Blockchain and A.I are both cutting-edge technologies. Blockchain is essentially a distributed and encrypted data storage ledger that stores data in a high immutable platform. In simpler terms, a cluster of computers that are not owned by a single entity manages a time-stamped series of immutable records of data. It allows the distribution of digital information rather than its duplication.
Blockchain technology became the backbone of the invention of a new type of internet. Technological developers have found many potential uses for the technology, away from its original intended purpose, which was a digital currency.
Artificial Intelligence (AI) describes intelligent machines that are built with the capability to perform complex tasks and functions. Artificial intelligence research involves highly technical and specialized methods. In AI, computers that are programmed to gain characteristics such as reasoning, knowledge, critical thinking, perception, and learning capabilities.
For a machine to act and react as humans do, it requires extensive knowledge of engineering and a lot of information relating to real-life situations. Devices such as robots, which are a significant part of AI, need to be programmed with high intelligence for them to handle tasks such as navigation, object manipulation and other complex tasks such as motion planning and mapping.
The Disruptive Potential of Blockchain and AI Technologies
Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. The reason why blockchain is disruptive of the traditional model is that it is eliminating the need for a fee-processing intermediary and the need for matchmaking platforms. Blockchain’s lack of central authority means that the shared incorruptible ledger data is open for everyone to see. Therefore, the involved parties can be held accountable for their actions.
There are no transaction costs with blockchain. It passes information securely from point A to point B automatically, free of charge. This eliminates the need for an intermediary between a buyer and seller and has the potential to eradicate business models that rely on charging a small fee for facilitating a transaction. If more people adopt the use of blockchain, technology companies that depend on transactional fees will become obsolete.
Artificial Intelligence (AI)
In recent years, advancements in AI have increased their pace tremendously. AI has changed how people work and live their homes. You can use AI to identify inefficiencies that humans may overlook. Businesses, people, and institutions are benefiting from the processing capability of automated systems in their environments today. There are many ways in which AI has already changed the traditional methods of how people think, work, and interact with their environment.
In workplaces, many computers are being used to perform tasks initially carried out by people. Businesses and institutions have integrated the use of smart machines and systems for maximum productivity and efficiency. In some cases, humans who could handle the task have been redirected to maintaining and updating the AIs.
There is more dependence on AI to make critical decisions. Initially, machines were developed to help humans simplify tasks, but more AIs are now being designed to eliminate the need to rely on human reasoning. Some AIs can generate their own AIs and interpreting complex data sets that would otherwise be incomprehensible to the human mind. There are many valid concerns about technology replacing people, and it is inevitable that in the future, AIs will render some jobs obsolete.
How Blockchain and AI Can be the Perfect Solutions to Many Technical Problems in the World Today
The three main pillars of blockchain technology are decentralization, transparency, and immutability. Before the advent of Bittorent and Bitcoin, the world was used to centralized systems, that stores all the information.
Banks are an excellent example since they save all your money and personal information. These models have several weaknesses that could be inconvenient or otherwise very chaotic to their users. They are easy targets for hackers because of the single spot storage location. Software upgrades may cause parts or the whole of the network to be unavailable for some time. Suppose there was to be a complete shutdown of the server, information access would cease. If blockchain technology replaces the centralized system, such problems will become obsolete. People can interact directly with no need for a third party.
Blockchain promotes transparency and protects identity. Cryptocurrency transactions would force companies to be transparent since their operations can be accessed online. Full integration of companies to deal only in crypto would increase accountability in financial institutions and businesses.
Blockchain’s ability to store reliable data would eliminate shady deals, record tampering, and other introduced irregularities. Blockchain uses the crypto hash function, a hashing algorithm that gives an output of fixed length according to the input.
Lastly, peer-to-peer connections eliminate hierarchy. With cryptocurrency, there is no governing body to standards of currency. Everyone around the world would be able to transact at equal value, and it promotes fairness.
With AIs, the future is expected to be very different from what we know today. Local and state governments, businesses, and individual people will, in one way or another, employ the use of AIs in day-to-day activities. Some of these changes include:
- Automated transportation machines and Facial recognition Identification methods that will be more secure and time-saving
- Better medical services and care due to advanced technology in diagnosis and treatment.
- Digital empathy in AIs such as personal assistants
- More comfortable care for the elderly and children at home, by AIs designed to interact and recognize their needs
- AI may render Hollywood obsolete as AIs personalize our data according to our interests and preferences.