AI and blockchain are two of the prime drivers in the technology space that catalyze the pace of innovation and demonstrating radical shifts across every industry. Each of this technical venture comes with a degree of technical complexity and business implications. Fusion of the two will be able to redesign the entire technical landscape along with a human effect from scratch.
Blockchain has its own limitations, it is a mix of technology-related and culture influence from the financial services sector, but most of them can be conceited by AI in a way or another.
The illustrated points below will be able to give a gist of the potentials that can be realized at the intersection of AI and Blockchain:
Energy consumption in mining: Mining has already proven that it requires tons of energy and is heavy in the economic perspective. AI has mastered in optimizing energy consumption across multiple sectors, similar results can be expected for the blockchain as well. AI can dramatically reduce the costs of maintaining servers and validate potential savings to lower investments in mining hardware.
Federated Learning: Blockchain is growing at a steady pace of 1MB every 10 minutes. Blockchain pruning is a possible solution through AI. A new decentralized learning system such as federated learning, for example, or new data sharing techniques to make the system more efficient.
Security: Concerns still exist on the security system of built-in layers and applications for Blockchain (e.g., the DAO, Bitfinex, etc.). The mileage created by machine learning in the last two years makes AI a solid candidate for the blockchain to guarantee secure applications deployment, especially given the fixed structure of the system.
Blockchain-AI Data gates: Blockchain has proven its ability for record keeping, authentication, and execution while AI drives decisions by assessing/understanding patterns and datasets, ultimately engendering autonomous interaction. The combo (AI and blockchain) will be become a data gate with these several characteristics that will ensure a seamless interaction in the nearest future.
Auditing of AI through blockchain: AI is seen as a black box ( complex set of calculations and algorithms) to distinguish patterns or trends. This makes it a difficult task for the humans to govern the choices taken by the artificial intelligence in yielding results. Accountability of the AI black box is seen as biggest challenge, considering concerns across the community for tampering or the altering happening to the calculations for the given input which eventually reflects in the output generated. This challenge can be easily comprehended by the blockchain innovation. Implementing robust auditing of these calculations utilizing the blockchain is seen as the biggest driver for enhancing the credibility of the business organizations and reinstating trust in the reliability of the information.
Leverage on Artificial Trust: Future roadmap of this fusion can successfully lead into creation of virtual agents that will create new ledger by themselves. Machine to machine interaction will be the new norm reinstating trust in a secure way to share data and coordinate decisions, as well as a robust mechanism to reach a quorum.
Machine performance monitoring and changes: Blockchain miners (companies and individuals) pour an incredible amount of money into specialized hardware components. AI can complement such as machine/equipment monitoring to deploy more efficient systems and do away with the unproductive heavy ones.
Blockchain for better information management: AI has a proven mechanism that runs of an incorporated or centralized database. In such a case, there are always chances for information occurrence of a mishap, i.e. gets lost, altered, or undermined.
Blockchain and artificial intelligence fusion can eliminate the above concern. Under the umbrella of blockchain the data is decentralized and stored within different nodes or systems. This reinstates trust on that your information is safe and unaltered. Most importantly the information is time-stamped and is in the sequence making recuperation less demanding and exact.
Some key challenges on the block: The fusion throws open technical and ethical implications arising from the interaction between these two technologies, such as the need to edit data on a blockchain and most importantly the duo pushing to become data hoarder. Experimentations alone will be able to provide a detailed answer on these lines.
In conclusion blockchain and AI are the two sides of the technology spectrum. One efficiently fosters centralized intelligence while the other promotes decentralized applications in an open-data environment. The fusion of the two will be an intelligent way to amplify positive externalities and advance mankind, most importantly reap the maximum potential for business needs.