Artificial Intelligence is changing the landscape of most industries with the invention of smart systems which exhibit almost the same level of intelligence, smartness, articulation and artistic traits as humans. Blockchain technology is in existence since 2008. It has already changed our insight about the potentialities of internet and increased the speed of internet transactions to make them more transparent, efficient and secure. It also leads to decentralized control of data sharing.
We know that the concept of AI is used for developing smart systems where the work of human intelligence is generally necessary. This is possible with technologies like artificial neural networks, machine learning, and deep learning. Whereas Blockchain concept is to store digital information in an encrypted and distributed way without any security breaches, unauthorized access of data and catastrophe. The potential of combining these two ground-breaking technologies will make things much safer, easier and successful.
Let’s see how blockchain and AI benefits businesses:
Beyond human intelligence
Based on machine learning algorithms, humans can develop smart systems and teach computer algorithms to expand their ability. The capability of the AI powered machines to analyze big amount of data is immense. Also it guarantees the security of data since the data placed in blockchain can’t be falsified.
The management of blockchain in traditional computers requires a great processing capacity to complete the tasks. But when combined with AI, it minimizes the risk factors of task completion. AI trained by machine learning algorithms will be able to guess the code in an intelligent way, instead of wasting time and power. It will speed up and cheapen the process.
Secure and convenient
Industries like banking, supply chain, payments and health-care are using blockchain technology to develop decentralized database with strict controls over privacy. Since blockchain technology is based on cryptography algorithms, it is hard for criminals to hack the system and steal sensitive information.
Blockchain and AI are two technology trends, which have their own potentialities and when both are combined together it further increases its ability. Both serve to upgrade the abilities of the other.