How Do Blockchain And AI Complement Each Other?

Navdeep Garg
blockchain

Introduction

Artificial intelligence is the hypothesis and practice with regards to building machines equipped for performing tasks that seem to require intelligence. At present, cutting edge technologies endeavoring to influence this reality to incorporate machine learning, artificial neural networks and deep learning

In the meantime, blockchain is another documenting framework for computerized data, which stores information in an encrypted, distributed ledger format. Since information is encrypted and distributed across many different computers, it empowers the making of carefully designed, exceptionally robust databases which can be read and updated only by those with permission. 

Every innovation has its level of complexity, however, the combination of the two might be advantageous to both. Although much has been composed from an academic point of view on the capability of combining these ground-breaking technologies, real-world applications are scanty right now. Nonetheless, I expect this situation to change shortly. 

AI, BLOCKCHAIN AND DATA

It’s fair to say we find ourselves in an AI revolution of sorts and this is mostly because of the advancements being made in the field of Big Data.

The handling of data is an undeniably hot topic and businesses dealing with it – for commercial reasons or something else – have a legal and moral responsibility to safeguard it. 

The emergence and abundance of data have catalyzed blockchain as a viable data storage solution. Not at all like cloud-based solutions, the data on a blockchain is broken up into small sections and distributed across the entire computer network. Each computer or node holds a complete copy of the ledger and no central authority or control point is meaning that if one or two nodes are undermined, data will not be lost.

All that takes place on the blockchain is encrypted and the data cannot be altered. Essentially, this means blockchains are the ideal storeroom for sensitive or personal data which, if processed with care with the use of AI, can help unlock profitable bespoke experiences for consumers.

TRACKING POWER

Decisions taken by AI systems can be troublesome for people to comprehend, however, blockchain can shed new light on this by helping us track the thinking process, and understand decisions.

Being able to record AI’s decision-making process on a blockchain could be a noteworthy step towards increased transparency. In this instance, blockchain would fill a similar need as the board, with the exception that the data composed on the latter can be modified or erased whereas on the blockchain it would be immutable and permanent.

COMPUTING

Finally, even though they are incredibly useful in our daily lives, computers are unable to carry out a task without getting explicit instructions.

If you were to operate a blockchain, with all its encrypted data, on a computer you’d need a lot of processing power. The hashing algorithms used to mine Bitcoin blocks, for instance, take a “brute force” approach – which consists in systematically enumerating all possible candidates for the solution and checking whether each candidate satisfies the problem’s statement before confirming a transaction.

AI allows us to move far from this and tackle tasks more progressively and efficiently. Imagine a machine learning-based algorithm, which could practically sharpen its skills in ‘real-time’ if it were fed the appropriate training data.

Even though blockchain and AI have extraordinary potential in their own right, one can’t resist the urge to ponder what they may accomplish if their consolidated power were put to great use. The two technologies are mutually inclusive, and could potentially pave the way for a much more transparent, and efficient world. 

Frequently Asked Questions

Providing tailored solutions based on a wide range of blockchain platforms allows us to meet the unique needs of your project. We specialize in Ethereum, a leading smart contract platform, leveraging Solidity for DApp and smart contract development. Our expertise extends to Ethereum-compatible networks such as Binance Smart Chain, facilitating seamless migration. Hyperledger Fabric, a permissioned blockchain framework, and Go and Node.js are used for enterprise-grade solutions.

Smart contracts are self-executing contracts with code that automates predefined actions when certain conditions are met. With our expertise in decentralized applications (DApps), we can create applications that operate on blockchain networks, offering enhanced security and transparency. Providing a controlled and secure environment for your business operations, we deploy private blockchain networks. In addition, we offer token development, blockchain consulting, and custom consensus mechanisms to meet your specific needs. Our technical proficiency and comprehensive blockchain solutions are poised to meet your unique objectives, whether you want to streamline supply chain operations, enhance data security, or explore the possibilities of blockchain-based applications.

Yes, We specialize in providing tailored blockchain development services tailored to the unique and intricate requirements of your project. Expert blockchain developers create custom solutions that encompass smart contract development, consensus algorithms, and decentralized applications (DApps). Our meticulous alignment of blockchain technology with your specific needs ensures the creation of a bespoke solution that maximizes functionality, security, and scalability. Our team has the expertise to deliver precisely tailored blockchain solutions to meet your technical and business needs, whether you require a private blockchain network, a complex DApp, or the implementation of a custom consensus mechanism.

Blockchain services offer transformative solutions with applicability across various industries. Sectors such as finance benefit from enhanced security and streamlined transactions, while supply chain management gains from traceability and accountability. Healthcare leverages data security, and real estate benefits from transparent transactions. Additionally, logistics, government, energy, and entertainment industries can optimize processes, reduce costs, and improve trust and efficiency through blockchain services, making the technology versatile and impactful across a broad spectrum of fields.

The blockchain services industry encompasses solutions and expertise aimed at leveraging the power of blockchain technology. A blockchain is a distributed ledger that offers transparency, security, and decentralization. With blockchain services, businesses can leverage this technology, resulting in several key benefits:

  • Data Security: Blockchain’s cryptographic techniques and decentralized structure enhance data security.
  • Transparency and Trust: A public ledger promotes transparency by recording transactions and data. A transparent company builds trust among users, partners, and customers, which is particularly useful in trust-sensitive industries.
  • Efficiency and Cost Savings: The blockchain eliminates intermediaries, reducing costs and speeding up processes.
  • Decentralized Applications (DApps): Blockchain services can enhance privacy and control over data in decentralized applications. User engagement can be driven by these DApps.
  • Efficient Supply Chain Management: Traceability and accountability are enhanced with blockchain in supply chain management. Fraud and errors can be reduced by tracking products.
  • Scalability: Blockchain services are designed to scale with your business, ensuring that your system can handle growing transaction loads as your project expands.

Navdeep Garg
Article written by

Navdeep Garg

I'm founder and CEO of Revinfotech Inc. I traits in leadership and brilliant practitioner in the Financial Services and FinTech. I helped ban in connecting to the FinTech ecosystem through payment acceptance in blockchain as a service and even help i... read more

Do you have an exciting mobile app idea in mind?

We can help you to build a mobile app on an affordable budget. Contact us!






    What is 1 x 4 ? math-captcha

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.