It is undeniable that AI and Blockchain are two of the major technologies and making the place for innovation and introducing radical changes in every industry. Each technology has its own technical complexity and business implications but joint use of the two may be entire technological advancement in every field.
To understand block in simple language “A technology that allows people who don’t know each other to trust a shared record of events.”
How AI can change Blockchain:
- Energy Consumption:
Mining is an incredibly hard task that requires a ton of energy to be completed. AI has already proven to be very efficient in optimizing more and more energy consumption. So the use of AI in blockchain mining will result in a lower investment.
The blockchain is growing at a fast speed every minute so here at this moment, AI can be a helping hand in traducing new decentralized learning system to make a system more efficient.
The blockchain is impossible to hack, but its further layers and applications are not so secure. So with machine learning, AI makes a fantastic for the blockchain to guarantee fixed secured structure for the business.
As for Miners energy consumption has always been an issue, many solutions have been proposed and many will be introduced in the future. As miners have invested a huge amount of money into buying and installing hardware components so as soon as the system becomes more efficient, some pieces of hardware will be converted for artificial neural networks use.
- Data Gates:
In future where all the data will be available on a blockchain and companies will be able to directly buy them, they will be in need of grant access, track data usage, and generally, make sense of what happens to the personal information at computer speed. This will be a job of Intelligent Machines.
How Blockchain can change AI:
- Increase AI effectiveness:
Secure data sharing means sharing more data, better models, better actions, better results, and more and more new data. Ultimately Network effect is all that matter at the end of the day.
- Lower the market barriers to entry:
Blockchain data can secure your data. Blockchain will foster the creation of cleaner and more organized data. It will allow the emergence of the new marketplace. Easy data-sharing and new marketplaces, jointly with blockchain data verification will provide more fluid interaction. In the efforts of lowering the barriers to entry, two major challenges can be solved. Wider data excess and more efficient data monetization mechanism.
- Increase artificial trust:
The human task then will be managed by virtual agents, which will help to trust each other. This will also increase every machine-to-machine interaction providing a secure way to share data.
Benefits of Artificial Intelligence and Blockchain in long run:
It is the future of world merging AI and Blockchain. It will not create a problem in the future if you are just using Blockchain or Artificial Intelligence in your business. You can integrate either technology through your existing system. Below are the few direct and indirect benefits of using this technology with another one:
- Decentralized Intelligence
- Energy saving and cost-effective IT architecture
- Flexibility in AI
Blockchain and Artificial Intelligence are the two sides of modern generation technology. One fostering centralized intelligence on close data platforms, another promoting decentralized application in an open-data environment. However, if by innovation an intelligent way of making them use together, the positive externalities could be seen in a blink.
Currently, to make this thing happen in real we can don one thing and that is “EXPERIMENTING.” Here Innodel provides you a place for your idea to make a “REALITY.”