AI and Blockchain - A lethal combination
Posted by Sajan Agrawal on March 9th, 2020
Image source : thepolicytimes.com
The roots of Artificial Intelligence(AI) can be traced down the 60’s when John McCarthy researched about it and coined the word. Allen Newell and Herbert Simon contributed to the theory by writing the first AI program a few years later. The process of AI research, then ,experienced a period of lull, with no advancements in the study.
Around the 90s, IBM’s AI computer Deep Blue beat world chess champion Garry Kasparov, and AI gained traction again, compelling scientists and researchers to rigorously march towards catalyzing advancements and experiments in the field.
Simply put, Artificial Intelligence is the concept of building a computer program that can think, act and behave like humans, by analyzing the behavioral surroundings, complexities and contexts, take actionable decisions, surpassing human intelligence.
Apple’s Siri, Microsoft Cortana, Amazon’s Alexa using the AI speech recognition feature, flights using an AI Auto Pilot mode, robotics using AI techniques, self driving cars, etc are different use-cases and implementations of Artificial Intelligence, in today’s date.
Facebook using the Facial recognition techniques and neural networks to identify faces and tag automatically, Google’s language translations etc are various tasks AI programs can do efficiently. Google Maps use AI-powered predictions to gauge movement of traffic, identify accidents or road-blocks thereby suggesting shortest and fastest routes to the commuter.
Pinterest recommending visibly similar pins by using AI computer vision, Instagram auto-suggesting emojis and hashtags by analyzing the thought behind a certain text or emoji, Snapchat using Lenses - a combination of AI and augmented reality - are all everyday applications of Artificial Intelligence.
Artificial Intelligence’s breakthrough in the Finance sector is a rewarding one. Mitek does Digital Identification Verification using AI algorithms and Optical Character Recognition (OCR) to authenticate users and allow them to deposit checks and open accounts using their smartphones. AI can also calculate credit scores and do a risk assessment of individuals.
Artificial Intelligence is penetrating the field of Healthcare as well to diagnose diseases and suggest treatments. In fact, Google has developed an AI system to detect Lung Cancer and the results are astonishing! AI has also been instrumental and successful in developing prosthetic arms and robotic ankles that are mind-controlled and react to signals from the brain.
Image Source : spectrum.ieee.org
Above mentioned is just the tip of the iceberg of what Artificial Intelligence has conquered. Looking at the way it has metamorphosed technological innovations, a brighter future lies ahead for AI.
Powering AI and Blockchain together
AI and Blockchain are two of the most promising and powerful technologies at present. While independently, both have caused significant technical revolutions, the integration of AI and Blockchain is debatable. The combination of AI and Blockchain has the capacity to drastically transform and bring about fundamental changes in the way industries function. AI and Blockchain can greatly impact each other and can potentially wipe off each others’ drawbacks.
Image source : dzone.com
Blockchain is a tremendous technology that has its applications spread across industries. On the flip side, Blockchain has it share of disadvantages too. There are various issues associated with it like huge power consumption, inscalable system, cost inefficiency etc. The mining process in Blockchain follows the Proof-of-Work algorithm where every miner/node is required to perform complex calculations to gain rewards,thus resulting in enormous consumption of energy. Artificial Intelligence (AI) makes optimum use of power resources and hence can be instrumental in supporting Blockchain to get rid of this issue. This can vastly minimize the cost overhead and reduce unnecessary investments, also enhancing system performance. Since Blockchain records every event of the transaction, there are possibilities of data pile-up which take up unnecessary space making the system slower. AI can implement the concept of Federated Learin=a, that can be of immense help to Blockchain for eliminating unwanted data, consequently making the system more scalable and productive.
There have been instances of AI systems going awry. It is almost impossible to understand the thought behind AI machines taking some sporadic decisions. Blockchain can help identify and analyze the chain of events that triggered AI’s decision, by maintaining the complete series of transactions. While people are still skeptical about the concept and functionality of Artificial Intelligence, due to the possible disastrous effects it can have, this can help build more trust and faith of common people on AI. The integration of AI and Blockchain DAO, based on smart contracts, can restrict the extent to which an AI system can function, subsequently lowering the risk factor.
Read about SingularityNET , the decentralised marketplace for Artificial Intelligence.
AI and Blockchain, In a Nutshell
Discussions about the fusion of AI and Blockchain are still in their infancy, and there are no substantial developments yet. It is also very critical to bear in mind that the merger of AI and Blockchain could either result in a startling technical breakthrough or could give birth to dire consequences. The Game is On!!
About Blockchain Simplified
Blockchain Simplified is a Top blockchain development company in Pune - India which works on all major Blockchain requirements. We specialise in Blockchain, Web and Mobile development (One Stop Shop for all technology development needs).
Some of our work includes,
hubrisone.com - is a Live app with 100,000+ downloads, All-in-One Cryptocurrency current account. The entire development from scratch carried out by Blockchain Simplified.
All in one Platform - Complete responsibility of entire software development of the platform ,for a m funded blockchain start up, led by a team of serial entrepreneurs and tech veterans in Silicon Valley.
Well funded Blockchain startup - Blockchain Simplified helped a m funded American Blockchain startup to build the first blockchain protocol to leverage on-chain smart contracts to manage distributed storage of application data off-chain.
Multinational Bank - The company helped one of the top 3 ranking Multinational Banks to integrate various cryptocurrencies into their banking application.
SHC - Built entire platform and app from scratch for a m funded startup led by a team of Americans including PhD degree holders.
VMW - Developed app for a multi-national company providing mass factory-to-factory shipment services. App is being used by 53 of the Fortune 500 companies such as John Deere, Coca-Cola, Nissan.
Blockchain Development : Bitcoin, Ethereum, Hyperledger, Corda, and more.
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About the AuthorSajan Agrawal
Joined: December 12th, 2019
Articles Posted: 19
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