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Blockchain & Artificial Intelligence: The Crossover That We Need

What if I say Marvel’s Infinity War isn’t the best Crossover? Well, in that case, many Marvel fans would riot, and DC fans would applaud. However, that’s not the real question; the real question is if not that, then what’s the best crossover. From an opinion of a tech-savvy person, it must be that of Blockchain & Artificial Intelligence. And why not, we all would agree on the fact that the Blockchain & AI are the two most talked about technologies of this decade.

Moreover, according to some experts these technologies are as big as the internet. The comparison itself would give you a clear perspective. Blockchain and AI both are cutting-edge technologies. Just imagine the impact if we bring both these technologies together on the same podium. Before diving deep and exploring its possible integration prospects, you must know about both the technologies separately.

Let’s talk about Blockchain first. The Blockchain is a technology which keeps the data in encrypted and distributed ledger format. Encryption of data and its distribution across numerous devices makes a hacker’s life difficult. Secondly, any change in data must have the consensus of others thus it increases the transparency. Many firms are already hiring Blockchain app development services to grow their businesses.

Now coming on to Artificial intelligence which is a potential threat according to Elon Musk. No matter how skeptic people are but this technology is handy at the moment. So, AI is the machine which can perform the tasks which seem to be intelligent. When I say “intelligent,” it means when a device passes the Turing test. Currently, AI includes machine learning, artificial neural network, and deep learning.

Effects of AI on Blockchain

Nothing is perfect; everything has flaws. The Blockchain is no different; it has a few technical limitations. However, these limitations haven’t hampered the spirit of different firms to build an app based on Blockchain. AI can be the best solution to tackle all the blockchain’s constraints. Following is how AI can help Blockchain.

  1. Energy Consumption

Mining in Blockchain technology is a solid task which requires a massive amount of energy. AI has already exhibited its ability to reduce energy consumption for Google data centers. I firmly believe that we can obtain similar results for Blockchain too. This application would also have a considerable impact on the cost of mining hardware.

  1. Scalability

The Blockchain is growing and adding data at a rapid pace of 1 MB per 10 minutes. Addition at such pace causes accumulation of massive amount of data. AI can assist in getting rid of excess data with the help of decentralized learning system such as federated learning. It can also use some other data sharding techniques which increases the system efficiency.

  1. Data Encryption & Security

Blockchain offers impeccable encryption which makes it impossible to hack. However, the layers and applications on the deeper level don’t enjoy such security. AI here has plenty to offer to guarantee a secure application deployment. AI can build algorithms which can work with data while their encryption is still going on.

  1. Virtual Agents

With AI there is a strong possibility that we can build virtual agents that can create new ledgers themselves. It may seem like science fiction; however, the rate at which AI is evolving we might see it becoming a reality way earlier than expected. In case, it becomes a reality the agents would be able to add, interact, and even maintain the ledgers by themselves.

 

Effects of Blockchain on AI

AI shows sky high potentials in the future. However, Blockchain can help in further increasing its efficiency. In the previous section, we saw how AI could affect & improve Blockchain. Similarly, in this, we will see the effects of Blockchain on AI.

  1. Increase AI Effectiveness

Blockchain can help in significant improvement of AI effectiveness. As discussed earlier, Blockchain ensures secure data sharing. It means more data which in turn leads to better models, better actions, and better results.

  1. Increase Trust in AI

As discussed earlier, in the future, virtual agents would take care of all transactions. Blockchain technology can use to increase trust among AI agents due its auditability and traceability. The clear audit trail will increase bot-to-bot interaction.

  1. Prevent Catastrophic Scenarios

The biggest fear AI possesses is of becoming self-aware and performing unassigned tasks. Blockchain can give us relief from this nightmare. AI coded in DAO with specific smart contracts will inhibit AI from performing any unassigned duties.

 

  1. Availability of Data for AI Testing

To develop AI, we require a massive amount of data from many sources. Organizations such as Google, Facebook, and other telecommunication companies have access to these reservoirs of data. However, that data is not available in the market for AI development.

Blockchain Technology can provide a solution to this issue. Due to an openly distributed ledger, the data is accessible by everyone. This would accelerate the development of AI as data won’t be in control of a few major corporations.

Conclusion

Blockchain and AI both are at each end of the spectrum. On one hand Blockchain technology provides decentralized transactions on an open platform. Whereas, on the other hand, AI harbors centralized intelligence over closed platforms.

Both are cutting-edge and revolutionary technology as an individual. Moreover, if we take wise steps in their merger, the product thus formed can be even more revolutionary and beneficial.

Some people might see Blockchain Vs. AI as a disastrous product such as Batman Vs. Superman. However, with proper measures, it could turn out to be a better crossover than the Infinity War.

Author Bio

Shahid Mansuri

Shahid Mansuri

Shahid Mansuri Co-founded Peerbits, one of the leading mobile application development company USA, in 2011. His visionary leadership and flamboyant management style have yield fruitful results for the company. He believes in sharing his strong knowledge base on “how to build a mobile app” with learned concentration.

Web: https://www.peerbits.com

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