Blockchain & Artificial Intelligence: What Could Happen if These Technologies Meet?
What if I say Marvel’s Infinity War isn’t The Best Crossover? Well, in that case, many Marvel fans would riot, and DC fans would applaud. However, that’s not the real question; the real question is if not that; then what’s the best crossover. From an opinion of a tech-savvy person, it must be that of Blockchain & Artificial Intelligence. And why not, we all would agree that Blockchain & AI are the two most talked about technologies of this decade.
According to some experts, these technologies are as big as the internet. The comparison itself would give you a clear perspective. Blockchain and AI are both cutting-edge technologies. Now, imagine the impact if we bring these technologies on the same podium. Before diving deep and exploring its possible integration prospects, you must know about both the technologies separately.
Introduction to Blockchain
Let’s talk about Blockchain first. Blockchain is a technology which keeps the data in encrypted and distributed ledger format. It comes with a plethora of benefits and resolves several issues. Firstly, encryption of data and its distribution across numerous devices that makes a hacker’s life difficult. Secondly, any change in data must have the consensus of others. Thus, it increases the transparency. Many firms are already hiring Blockchain App Development Services to grow their businesses.
Now, let’s talk about Artificial intelligence; which is a potential threat according to Elon Musk. No matter how skeptic people are for this technology, it is handy at the moment. So, AI is the machine which can mimic human intelligence. Currently, AI includes Machine Learning, Artificial Neural Network, and Deep Learning.
Effects of AI on Blockchain
Everything has flaws. The Blockchain is no different. It has a few technical limitations. However, these limitations haven’t hampered the spirit of different firms to build an app based on Blockchain. AI can be the best solution to tackle all the Blockchain’s constraints. Following are the ways in which AI can help Blockchain:
- Energy Consumption
Mining in Blockchain technology is a cumbersome task. And it requires a massive amount of energy. AI has already exhibited its ability to reduce energy consumption for Google data centers. I firmly believe that we can obtain similar results for Blockchain too. Moreover, this application would have a considerable impact on the cost of mining hardware.
The Blockchain is growing and adding data at a rapid pace of 1 MB per 10 minutes. Addition at such pace causes accumulation of massive amount of data. AI can assist in getting rid of excess data with the help of decentralized learning system. Federated learning is one such example. It can also use data sharding techniques which increase the system’s efficiency.
- Data Encryption & Security
Blockchain offers impeccable encryption making it impossible to hack. However, the layers and applications on the deeper level don’t enjoy this security. AI here has plenty to offer to guarantee a secure application deployment. It can build algorithms which can work with data while their encryption is still on.
- Virtual Agents
With AI, there is a strong possibility of building virtual agents that can create new ledgers. It may seem like science fiction; however, the rate at which AI is evolving, we might see it becoming a reality way earlier than expected. In case, it becomes a reality, the agents would be able to add, interact, and even maintain the ledgers by themselves.
Effects of Blockchain on AI
AI shows sky high potential for the future. However, Blockchain can help in further increasing its efficiency. In the previous section, we saw how AI can affect and improve Blockchain. In this section, we will see the effects of Blockchain on AI.
- Increase AI Effectiveness
Blockchain can help in significant improvement of AI effectiveness. As discussed earlier, Blockchain ensures secure data sharing. It means more data, which in turn leads to better models, actions, and results.
- Increased Trust in AI
As discussed earlier, in the future, virtual agents would take care of all transactions. Due to its auditability and traceability, one can use Blockchain technology to increase trust among AI agents. A clear audit trail will increase bot-to-bot interaction.
- Prevent Catastrophic Scenarios
The biggest fear AI possesses is – becoming self-aware and performing unassigned tasks. Blockchain can give us relief from this nightmare. AI coded in DAO with specific smart contracts will inhibit AI from performing any unassigned duties.
- Availability of Data for AI Testing
To develop AI, we require a massive amount of data from many sources. Organizations such as Google, Facebook, and other telecommunication companies have an access to these data reservoirs. However, that data is not available in the market for AI development.
Blockchain Technology can provide a solution to this issue. Due to an openly distributed ledger, the data is accessible to everyone. This would accelerate the development of AI as data won’t be in control of a few major corporations.
Blockchain and AI both are at each end of the spectrum. On one hand, Blockchain technology provides decentralized transactions on an open platform. On the other hand, AI harbors centralized intelligence over closed platforms.
Both are cutting-edge and revolutionary technologies individually. Moreover, if we take pragmatic steps for their merger, the product thus formed would be revolutionary and beneficial. Some people might see Blockchain Vs. AI as disastrous as Batman Vs. Superman. However, with definite measures, it could turn out to be a better crossover than the Infinity War. Think about it!