Blockchain is not an entirely new concept to the world, and with recent efforts to integrate it with the Internet of Things, a new trend is emerging: integrating blockchain with artificial intelligence.
Blockchain is simply a filing system for digital data. Data is stored in an encrypted format and only those with access can read and update it. Artificial intelligence, commonly known as AI, is the science of building machines capable of performing tasks that would require human intelligence.
There hasn’t been much on the application of combining these two, but there has been a lot of talk about the potential of doing so. Combining artificial intelligence and blockchain has several benefits.
- The management of blockchains can be made more efficient by using AI
Although computers are very fast, they usually require detailed instructions on how to perform a particular task, Without this, the computer will not perform the task to completion, or if it does, it may not be in the right way. As mentioned above, blockchain data is usually encrypted. As such, it requires a lot of computer processing power to operate the data.
While using artificial intelligence, handling blockchain data can be done more effectively in shorter periods. A machine that has been designed to handle the mining of blockchains will effectively find a combination of characters that verifies a transaction. As the machine cracks more codes, it will only get better. A perk of using these AI machines is that while humans would take a long time to become well-versed in the area, AI machines will take a considerably shorter time.
- AI and encryption complement each other
Because data held in blockchains is usually encrypted, they are ideal for storing highly sensitive data, which may at times be personal. This is made possible by the use of cryptography which is a major part of the filing system.
The personal nature of the data makes it crucial for businesses to meet higher standards of data security. With blockchain databases, only a few kilobytes of data need to be secured- the private keys- so as to secure the whole chain.
An emerging AI field is being developed that will allow AI to work with data, even in its encrypted state. This will help make data much safer and reduce chances of security breaches.
- Blockchains will help understand AI better
The working of Ais may at times be too complex for humans to understand. Given that the decisions that Ais make need to be audited by humans for accuracy, this may pose a problem. Recording the decisions on a blockchain will make it easier to audit the decisions, knowing that they have not been tampered with. Eventually, this will help gain insight into the machines’ minds which is necessary to gain public trust.
Blockchain and AI are both equally powerful technology trends. Bringing them together could provide a more revolutionary approach in the world of technology.