Among all the emerging tech Artificial Intelligence and Blockchain are the ones that stole the spotlight. Artificial Intelligence powers cloud platforms, automation solutions, big data operations, and more. On the other hand, Blockchain brought the revolution called digital currencies.
However, behind the phenomenon of digital currencies, we also have big data. To be more precise, encrypted data stored in unchangeable, decentralized, and distributed ledger. Both technologies have something to do with data.
Our goal today is to shine some light on their powerful synergy. Let’s discover all the possible interactions between these two technologies and their benefits.
Data Turned Into Cash-Generating Asset
Data is one of the best assets you can have monetization wise. Just take a look at the world’s biggest IT companies, such as Apple, Google, Facebook, and Microsoft. They collected so much data that it became very easy for them to monetize it.
Unfortunately, we have no means to control to what end our personal data will be used. At the same time, big corporations make a profit on it. However, if our data is distributed and stored in a blockchain network, the whole situation turns in our favor.
We can take complete control of our data and decide whether we want it to turn it into someone else’s hands. Thanks to Blockchain, our data will remain encrypted unless we say so. It will also disrupt the AI-based software tools that collect and use our data to deliver marketing insights to big companies.
The ultimate solution that brings Artificial Intelligence and Blockchain together is a decentralized data marketplace where data owners can keep their data secret and sell it if need be.
Artificial Intelligence & Blockchain Better Data Security
An AI is only good as the data it uses is. What does this mean? AI is just a “piece” of software. It’s deliverables depend on the information you feed it. And to benefit from the AI, you have to provide it access to up-to-date, accurate, and error-free data. It also benefits AI because it becomes smarter learning from final data sets.
Where does the blockchain fit in here?
Blockchain takes the data and makes it ultimately secure and error-free. It adds two security layers to data. First, it encrypts it, and, then, stores it on a distributed ledger. You can’t modify the information unless you have encryption keys and got verified by all the nodes on a chain.
That’s a perfect example of Artificial Intelligence and Blockchain being an ideal match. Medical and financial institutions have recognized the potential of this synergy because they operate with sensitive data daily. Data entry outsourcing companies can also benefit from this development and attract more clients by offering more secure services.
Optimized Allocation of Computing Power
Blockchain doesn’t take computing power into account. Most often, it will use all the computing power it has access to. With small ledgers, this is not a problem. But, when you have some huge ledger, such as Bitcoin, computing power might become a problem.
During the mining, the algorithm has to keep tabs on all the miners. It checks in real-time whether one of them has come to the solution and got a complete hash. That takes a tremendous amount of computing power, which is the only limited resource on the network.
The transaction is also a problem because the algorithm has to verify a transaction before allowing it. To do it, it checks all candidates and makes sure they satisfy the problem’s statement.
AI can make all of this much more simple. In fact, after training the AI, it can learn the patterns on the distributed ledger and patterns in computer power allocation. This helps AI deal with the tasks in a more efficient way and optimize the allocation of computing power in real-time.
Insight in AI-driven Processes
At the moment, in the big data industry, AI is used for data processing and decision making. What happens is, you feed the AI with big data sets, it processes it, and comes to concrete decisions and conclusions. This is very attractive to companies because AI can process big data in a matter of minutes – something that would take human agent’s weeks, if not months.
There is one slight problem, though. We still can’t control the process and see how the AI came to that very conclusion or decision. When we are talking about critical business decisions, that’s something we absolutely need to have. Blockchain offers a way to audit the AI’s data processing tasks.
Blockchain is a distributed ledger of data, and it can be custom-tailored through programming to enable us to observe anyone on the chain. The AI falls into this category. We can see which data it accesses, does it manipulate in any way, and which data sets are predominantly used for decision making.
Blockchain is the only technology that can facilitate AI adoption in the lucrative verticals because it enables insight in AI-driven processes.
Convenient Access to AI Solutions
While the AI solution market is quite diverse, there is still no centralized market where you can go and look for the specific AI-based service that you need. Can this be something Blockchain can change?
AI-based projects are centralized networks that offer very few means to get insight into how AI operates. The blockchain networks are quite the opposite. They are transparent and decentralized and can be accessed by anyone with proper authorization.
Blockchain-based networks can be used to distribute data, but they can also be used to distribute AI algorithms. That enables developers to, even more, improve AI solutions and even create decentralized AI. Thanks to Blockchain technology, you can have diverse data sets on the networks and have multiple AI solutions at the same time.
There are several reasons for Artificial Intelligence and Blockchain being a perfect match. The power of AI lies in the data we feed it, and Blockchain can make this data error-free and access it more securely. This, in particular, can make data entry outsourcing services more trustworthy.
Decentralized data marketplace and other blockchain-based networks can provide convenient access to AI solutions to businesses of all sizes.