Are Blockchain and AI a perfect match?

Summary: Our data is too sensitive and personal so we need some best technologies that protect our data from being stolen. AI and Blockchain both are technologies which help us in data encryption. Both technologies are awesome so if we merge them together what would be the impact of this in our life. In this article, we will discuss how combination of both technologies can help us in our daily life.

Blockchain and AI are the world’s most top trending technologies of this decade. We cannot ignore the benefits and applications of such technologies in our real life. Both of them cannot compete with each other as both come at first position. Blockchain and AI are the most trending buzzwords in everyone’s mouth. Even they have different benefits, features and characteristics. Blockchain is specialised in encryption of data while AI is specialized in analytics and decision making from the data.

The blockchain is a digital ledger, decentralized, and immutable where stored data cannot be altered. On the other hand, AI is a field of study in computer science that deals with the creation of machine intelligence. AI allows computers to understand collected data and gain deep insights from it. AI uses ML to allow them to analyze data and make right decisions. If we merge both technologies, we are creating a big combo of intelligent decision making to boost digital ledger architecture. Healthcare app development company's developers use blockchain in their healthcare apps in medical industries.

Blockchain can assemble all collected data analyzed by Artificial intelligence and make the data rational. Blockchain technology can store the machine learning information and variables to know why Artificial intelligence made a particular smart decision. If we merge both technologies then we will get a new change in the tech world. AI contributes $15.7 trillion to the overall economy by 2030 while in the same year blockchain technology increases business value by $3.1 trillion as per research of PwC’s Global Artificial Intelligence Study and Gartner respectively. There is a big impact of AI in enterprise mobility.

Top Applications of Blockchain & Artificial Intelligence

Following are the few applications of AI and Blockchain :

1. Smart Computing Power

If you want to execute a blockchain with all its encrypted data on a computer then you need processing power. The challenges of AI can be handled in a more efficient and intelligent manner. With the help of machine learning algorithms, already stored data can be read in a very less time. Thus, AI can reduce the processing power very intelligently. Bitcoin requires a large amount of processing power because blockchain requires to enumerate lots of candidates before it verifies the transactions. So with the help of AI that reduce power faster and make smart decisions.

2. Creating AI Blockchain Networks for Diverse Data Sets

As we know blockchain is a distributed , immutable and decentralized ledger through which anyone can access it. The ledger is a public network so no other party controls it. The data in the blockchain is fully transparent and authentic. AI helps to develop smart AI blockchain networks for assembling and recording data sets. Business can incorporate several APIs into the blockchain that allow several AI agents to talk with one another and make right decisions. AI makes multiple algorithms for different sets of data which makes blockchain efficient and smarter.

3. Monetizing Data

Google and Facebook monetize their already collected data and generate revenue. But if you monetized data can create a serious data privacy issue. Therefore, blockchain allows users to choose whether they can their data to be monetized or not. Encryption feature of blockchain makes your data safe and no one misuse it. Similarly, if someone wants to get that data so he or she needs to purchase data from its creators. Smaller businesses cannot afford to generate user data so they are open to purchasing it in decentralized data marketplaces.

4. Enanch Data Security

Blockchains use cryptography which encrypts all the assembled data and makes it secure. As blockchain is decentralized and immutable so it protects our all collected personal and sensitive information. If we merge AI into Blockchain so it makes it more secure and powerful. AI is programmed in such a manner that it protects all the data from cyber attacks.With the coming of AI, it protects data from theft and frauds in real time. Blockchain can protect all the assembled data because of its encryption feature. The blockchain can protect medical and financial data in a proper manner.

Conclusion

The merge of AI and Blockchain gives us a different level of ensurity for our data sets. Both technological combinations are still in the experimental stage. We have never seen that combination of both technologies would give us a promising life. We have discussed the application of both technologies in our lifestyle. We hope you find the article useful and informative.