Artificial Intelligence and blockchain are both cutting-edge technologies. These new inventions are separately very, very popular in different use-cases. But, what happens when you combine the two? Let’s see!
Artificial intelligence is a field of science that deals with imparting intelligence to machines. This technology allows machines to think and work like humans.
Blockchain, on the other hand, is a filing system that stores encrypted data in a distributed ledger. Due to the distributed nature of the ledger, this encrypted data is completely tamper-proof and it is really very hard to get into this system.
Now, below we have explained how AI and blockchain can together lead to a robust system.
AI and Encryption
Imagine a healthcare network that uses AI for human scans or an e-commerce platform that offers personalized recommendations to users based on buying patterns. The data behind all these activities, which helps AI perform these tasks. is obviously highly personal and sensitive.
These systems are storing personally identified information and huge amounts of sensitive data. This means they are also spending a lot of money on keeping this system secure. And data security comes at a high cost when you are storing information that can cause damage to the users.
Blockchain is known for its secure functioning. The security levels in a blockchain system are supreme and rarely hackers get into a system like this. If AI-powdered applications start using blockchain, you can get high performance and better security.
Tracking for AI Decisions
Many AI systems are utilized to predict data and make decisions. But, how can you ensure if these decisions were correctly made?
For instance, take financial transactions. Many companies employ an AI system to understand loopholes in the financial system and receive an alert whenever a faulty transaction occurs. But, who is to say that this faulty transaction was correctly assessed? Human interpreters have to check the efficiency of the system for the first few instances. But, that is also not possible as the datasets analyzed by AI systems are huge. It is impossible for a human interpreter to consider all this data in one go.
Blockchain can solve this problem. Saving the transactions in datapoint-by-datapoint basis can enable human intervention and tracking without much hassle. Further, it can also be assessed that this data not been tampered anywhere in the pipeline.
AI for Blockchain management
Although today, computers have high computing abilities and great processing power, these machines still can’t function without human guidance. You can’t expect a computer to execute tasks on its own. But, artificial intelligence makes that happen.
Blockchain’s encrypted nature is also achieved by using a lot of computing power as machines can’t intelligently function.
For example, the hashing algorithm checks every combination to verify one transaction. This is not intelligent functioning.
Intelligent working is when a human learns to decipher a code. With practice, this human becomes more and more efficient in deciphering codes and starts spending less and less time on each code.
Similarly, when machines are powdered by AI, it makes machines intelligent. In the above hashing algorithm, an AI-powdered machine would check necessary combinations and not go by a brute force approach.
We have so many new technologies disrupting the market and offering innovative solutions. When we combine these technologies such as AI and blockchain, a new level of efficiency and productivity is achieved.