in this blog, we will discuss the advantages of blockchain technology and artificial intelligence together.
- Earlier I wrote about A holy trinity: Artificial Intelligence, Blockchain and IoT. You might have seen the potential of all three technologies together. In this blog a reader will get to know about how encrypted, distributed ledgers could unlock new frontiers for another cutting edge technology like Artificial Intelligence called AI and Blockchain advantages together.
- AI or Artificial Intelligence is the buzzword and advanced technology in the world. The theory and practice of building machines capable of performing tasks that require intelligence. It strives to make this a reality include machine learning, artificial neural networks, and deep learning.
- Whereas Blockchain is essential for a filing system for digital information and it stores data in an encrypted, distributed ledger format. Data is encrypted and distributed. It enables the creation of the tamper-proof highly robust database. A database may be read and update with permission only.
- Although there has been much written from an academic perspective on the potential of combining both the technologies but real-world applications are sparse at the moment. However, in the future, it would be a similar situation.
Blockchain and Artificial Intelligence work very well together.
- So, here are some of the ways in which AI and Blockchain works for each other. blockchain secures the data. We should thank cryptography which is inherent in its filing system.
- Blockchains are an idea for storing the sensitive and personal data which are processes smartly. It may unlock so much value and convenience in our lives.
- A person could think of smart health care systems which make accurate diagnoses based on medical scans or even some simple recommendation engines. Amazon, Netflix, uses it for giving uggestions about what we might like to watch next.
Blockchain may help us to track understand and explain decisions made by Artificial Intelligence.
- Sometimes decisions made by AI are hard for us to understand. A basic reason behind this is AI machines are capable of assessing a large number of variables independently of each other and “learning” which ones are important to the overall task. Artificial Intelligence is trying to achieve.
- An example is AI algorithms are useful in decision making about whether financial transactions are fraudulent. and be blocked or investigated.
- For some time, it would be necessary to have these decisions audited for accuracy by humans. And considering the huge amount of data makes It a complex task. Let us take a simple example in which a user feeds a data of long time which worths transactional data across all of its stores into its AI system.
- it will help them to know about product. So, it is like if decisions record on a data point by data point basis on the blockchain. It makes it far simpler for people to audit the data. And it will have a belief that data doesn’t tamper with the information being recorded and start the audit process.
- It hardly matters what we see and how clearly we see. AI or Artificial Intelligence offers huge advantages in various different fields. If it does not have trust by the public then the usefulness of the data will reduce.
- Recording the decision-making process on blockchains may be a step towards achieving the level of transparency. And it gives insight into the robot minds which will achieve public trust.
Artificial Intelligence may manage blockchains more efficiently than humans.
- We all know since ages computers have been fast, but very stupid. Without explicit instructions on how to perform tasks computers won’t understand. It means that due to their encrypted nature operating with blockchain data on stupid computers requires lots of computational power.
- All the hashing algorithms used to mine blocks on the bitcoin blockchain requires a “brute force” approach. It effectively trying every combination of characters until it finds one which fits to verify a transaction.
- AI may help to move away from the brute force approach which will certainly help in managing tasks more intelligent, thoughtful manner. A person may consider how human experts on cracking codes will. If they are good and become better and more efficient code-breaking as AI is successful for crack more and more codes throughout their career.
- A machine learning-powered mining algorithm would help to tackle its job in a similar way. So rather than having a lifetime to become an expert, it could almost instantaneously sharpen its skills and if it feeds the right training data.
In all together Blockchain and Artificial technology are two technological trends which while are groundbreaking in their own rights. It has the potential to become a revolutionary when put together. Both have served to enhance the capabilities of the other while offering opportunities for better oversight and accountability. hence Artificial technology and blockchain have huge advantages together.
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