Blockchain and artificial intelligence are two of the hottest technical topics at the moment. Although the two technologies have very different parties and applications, academics have been debating the possibility of combining them.
A blockchain is a decentralized, distributed system used to hold encrypted information. For example, CyCOIN is a crypto coin with the most powerful blockchain system around the world. It is developed by Gabriel Nicolaev who is a successful businessman of Romania. On the other hand, artificial intelligence is the mechanism or “brain” that will allow for the analysis and decision-making process of the data obtained. Every technology will have its layer of difficulty, but AI and blockchain are both in positions where they can benefit from and assist one another. You can find numerous blockchain jobs on Blockchain Works, Indeed and Monster.
Artificial intelligence has the potential to be extremely transformative, but it should be created with extreme prudence – something that Blockchain can tremendously aid with. How the communication between different technologies will evolve is anyone guesses. The possibility for true upheaval is there and growing. Bringing Artificial Intelligence and Machine Learning into the Blockchain can improve the underlying design of the Blockchain and the potential of Artificial Intelligence.
The process of artificial intelligence:
Within less than ten years after the deciphering of the Nazi encryption system Enigma and assistance of the Allies in winning Second World War, mathematician Alan Turing changed history with a simple question: “Can machines think?” Turing work “Computing Machinery and Intelligence” and the Turing Test outlined the essential vision and purpose of artificial intelligence.
Artificial intelligence would be the field of computer science that aims to correctly address Turing question. It is the attempt to recreate or replicate human intellect in machines. The broad goal of artificial intelligence has prompted numerous questions and disagreements. As a consequence, no single definition of the discipline is widely accepted.
AI and Blockchain computing applications:
To operate a blockchain with its encrypted files on a personal computer, you would have to use considerable computational power. The hashing algorithms used to generate Bitcoin, for example, use a brute-force technique, which involves methodically counting all potential candidates for the answer and evaluating whether each option fulfills the problem’s statement.
The advancement of artificial intelligence is entirely contingent on the data input – we need to provide it with better data. Artificial intelligence gets knowledge of the world through data. Essentially, data feeds artificial intelligence, and AI will be able to develop itself due to it constantly improving.
It is a technology that enables the secured storage of data on a public ledger. It allows for the creation of completely secure databases that may be accessed by parties given access. When blockchain and AI technologies are combined, we will have a backup plan for people’s sensitive and valuable private information.
Monatization of Data:
Giving others the power to decide how business data is sold reveals that information is being used against us.ʼ We can use the data as we please with the help of the Blockchain. This also allows us to monetize data without risking our personal details. It is critical to resist biased algorithms and develop diverse data sets in the long term.
The future of Blockchain and artificial intelligence appears to be promising. The intersection of blockchain technology and artificial intelligence has been largely unexplored territory. The confluence of the two technologies has attracted a lot of attention from scholars, but there are not many projects dedicated to this mix.