The potential of AI’s integration with Blockchain Technology
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The potential of AI’s integration with Blockchain Technology

August 25, 2020      Ashna Goel

As they used to say and some still do, Machines will take over the world, well we are not too far away from that scenario. But to give it a fair amount of justified thought, the advancement of technology has only made the work easier for a man and has given the potential for more groundbreaking discoveries.

Undoubtedly one can say that Artificial Intelligence(AI) is probably the truest to the word example for the above statement. Computing & processing data and taking actions based on them has led AI to develop its own place in our world. Along with AI, another tech that has been making all the right noises is that of blockchain, the underlying technology behind Bitcoin. Thanks to the genius of Satoshi Nakamoto, the world was introduced to Bitcoin, and with it the revolutionary Blockchain technology.

Artificial Intelligence and Blockchain are products of two very different developing parties and applications but it is safe to say that they both can be beneficial to one another. Discussion over these two products separately, together and even the topic of blockchain vs AI, seems to have become an artistic passion for the technology eccentrics. Although blockchain vs machine learning is a subject of great interest, integrating them has brought up a lot of ideas. 

It is true that both AI and Blockchain have a mass of their own complexities individually. AI is the brain or force that furthers the process of analytics and making decisions based on the data stored. On the other hand by definition, Blockchain is a decentralized ledger of massive amounts of digital data that offers transparency and is accessible to all. The ability of both these technologies to work upon data and enact accordingly gives us the reason to think of the possibility to work them together.

Data Security 

By integrating AI with blockchain technology with its Capability in storing large amounts of encrypted data and keeping it secured from the influence of those who are not permitted when applied to the data that we feed to AI and the data that it gathers from around the globe, gives the potential to an extremely secure back up for data of great importance including medical and financial assets which are too sensitive to be handed out to a single organization. Storing such data on a blockchain and giving access to AI after permission and verified procedures will result in specific suggestions while keeping a strong safety net on the sensitive information.

The integration of these two technologies can also lead to a reduction in the miner’s load of work. Given the fact that data grows by the minute, using AI’s data analyzing and computation factor and applying it to the data stored in the blockchain network can potentially take out the bugs and data that may not be of future use and increase efficiency.

Monetizing Data

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Data in today’s world is said to be equivalent to oil, given all of the tech companies, today rely heavily on collected data to create targeted personalized ads, recommendations, and much more. Monetizing data is a great source of revenue for organizations like Google and Facebook. Having such conglomerates taking decisions over data while selling and using them on a biased nature for their own profit concludes weaponizing that data against creators.

Blockchain technology gives us power over our data by encrypting and thus securing it, which leaves it on personal choice to give access to it without risking private information. This in turn will affect AI that requires data to learn and process. In order to gain access to the data, they have to directly get it from its creators through data marketplaces. This will create a far more justified and fair platform for procuring data while giving ample chance to budding businesses to access that data who cannot generate their own which is cost-reducing for the small organizations as data feeding and developing AI are highly expensive processes.

Understanding AI’s Use Cases in Integration With Blockchain

Although humans are the ones that feed the algorithms to the system, yet we are unable to predict how it is gonna develop or what AI is thinking. With the extensive amount of data analyzed and complex decision making, it is harder to understand AI. There is far more data stored in a computer than we can probably imagine or can be understood by even the finest brains on the earth and AI can be taught to figure and prioritizes that data in accordance with their importance and usage by developing a smart algorithm. Machine learning and blockchain can deliver great results if the decisions are recorded on the blockchain, then it will provide an extensive database that will help analyze the decision making and better understand AI. Moreover, this makes the data highly secure since the data on the blockchain cannot be influenced or tampered with. This brings trust over the decisions on analyzed data. Blockchain and machine learning together opens up a great opportunity in understanding its decision making and further in improving the programs.

Conclusion 

AI and blockchains are both very broad terms with an ocean to be explored and more to be devised. It has been subject to heavy attention and study by academics and scholars for many years. Both of these technologies are driven to work with data, one store, and secures it and the other analyses and enact it. Bringing them together with great precautions will open gates for an iron-clad secure system of data analysis, exploitation and decision making with a better understanding and conclusion for Artificial intelligence. It will also make data access a fair game to the creators and business owners and not just a source of revenue generation for players of the big leagues. 

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Ashna Goel
Ashna Goel

Ashna is a graduate from Amity University specializing in Journalism and Mass communications. She is currently working as a content writer for Agio support solutions Pvt. Ltd. She aims to provide quality content and strategy in the field of cryptocurrency and work with digital marketing platforms to deliver brand-specific strategies.