Two of the most exceptional inventions of humankind are Artificial Intelligence and Blockchain. These two inventions have amazed the tech world. They have opened countless opportunities in the field of the public and private sectors. Both have enhanced the working of business models that have improved their efficiency.
Both are delivering some commendable results in every business, from wholesale to healthcare. Although these two are entirely different technologies, their amalgamation can be very productive. Researchers are constantly working with these two and we will see the result in the coming time.
Through this article, we want to deliver a better understanding of how Artificial Intelligence and Blockchain works.
Artificial Intelligence is specially designed to carry out particular assignments that have been performed by humans. When humans performed these tasks, they were bound to commit mistakes many times, which hampers efficiency and consumes a lot of time. But Artificial Intelligence is programmed in such a way that it reduces the chance of mistakes.
One such business application of Artificial Intelligence is machine learning.
Machine learning was designed to deliver fast, accurate and effective results in time. They help the business with the decision-making process and help them to achieve tasks humans find difficult. Machine learning assists the organization in identifying the market trends and suggesting strategies that can prove profitable to their business. They also provide firms with meaningful insights into what customers need and want. Machine learning also ensures that their tactics achieve customer satisfaction.
On the one hand, Machine learning proves exceptionally profitable to the organization but, there are some limitations that one shouldn’t ignore- for example, they gather an enormous amount of information about the organization that could prove harmful. Hence, a business organization should consider and analyze carefully before taking any decision.
Blockchain technology is a digital system of recording transactions and then this transaction gets distributed over computer networks. Blockchain technology works on two simple principles that are immutable and disseminated, respectively. The first Blockchain network was created for the world’s first cryptocurrency – Bitcoin.
Artificial Intelligence improves the efficiency of a business organization. Similarly, Blockchain helps to gather all the information related to the financial transaction in one place. It protects your transactions information from the interference of the third party by keeping them secure on the computer network.
Blockchain technology is all set to rock in all sectors like banking, healthcare, e-commerce, etc. In consumer-oriented industries, Blockchain will help in protecting and delivering end-to-end clarity with the help of assets tracking. It also helps in developing consumer faith and answerability. In a way, we can say that, in any form of digital data transformation, Blockchain can be implemented.
Use of Artificial Intelligence in Blockchain Technology
1. Smart Computing Power
While working on encrypted data in a blockchain, one requires an immense amount of processing potential. Artificial Intelligence provides a method that could help us eliminate this obstacle.
2. Creating Distinct Information Sets
Public blockchains have a decentralized mechanism. Everyone is free to request or confirm a transaction that falls under Public blockchains. This is the reason behind the adaptation of blockchain technology by industries to make their operation decentralized.
3. Data Protection
The artificial Intelligence mechanism is entirely dependent on the information it receives. AI develops itself based on the information we feed them. On the other side, we used Blockchain to stock the encrypted data, which can be distributed over a computer network and accessed by the one who has granted permission.
By combining AI and Blockchain, we can create a safer environment for the information by storing data on Blockchain and obtaining that data by AI.
The benefit from the amalgamation of both AI and Blockchain is still unexplored. The combination of both technologies will bring wonder in the field of handling data. Several inventors and researchers are constantly working to make this amalgamation work to your advantage.