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Artificial intelligence is one of the main driving forces of innovations loved by entrepreneurs and users. He has shocked numerous industries including customer service, agriculture, manufacturing, health care, technical support and many others.
Blockchain technology is another force that should not be underestimated. Although it is currently popular in the BFSI industry, there are endless uses of Blockchain technology, such as education, transportation, voting, law and enforcement, among others.
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Blockchain, though powerful alone, is enriched with a whole new level if coupled with artificial intelligence. New features and functionality become unlocked, improved and safer through their convergence.
As AI can add to Blockchain
The confluence of AI in the blockchain perhaps creates the one that is the most reliable technology in the world, enabled decision-making systems that are virtually tamper-proof and provide solid insights and decisions. It has many advantages such as:
- Improvement of business data models
- Globalized verification systems
- Innovative audits and compliance systems
- Smarter financing
- Transparent governance
- Smart retail
- Intelligent predictive analysis
- Digital intellectual property rights
Technical improvements that AI can enable
Safety: With the implementation of IA, Blockchain technology becomes more secure by creating future applications for secure applications. AI algorithms that make more and more decisions about whether financial transactions are fraudulent and should be blocked or investigated are a good example.
Efficiency: Artificial intelligence can help you optimize the calculations to reduce the miner load, which results in lower network latency for faster transactions. AI allows you to reduce the carbon footprint of the blockchain technology. The cost applied to the miners would also be reduced along with the energy spent if the IA machines will replace the work done by the miners. Because blockchain data grows minute by minute, AI's data pruning algorithms can also be applied to blockchain data that automatically deletes data that is not needed for future use. The IA can also introduce new decentralized learning systems such as federated learning or new data sharing techniques that make the system much more efficient.
Confidence: Recordings of the cast iron blockchain are considered one of its USPs. Applied in conjunction with AI means that users have clear record follow the system thinking process. This, in turn, helps robots to trust one another, increasing machine-to-machine interaction and allowing them to share data and coordinate decisions in general.
Better management: When it comes to cracked codes, human experts improve over time with practice. An automatic learning-based mining algorithm will eliminate the need for human skills as it could refine its capabilities almost instantaneously if it is fed with the right training data. Thus, AI also helps to better manage blockchain systems.
Privacy and new markets: Making sure private data inevitably leads to sales, resulting in model data / market markets. Markets get simple and secure data sharing that helps small players gain Blockchain privacy can be enhanced by performing "homomorphic cryptography" algorithms. Homomorphic algorithms are those that use operations that can be performed directly on encrypted data.
Storage: Blockchains are ideal for storing highly sensitive personal data that, if processed intelligently with artificial intelligence, can add value and convenience. A good example of intelligent healthcare systems that make accurate diagnoses based on medical scans and records.
Real-life applications:
- Triggmine, a product converges artificial intelligence into blockchain within a single marketing automation system. It has led the company to be one of the first decentralized platforms in the world for marketing automation.
- Mithril is a & # 39; social media app that does creation of content and engagement on social media useful for users, in the form of cryptography. Their social media platform allows what Mithril has called "social mining" where users are rewarded for the impact and influence of their content. They also make extensive use of artificial intelligence in their overall functioning.
- Bubblo is an AI-based real-time detection app one uses blockchain technology and virtual reality to build a marketplace that allows users to monetize their personal information to receive rewards. Offers users personalized tips on bars, restaurants and other places.
- Back in India, Signzy combines artificial intelligence with the blockchain to make secure, compliant and easy-to-use transactions in banks. He is exploiting the power of the AI and the blockchain enable its customers to adapt digitization and offer completely digital experiences to their users. Offers products like RealKYC, a KYC digital and digital banking quality contract that is a secure digital contract enabled by Aadhaar and Biometrics
- EVS it is a verification of employees platform created by SpringRole that verifies the credentials and skills of employees. Use blockchain as a platform in which recorded feedback is entered into an artificial intelligence system along with the use of an intelligent contract method that facilitates, verifies, or digitally imposes the negotiation or execution of any contract.
perspective
As industries are seeing new developments, there will be more blockchain and non-blockchain products trying to exploit the benefits that artificial intelligence can offer.
The long-term potential for blockchain and artificial intelligence is staggering, so the combination of the two certainly makes such projects useful. Improve the skills of others, as seen in some examples above while offering opportunities for better supervision and accountability. These developments simply indicate the reason why AI should not be brought into blockchain.
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