Plenty of technologies like Big Data, IoT, Nanotechnology, and micro-sensing are emerging off late.
But when it comes to the ones which have a major effect on business are Blockchain and Artificial Intelligence.
Artificial intelligence: A computer science field committed to creating highly intelligent machines. It also involves machine learning that program machines to perform activities and skills that were traditionally done by human beings. Tasks like recognizing speech recognition, solving logical problems, and also planning and improved are possible.
Blockchain: It represents a decentralized technology that is a global computers’ network. It is a robust platform allowing a similar set of blocks to store information over a network.
Blending these technologies will demand Blockchain development services of the highest order to let businesses take best possible advantage. For example; Blockchain can disrupt the financial sector while AI algorithms can make things highly independent. Big companies are already moving towards the testing phase and the banking sector can well benefit with this. One of the PwC predictions is that AI will cumulate up to $15.7 trillion to the world economy which in turn will inflate the global GDP by 14%. When integrated successfully, these technologies make way for a fast and simplified data management including transaction verification, and identifying illegitimate documents to name a few.
Merging AI and Blockchain
Blockchain makes up for a smoother, safer and rather a transparent technology compared to other centralized technologies. It can revolutionize plenty of other sectors, especially when clubbed with the development of AI. Just like any other technology, merging AI with Blockchain involves a certain amount of complexity that can change its implications on businesses. The bright side is that a unified utilization can draft an intact technological and human paradigm from scrape.
Blockchain has the ability to overcome the shortcomings of AI technology by leveraging on AI and machine learning capabilities. This helps in identifying and authenticating the Blockchain identities of users.
The fundamental objective of Blockchain lies in keeping its records up to date; including its execution and authentication. On the other hand, AI helps with assessing, decision making and simplifying interaction that may be independent in nature from AI’s perspective. The amalgamation of Blockchain and AI ensures a seamless integration, offering the features that cannot be replaced by any other technology.
Experts are currently discovering various ways to deploy Blockchain that creates a decentralized marketplace enhancing the AI. This will have people to easily share the personally identifiable information, giving an utmost security assurance as decentralization drives privacy and highly secured computing through Blockchain. The business implication involves users sharing sensitive information like financial and health data. With AI and Blockchain, the technology can send information only to the intended service provider having the ability to decode and decrypt users' PII.
The AI integration with blockchain can chart out a new avenue towards developing an Artificial General Intelligence (AGI) platform. Further, Blockchain helps to create a disseminated specimen that aids AGI development.
One of the recent examples of includes SingularityNET, the AI-driven marketplace for enterprises for acquiring global-scale AI capabilities. This is aimed towards enhancing the growth of a new space for enterprises to integrate new technology into their business. A similar example is that of Namahe AI, offering a platform to improve supply chain efficiency by integrating AI and Blockchain. This helps to seamless process monitoring in real time that also detects and flags anomalies for the review purpose.
Businesses can yield plenty of benefits by incorporating a technology that offers a perfect melange for AI and Blockchain. One example in this line is that of Porsche automobile partnering with XAIN AG to decentralized AI applications for the cars designed for the future. Hence, it is possible to integrate AI and Blockchain for various businesses ranging from finance to even automobiles. If your business is already using either of these technologies, best is to integrate one of them using the existing website API.
Most of today’s A.I. systems-in-making are nothing short of specialized expert systems that utilize the database of knowledge for making decisions. The research is on for the building an AI to take and apply real-life decisions, as much closer to the ones taken by humans. This means the AI will not stay restricted for a specific set of problems bridging the gap between machine learning and real-time manual learning.
AI democratization by Blockchain can help bring technology to masses that reach deep enough for day-to-day use. With its further implementation, this far-looked technology will have its audience in the coming time all thanks to the decentralized intelligence.
The recent expert suggestions do indicate the advanced capability that AI and Blockchain can offer for commercial or even business use. But one cannot deny the challenges on the way to achieve the desired results. The major challenge this technology faces right now lies in determining when and where the AI solution can show anomalies. Then there is also a certain amount of training requirements for professionals in this field that aids in framing suitable compliance requirements. This will help in the development and deployment of such products.