There are numerous new exciting developments in the technology industry. The most recent include artificial intelligence and blockchain technology, which seem to be converging. The former looks to transform communications and transactions by improving trust between strangers, enhancing provenance, transparency, and privacy. The latter is able to address complex tasks by way of utilizing impressive massive computing power.
The combination of artificial intelligence and blockchain are taking place on private data platforms, which receive data to centralize AI systems. The blockchain technology provides the systems with a higher level of security and it eliminates existing security protocols that are at a poor level. Together, the technologies create a unique and powerful system.
As most may be aware, one of the main challenges of blockchain technology is the operational cost involved – it takes a great deal of energy to validate and share transactions through the proof of work mechanisms. There are those who estimate the total energy consumption of crypto mining, to be more than that of some countries in a year (even thou this facts are yet to be concluded). The good news is that AI technology may be able to mitigate costs.
Matrix, an AI technology company, are working on developing the technology by combining intelligent centralization with decentralization. This leads to a workable, scalable, and environmentally-friendly blockchain system with AI controls. Miners can be removed and replaced by an AI-controlled solution applying Directed Acyclic Graph (DAG).
Another issue related to blockchain is security, and AI may be able to improve it. Blockchain struggles with ensuring that there is trust between strangers and organizations on the chain and it also faces attacks from applications that use the chain. AI may be able to secure applications so that trust issues are addressed properly.
Interestingly enough, there are those who also claim that AI technology cannot be trusted either due to the concept of man vs. machine. However, this concept is an outdated notion.
AI focuses on single-user performance with high accuracy. Further, the technology can implement facial recognition software that can pinpoint a person in a crowd much more effectively than a human observer. The technology is also great at noticing medical issues on scans and other issues in various situations. The only downside, which blockchain may be able to address, is that AI faces pushback from the public.
Blockchain offers Decentralized Autonomous Organizations (DAO). Contracts are applied to the DAO and they are immutable for the AI system – there is no risk because the computer is limited in terms of scope and ability. As for public acceptance, blockchain may be able to ensure that the user data applied to the AI technology is accurate. This ultimately leads to quick teaching times, fewer mistakes, and higher levels of trust.
Overall, combining AI and blockchain technology may be able to provide benefits, such as improving levels of trust, transparency, adoption, and communication. However, there are also issues, such as there is no indication of how the true impact may pan out – there is nothing developers can look back at to determine the viability of the project. But at the end of the day, the newest ventures are based on whim and sometimes, it works.