Blockchain and Artificial Intelligence (AI) are two of the biggest technology trends of our time. Here we look at what would happen when you combine these two megatrends. We explore 3 potential benefits from blending AI and blockchain technology.
Definition of Artificial Intelligence
The building of machines that have to think intelligently. Assisting this through machine learning, artificial neural networks, and deep learning.
Definition of Blockchain
This is a sort of file system that stores files in encrypted distributed ledger format. The data transfers to different computers and devices that are on the company network in tamper-proof, fast databases. Access is for those who need to know only.
There are only a few studies done on combining the two trends themselves, but there isn’t much ability to do it yet through the technology that we use presently.
- AI and Encryption Work Well Together – This could benefit businesses that have to store a lot of information on the Net. This will help the company grow, both in influence and customer satisfaction. Because of all the data gathering occurring when customers log on, there will be a high rate of trust for the customer on how businesses handle their information. Blockchain helps as everything going through it automatically encrypts. The only thing that needs any safety measures are the keys giving access to the system, so the cost is cheaper than what organizations have to pay now for data security measures. Even then security fails but won’t for blockchain. In this AI works well with blockchain because their information is encrypted due to building algorithms that already read encrypted data.
- Blockchain Explains Decisions Made by AI – AI making decisions and reading the results is hard for people to understand. This is because of how it weeds out information that it needs. Auditing of data will be a lot easier as the decisions records are data point by data point with no tampering. Transparency of everything will help grow trust among the public. Because of this, they will know that their data is safe with said company.
- AI Manages Blockchain Better – Machine learning powered algorithms can get rid of brute force approaches to finding data. AI will act more smoothly and not as rough when trying to find a piece of data.
These two trends when put together can revolutionize the work environment and processes. They strengthen each other in what they do. The two also allow for better oversight and hold more accountability to actions completed.