reliable Decision Making by AI

Artificial Intelligence Solutions and algorithms have become smarter with the use of learning. It has become complex for data scientists to get how these programs made decisions and conclusions. It is due to AI algorithms being capable of processing huge amounts of data and its variables. Although, there will be continuous auditing of verdicts made by AI as we want to ensure if they are still stuck on reality. By using Blockchain, there are immutable tracks of all the variables, data, and the procedures applied by AIs for decision-making procedures. These things make the whole process of an audit far easy.

  • Data Monetization

Another great invention possible due to the blend of the two trending technologies is data monetization. Monetization by the gathered data is a better revenue source for large-scale organizations like Google or Facebook. Having other people to determine how data is being traded for earning profits for enterprises depicts that data is being used against us. The Blockchain solutions permitted us to secure the data cryptographically and used it in various possible ways. It also allows us for data monetization personally if we want, that is also without compromising our data. 

So, it is significant to know about adding biased algorithms and developing different data sets in the upcoming time. The same thing applies to the AI programs that seek our data. For the learning and building phase of AI algorithms, AI networks will need to purchase data from the builders directly or through a data marketplace. It would make the procedure a fair one rather than the present time without any exploitation. 

Final Verdict

In this blog, we have rounded up all the possible future developments by combining Artificial intelligence and blockchain technology. These technologies can be referred to as primarily undiscovered areas. So, the convergence of these two hottest trends has got everything you need right from using data in various ways to protect it to AI algorithms enhancements to audit AI’s intermediary steps. For having more like these AI or Blockchain solutions, you can connect with the BR Softech. We, the leading software development company with an efficient and skilled team of developers, will deliver you high-quality software solutions at a reasonable cost. You can contact us anytime to have our assistance.

Saloni Agrawal

I am a passionate and full-time writer with experience in academic writing and blogs related to the IT sector, High-tech, and lifestyle. I’ve grown my skills of content writing with the time and have keen interest in learning and exploring new things.

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