Artificial intelligence is something that you can hear quite a lot these days. Artificial Intelligence or AI adds a new element to everything it touches. Similarly, the realm of digital business is also not untouched by Artificial Intelligence. Constantly, there are new things that we attempt in digital marketing by incorporating AI in it.
While everything has been revolutionized by AI, in this blog we shall discuss how blockchain technology has transformed artificial intelligence. Curious? We are about to see how something can change the face of Artificial Intelligence. These two technologies are the biggest technological trends and are quite unexplored as of now. Alone, they have made tremendous changes in the world of digital marketing, but what would happen if we merge them, let us find out.
The Basic Chapter
Before diving deep into how everything blockchain would affect the working of AI per se, we should get a glimpse of both Blockchain and Artificial Intelligence one by one. Let us start with the easier one, Artificial Intelligence. One way or the other, you must be acquainted with the term Artificial Intelligence and what it implies.
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Yes, yes!! Computerized intelligence can help us solve any problem with one single click. It uses algorithms to perform better than humans at some of the tasks. With AI, various industries have completely been transformed. For instance, logistics, agriculture, analysis, recording and collecting data, and so on. It is supposed that humans can commit mistakes, but with AI, you can get assurance that there would be no mistakes.
Now, we talk about Blockchain
it refers to a technology that has enabled the business to keep a track of the transactions and record-keeping apps to make your work a lot easier.
Blockchain was originally conceived for the digital currency, Bitcoin Blockchain (Buy Bitcoin), but as time passed, the tech circle found uses of this technology to gain more out of it. To understand it more, let us dive deeper. Blockchain is a system that keeps a record of the information of the app or website making it unworkable for hackers to hack or cheat the data of a particular system.
In other words, blockchain technology is a flow of time-stamped data of rigid records managed by a conglomeration of computers, not owned by a single entity. Each of the data(block) is secured and connected through cryptographic principles (chain, hence blockchain).
The network in a blockchain has no central authority as it is divided among immutable ledgers, therefore the information is available for everyone and anyone to interpret, implying transparency of data. This process also ensures the accountability of the people involved in the blockchain process.
The block has mainly three parts:
- The data part that contains the incurred transaction
- Hash: unique ID of the block
- Previous Hash: unique ID of the previous block
This would be the best introduction to it, as it covered every aspect subtly. But the main question that you want to be answered is in the next part.
What Would You Get After Merging Blockchain And Artificial Intelligence?
One thing to know is, the main thing that connects both Artificial Intelligence and Blockchain is ‘Data’. Data is perhaps the most important thing these days. We have to provide our details for almost everything. But, besides providing details, one thing we always worry about is the security of our data. You would not want to get defrauded. Right?!
So, coming back to the ‘data factor’, in AI the collected data is analyzed through various algorithms for its efficiency to provide better results. Whereas in Blockchain, the security of the stored data is the top-most priority. Now, this is something that would assure you of the safety of your data. The technology of Blockchain cannot be hacked virtually as there is something called a ‘unique hash’ for every ‘block’ that cannot be accessed through other blocks per se. Interesting, right!
Now the question arises, what benefits would the merging of Artificial Intelligence and Blockchain entail? Here are some of the key benefits enlisted:
I would say this is perhaps the most legitimate reason for this integration between AI and Blockchain. We all want ourselves to be saved from the threat of cybercrimes, and being a business, it is of the utmost importance for you to secure your data about transactions and other important things related to your business.
This merging would provide possible benefits through enabling the development of safe transaction mechanisms on the network of a blockchain. You would just have to amp up your existing security protocols a bit, and you would be good to go.
Decentralization Of Data
The operation of Blockchain is dependent upon decentralized nodes. You can solve complex algorithms through the network established by nodes. One common thing between AI and Blockchain is that both carry out their functions in the same mechanism. But the difference lies in how they solve the problems that occur.
With AI, every alternative solution is scanned and the best option is chosen. On the other side, Blockchain doesn’t scan every aspect, but divides it among the nodes and hence a swift way to solve the problems. Implementing Blockchain in AI would enable it to focus on the relevant thing thereby reducing both time and effort to improve effectiveness.
Ease Of Handling A Large Amount Of Data
As discussed earlier, the need of scanning everything will be reduced. A huge amount of data is stored in blockchain nowadays enabling you as a business to access your data in any case of disaster. As I have mentioned earlier, it is virtually unhackable, therefore safety is guaranteed.
Better Control Of The Data
Handling and controlling are two different things when it comes to data security. With blockchain in AI, it would be easier for you to control your data as in where it is used, and how it would be transferred. This will enhance the privacy of your data and ensure that it is not misused at any cost.
While there are a lot more things to learn about blockchain in AI, it is still very early to predict how it can affect AI. However, as a business, the security of the data is of the utmost importance to you. To ensure that you use this technology of blockchain in a useful manner, it would be better to hire a web development agency to aid you in getting the best experience of digital business, minus the threat of frauds. It would ensure that you think more about growth and less about the threats. Better things are waiting for you, just ‘Block’ them!