IT Consultant assisting business leaders in using emerging technologies
The potential of Blockchain is no lesser than Artificial intelligence. If you have taken a look at them, you must already know the impacts of these technologies on various industries.
The amazing thing is, today these giants have become more complementary than being competitors. Both Blockchain and AI have a similar working principle of analyzing vast data and solving the issues of various industries. That's why startups & small businesses prefer to hire dedicated blockchain developers to save their time as well as efforts.
With the continuous analysis of data under a result-driven strict protocol, AI leads the way by allowing data to be properly stacked and shared. On the other hand, Blockchain is a vital component to make sure the data is handled in an environment that is safe from external interference.
Hence, there is a clear path of putting them into a sequence. In this blog, I am going to discuss the possibilities which these two technologies bring when put together.
AI Revolution to the Industry:
The emergence of AI has brought a paradigm shift in the technological sphere with the increase in the use of cognitive computing, machine learning and natural language processing which has changed the landscape for business projects.
We are closer to the stage where we are on the verge of entering into a digital age that will adapt, react and respond accordingly as per their native instincts. Tech giants like Facebook, Google, Netflix, and Paypal have been adapting to AI to make a big difference.
For instance, Google has launched TensorFlow, a free project that helps the machine in learning how people interact with AI Systems.
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The integration of Blockchain and AI would double the purpose of what we want to achieve exactly through these transforming yet not so competing technologies.
But how will the integration of Blockchain and AI will change the business landscape?
The impact is dependant on both parties (AI and blockchain) providing efficient ways of procuring energy, improved scalability, security, privacy, hardware automation, and proper governance data regulations.
Still, there is a long way to go to achieve procumental success through the integration of Blockchain and AI.
Though, I am going to explain about the integration of Blockchain and AI in the blog further.
Blockchain and AI Compliment Each Other:
As per statista.com, the blockchain market is on a constant rise and it will touch down the market size of $23.3 Million USD. AI is one of the most promising technologies of recent times and the integration of AI and Blockchain has been looked through as a powerhouse mix of technical capabilities.
Look what Paul Lee, Co-Founder, and CEO of Mind AI, an AI-powered platform, has to say about AI and Blockchain. He believes that blockchain plays an essential role in the process of making data management decentralized.
The major usage of AI adopted by the world is capturing personal information and blockchain will help in storing the AI mechanisms that process data on a distributed registry.
Also, at the same time, using private and public keys, where users can determine themselves who should be given access to their personal data. And for those who want to further protect personal information from third parties, AI-powered blockchains may provide decentralized identification.
Blockchain and AI Enabled Use-Cases:
Despite the fact, the integration of Blockchain and AI seems to be incompatible at first glance. The first theory was based on a decentralized mechanism and the second allows the corporation to incorporate the information in the hands of a centralized corporation. Though, companies have learned to combine them in processes.
Today, industry leaders and tech giants have been combining the non-trivial task of combining blockchain and ai in order to preserve the privacy of user data and achieve greater automation in complex analytical processes.
Now, let’s dig down deep into the practical use cases of Blockchain and AI:
We live in a digital world and the circulation of fake news has been an issue that has bombarded news sites, social media websites and many more. To resolve this problem which has been escalating in numbers, the amalgamation of Blockchain and AI comes in the picture where a company named DeepSee, provides the solution to the problem of fake news and become a decentralized alternative to Reddit, YouTube, Medium and Twitter.
At the same time, DeepSee reportedly uses the same machine learning mechanisms used by Facebook but transfers them to a trusted blockchain platform that guarantees transparency of privacy settings, as well as rewarding users for high-quality content in a similar way to Steemit.
The healthcare sector is no lag behind as maintaining the credential information of the patient’s health records is of utmost importance. The AI-powered company Deep Mind, acquired by Google, is already leveraging blockchain to better protect users’ health data. In February, last year Neuromation also entered the health care sector, alliancing a partnership with the Longenesis, a decentralized marketplace of personal data.
Longenesis. Chief Science Officer, Alex Zhavoronkov states: “Our goal is to create a new data-driven economy”, which clearly implies that Such data includes not only a medical history or a genetic profile but also, for example, test results which could be shared only after patient’s discretion.
Another popular use-case could be seen by the company SingularityNet, rewarding customers with loyalty programs enabling the monetization of AI algorithms, thereby letting companies and developers buy and sell AI at scale.
The term revolution implies the required turn of events to reach the focal point in action. Expecting a major rise in the technological paradigm shift for Blockchain and AI would raise the value quotient for improved efficiency and productivity. So, you can reach to a reliable blockchain development company for your next project.
As the investments grow for both Blockchain and AI many companies including Microsoft, Dell and Porsche are spending money on their research and testing. It is not tough to say that there is a huge graph to climb on the ladder of innovation, technical burst and much more. So, its a good decision if you develop Blockchain & AI apps by outsourcing to leading offshore software development company like ValueCoders.