Blockchain and AI: Smart, secure systems set to bring value across various sectors
Last week we introduced you to Artificial intelligence (AI), the technology enabling computers to take decisions independently. Even if we don’t notice it, the truth is that the evolution of AI has already made our day-to-day lives a lot simpler and more efficient. Examining this development even further, AI features can be magnified when coupled with blockchain. This collaboration of two distinct yet powerful technologies has the potential to disrupt almost every business we know today.
Blockchain and Artificial Intelligence are two of the defining technologies of the new phase in tech revolution. These emerging technologies are rapidly evolving, catalysing innovation, entering multiple markets and, ultimately, challenging old, entrenched ways of doing business.
Just like years ago when the internet took over multiple aspects of our lives, spurring the emergence of the information technology (IT) sector, this new wave of technologies including artificial intelligence and blockchain is rapidly gaining ground worldwide.
The fact that we are able to use such complex technology in such simple terms is a testimony to what computers are capable of, when utilised efficiently. This is leading us towards another technology milestone that is speculated to bring about yet another revolution once it matures.
The coupling of blockchain and AI accentuates the disruptive power of these two technologies, bringing about their strongest features to add value to established systems.
The possibility of creating smart, open-sourced secure systems is set to bring levels of convenience and security never seen before to virtually any process involving data records.
The ultimate purpose of blockchain-based systems is to keep track of large amounts of data and provide a secure database accessible only and equally by participants of that network. The objective of AI, on the other hand, is to develop algorithms to assess data in an intelligent manner.
AI and blockchain are indeed two separate technologies with differing objectives, yet they can complement each other to create better and more efficient structures. Combining AI and blockchain leads to highly intelligent and decentralised systems.
AI and blockchain certainly have the power of enhancing each other’s performances. One example, as highlighted in Forbes, is that a blockchain platform can help us track and understand the decisions made by AI. For the time being, most AI systems still require some form of human verification, but as AI becomes more sophisticated, it is likely that these systems will get more autonomous. Having a trustworthy mechanism to keep record of these decisions is a must.
Similarly, well-crafted AI will be able to manage blockchain more effectively than humans, and also enable less energy-consuming mining, which is currently one of the main hindrances to be overcome in the blockchain revolution.
The decentralised feature of blockchain is again shining bright as blockchain itself is a consolidate database shifting the monopoly of the market into the hands of the common people. It thus allows for AI to be democratised and developed through a community-based spirit.
“The secret weapon here is really crypto-economics: the ability to create a mini-economy where participants accrue and exchange value through tokens. Because they incentivise people to participate in the network early, tokens help solve the cold start problem which has plagued so many network-building efforts in the past,” writes Matt Ruck.
AI + Blockchain market
Although at the moment we see more academic work than practical application of this technology combination, this reality is set to shift in the near future as more deployments come about. The market for the mergeing of these two technologies is starting to shape up as projects are gathering momentum.
We can indeed see a rise in the number of companies that have started to deploy AI and blockchain together, to a variety of ends.
Projects to watch: Nebula AI
Nebula AI is one of the first organisations to have identified the market need of this merger, and has started combining Blockchain and AI to carry its projects. The company provides a medium for people to deploy their specific AI applications on the blockchain.
Nebula also allows its users to convert their mining power via their personal computer processor to AI computing power. It basically gives the people a chance to deal with neural networks in a much more transparent and secure environment.
The people who are new to this concept and are getting acquainted with the AI/ blockchain combination have a chance to deploy their customised applications on the blockchain. Nebula allows for decentralised AI applications to be built faster than ever.
With Nebula AI’s cutting-edge blockchain technology, users are able to focus on key business features. Nebula provides on-chain payment, rental computing resources and decentralised service.
This development allows Nebula AI to compete with the pricing of Amazon and Google cloud storage services.