How blockchain and AI integration is revolutionizing business
AI has captivated the human psyche since it has been featured in sci-fi literature. Computer science is evolving at a breakneck speed. Today’s supersmart computers crossed over from novels into the real world.
Blockchain was first detailed in 2008, 13 years ago, by the mysteries and enigmatic founder of Bitcoin, Satoshi Nakomoto. Public knowledge is scarce about this person.
As a matter of fact, we don’t even know if he is a single person or “they” are a group of persons. The enigmatic creator cut ties with the project in 2010. However, his invention is still alive and well, thriving, as a matter of fact, being synonymous with innovation the world over.
Today, we are overlooking an era of the development of two advanced technologies – blockchain and artificial intelligence.
Blockchain has managed to shift our perception with regards to the capacities of the internet and enabled the speed of online transactions to be dramatically improved, in order to increase transparency.
AI has provided new avenues for various spheres of business, enabling the optimizing and streamlining of everyday work and shifting the focus of human staff members to jobs of increased value and complexity.
What are the potentials and challenges we face when integrating blockchain with AI technologies?
The theory of AI is broadly utilized for identifying computers that can collaborate in projects where the operation of human intelligence is a necessity.
Tech like ANNs (Artificial neural networks), ML, and DL make this viable.
Blockchain is a new framework of recording electronic data with the benefits of encryption and in a distributed fashion. It enables the development of an advanced, secure, database where all the data can be recorded in a structured way and will be viewable in the public domain.
Let’s take a look at what advantages we can reap by using blockchain and AI In conjunction.
Blockchain provides a better reasoning to the actions of AI than people
Humans can develop artificial neural networks and train the computer algorithms to amplify their capacities on the basis of experience with the assistance of ML algorithms.
However, even the creators of AI are unable to foresee its actions or describe its method of thinking.
The AI-frameworks that operate the complicated decision trees are kind of black boxes for human intelligence. We have not been able to make sense of the artificial intelligence though process.
If the cumulative decision of an AI and documented in the blockchain, we will obtain the comprehensive database and we will be in a position to evaluate the decisions undertaken by AI and further, describe the underlying logic.
Also, the data will be secure as the data documented in the blockchain cannot be forged.
AI can make blockchain more efficient
Blockchain exchanges are authenticated by the miners who utilize their computing power on attempting various comibations of characters in an attempt to guess the correct one and obtain a prize. However, the prize is only awarded to the person who is first to find the combo, and the power expended by competing miners is wasted. In upcoming years, the AI that is trained by ML algorithms will be capable of guessing the goal in smart ways, instead of using excess time and power attempting each variant.
This will quicken up and minimize the costs of the process of validation.
Another obstacle to bringing blockchain into our daily lives is the size of the information. Each bit of data is safely documented on the blockchain and is retained on each computer on the network.
The quantity of blocks becomes more and more and the chain becomes heavy over time. The information-recording methods of blockchain can also be streamlined with the assistance of ML-algorithms.
The advantages of integration
What decentralized AI does will be dependent on a parallel computing system containing several independent nodes located all over the world.
As the framework is distributed, its entire computational power can be used to its complete extent and to evaluate gigantic data sets quickly.
The dataset will be divided into smaller units evaluated by distinct nodes, and then the outcome will be unified into an integral database.
This global database will not be administered by a dominant organization, and the data will be accessible to each member of the network.
It will also be viable to utilize this immense information to train the sophisticated AI algorithms.
Simultaneously, the decisions of AI will additionally be logged in the database, providing their work with transparency and making it more understandable for humans.
Obstacles facing data integration
Regardless of the extraordinary amount of time and money expended on exploration of blockchain and AI technologies, there are still some obstacles to surprass so as to become integration ready.
To operate and perfect themselves, the AI-based app is required to process massive amounts of information. Blockchain is secure and encrypted, an international distributed database that can furnish AI with unrestricted and authentic data.
As blockchain tech has its foundation in cryptocurrency algorithms, it is tough for malicious actors to break into the system and lift sensitive data.
However, to make alterations to the secure information, it is required to decrypt the files. This leaves them open to compromise by hackers.
This obstacle can be resolved with the assistance of homomorphic encryption: a methodology of encryption that enables processing mathematical operations to the data under encryption and fetches the encrypted result.
Regardless of how secure and progressive it is, the encryption framework of Gentry is presently impossible to realize since it needs a lot of processing power. For instance, a basic operation like looking up something in a search engine would take approximately trillionx more time.
However, the system is being slowly optimized by scientists, and moving forward, the capabilities of AI will make it viable in real life.
Upon reading this article, you are presently aware of the potential advantages and challenges of AI and blockchain integration.
Using these futuristic technologies in conjunction will revolutionize the way in which organizations conduct business.