The blockchain space and its underlying technology get constant attention — sometimes negative but often positive such as due to its provision to secure data sharing services with traceability, immutability, and non-repudiation. Consider that and add the recent advances in artificial intelligence (AI) which have propelled the evolution of diverse business applications such as VAIOT’s product implementations for both business and blockchain.
The combination of AI and blockchain has the potential to overcome blockchain’s limitations. Blockchain intelligence refers to the intelligent capability bestowed by AI on the blockchain. After analyzing blockchain data, AI (such as machine learning) approaches to assist in capturing abnormal behaviours in blockchain, detecting, and identifying potentially vulnerable program codes in smart contracts. It is understood that at VAIOT we believe, the future for blockchain and AI technology combining its powers is great. Thus, let us have a further look at this concept.
Now comes the question, how can AI and Blockchain work together to create further technical advancements?
First, upgraded security, blockchain technology becomes safer as AI is implemented, allowing for more stable future applications. For example, AI algorithms can decide if financial transactions are fraudulent or not, and thus should be blocked or investigated.
Enhanced efficiency is another solution that comes with AI and blockchain; it can aid in the optimization of calculations to reduce miner load, resulting in less network latency for faster transactions Furthermore, it reduces the carbon footprint. Not only that, but if AI machines can improve the work that miners do with energy-consuming systems, it will also reduce the costs incurred by miners. As blockchain data grows by the minute, AI data pruning algorithms can be applied to it, automatically pruning data that is no longer needed for future use. AI may also implement new decentralized learning systems, such as federated learning, or new data-sharing techniques, which will significantly improve system performance.
Of course, blockchain technology is famous for its trustless trust, and when used in combination with AI, its users gain access to detailed records which allow them to follow the system’s thought process. That results in an increase in machine-to-machine contact and allows for the exchange of data as well as large-scale decisions.
Next, with AI’s implementation, better management of blockchain networks is made possible. When given the correct coaching experience, machine learning-powered mining formula can completely remove the need for human experience. Then there is the case of securing personal data, which invariably leads to the sale of data, and thus data markets. Markets gain access to simple, secure data sharing, allowing smaller players to gain a competitive advantage. The anonymity of blockchain can be increased even further by employing “Homomorphic encryption” Algorithms. Homomorphic algorithms enable operations on encrypted data to be performed directly.
Blockchain and AI Solutions
While it comes without saying that there are many blockchains and AI solutions, such as those of VAIOT. In today’s article, we are looking at the more general solutions that the combination of AI and blockchain are known for.
First, there is the option to create a wide range of different data sets. Unlike computing-based ventures, blockchain technology produces suburbanized, open networks that can be accessed by anyone, anywhere in the world, in the case of a public blockchain network. So, it would be possible to communicate with A. I (ARTIFICIAL INTELLIGENCE). agents by putting an API of APIs on the blockchain. Algorithms based on various knowledge sets can be developed; enabling the creation of completely secure databases that can only be accessed by those who have been granted access. Look at medical or insurance information, for example, it is far too private and sensitive to be entrusted to a single entity. Instead, storing this data on a blockchain, which can be accessed by an AI with permission and after going through the right procedures, will provide tremendous benefits such as personalized suggestions while securely storing sensitive data.
Furthermore, there is the monetization of data. For big corporations such as Facebook and Google, data is a major source of revenue. Our very own data is being weaponized against us by allowing others to determine how data is used or sold to generate income for companies. Blockchain storage can help keep data anonymous and secure. And if AI is professionally trained to combat biased algorithms and to build diverse data sets in the future, we can all monetize our own data in a way of our choosing instead. We could create an information marketplace where AI would be more accessible to smaller companies and individuals, allowing for better shared and more available data, by choice.
Because of blockchain technology, there are permanent records of all the data, variables, and processes used by AIs (ARTIFICIAL INTELLIGENCE) in their decision-making processes. This makes auditing the entire process much easier. Using blockchain programming, all steps from data entry to conclusion can be tracked, and the observing party can be confident that the data has not been tampered with. It instills confidence in the outcomes of AI programs. This is a major step because people and businesses will not start using AI applications until they understand how they work and what data they use to make decisions.
Finally, there is data security. AI uses intelligence to collect data about the world and what is going on in it. AI is nourished by awareness, and as a result, AI will be able to strengthen itself over time. Blockchain, on the other hand, is a technology that allows for the cryptographic storage of data on a distributed ledger.
And so, my fellow blockchain and AI enthusiasts, we can say that while it is still early, we stand on the fortnight of an exciting wave of innovation and solutions that will revolutionize the world.
For more information about VAIOT, visit our website www.vaiot.ai, or have a look at our Twitter and Telegram Community.
