How's the Convergence of Blockchain and Artificial Intelligence Technology A Perfect Match?
Updated: Sep 16
The intersection of Blockchain and AI brings new value to the tech world and a transformative impact on society.
Over the decades, humans have experienced the transcendence of the tech world, which has simmered into a stew of life-changing innovations and possibilities, all culminating in bringing our age-long human dystopia into existence.
Unlike in the Matrix motion picture, which depicts a symbiotic relationship between humans and machines, the concept of artificial intelligence goes beyond just an encompassing system of machines and tubes that expeditiously attend to our physical or emotional needs.
Blockchain has proven to be quite a powerful innovation: improving virtually every sector or industry in it has been implemented - a simulacrum of efficiency.
This blog will help demystify all you should know about this perfect matching of Blockchain and Artificial Intelligence.
Defining Blockchain & AI (Artificial Intelligence)
What is Blockchain?
Blockchain is a synergistic immutable ledger that enables an expeditious, mutual, and transparent exchange of encrypted data and transactions effectuated through smart contract compliance.
Since its inception, Blockchain has undoubtedly become an essential part of the financial community, gaining prominence due to its immersion in technology and rapidly moving to the forefront of new technology trends. This technology enables smart contracts, government service, decentralized autonomous entities and transactions, and a freely dispersed global network that substantially impacts how we use the internet.
What is AI?
AI (Artificial Intelligence) are forms of technology that use computers, data, and occasionally machines to replicate the human mind's problem-solving and decision-making abilities.
These technologies house and possesses the temerity to listen to human limitations and the audacity to transcend them through incorporating machine learning and deep learning.
There are three major aspects of this technology; Big data, Algorithms, and Computing Power. To homogenize these various aspects, Big data generated from different media like the Internet of Things is essential for training the algorithm to obtain a codification standard by effectively harnessing computing power.
Integration of Blockchain & AI
These two technologies are invariably complimentary and reciprocate for their various benefits.
Blockchain for AI
Blockchain and AI amalgam can become a mutual relationship that influences many aspects of the tech stratum, including security - the confluence of these two technologies promises immutability and double-shield security against tampering or cyber breaches.
In juxtaposition to the Blockchain, the AI technology has a 'Centralized' nature, considering how its data is centrally operated and reposited.
While utilizing the guaranteed integrity of Blockchain to effectively address the shortcomings, errors, and risks associated with Artificial Intelligence, the AI tech also imbues the immutability, decentralized reliability, and transparency of Blockchain to underpin sharability, security, and trusted digital analysis.
AI for Blockchain
AI technology also assists in augmenting the Blockchain functionalities by implementing its huge computing power and efficient algorithmic standards. For instance, when a new block is added to the catenated Blockchain, and nodes are expected to attain a consensus, a given period and fee - Gas fee - are required to effectuate the entire process.
The AI's automatic nature and infallible algorithmic standards provide an expeditious experience in curbing Blockchain vulnerabilities and compensating for the shortcomings in Blockchain smart contract algorithms.
In essence, the confluence of Blockchain and AI augments the functioning of applications by intensifying their inherent features like the security of blockchain applications, adjusting dynamic modalities for scalability, and providing effective customization and administrative mechanisms.
Synopsis of the values of Integration of Blockchain and AI
Authenticity & Proprietary Functions: Since Blockchain keeps track of records on a well-distributed ledger, the provenance of AI data would be well accounted for. Using Blockchain internalities to store and distribute AI data provides a good audit trail and guarantees data security.
Augmentation: AI can expeditiously encode, decode and correlate data without gas wars and time consumption. Blockchain manages data use dynamics and sharing, thereby hypostatizing the augmentation feature Blockchain and AI bring to the table.
Automation: Automation implies the embedded AI technology in the Blockchain to effectively and autonomously monitor and control transactions through the imbibition of pre-programmed standards.
In sum, the amalgamation of Blockchain and Artificial intelligence provides solid insights and actions in stepping up to human limitations by creating what is perhaps the world's most reliable technology system that is practically tamper-proof, highly secure, and efficient.
So, from your discernment, do you think the blend of Blockchain and Artificial Intelligence is the ultimate revival of interest in augmenting human abilities?
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