As discussed in this article collaboration between blockchain and AI. The blockchain world has been managing the world for ten years. Which has made various industries crazy. New technologies have changed many industries, including finance, real estate, healthcare, retail, and supply chains. Blockchain was introduce with their first cryptocurrency, Bitcoin, and in the following years, it attracted the attention of entrepreneurs all over the world.
Now when it comes to artificial intelligence, you are familiar with this term. Now that we have artificial intelligence on our mobile phones, almost everyone now knows about this new technology. However, not only the mobile industry has adopted this technology, but many other industries including healthcare, finance, retail, tourism, etc. Have also adopted this technology. And immediately feel the benefits provided by AI, one of which makes trading and communication easier.
We will discuss how these two technology and the collaboration of blockchain and AI can create miracles for the digital world. But before that, let us understand what technology is, how it works, and its use cases.
What is Blockchain Technology
Blockchain technology is also called distributed ledger technology. Blockchain can define as a notebook that can record all data while maintaining its security, transparency and decentralization. All data is stored in the form of blockchain and is not controlled by any third party. And it cannot be changed, replaced or even supervised by anyone.
A good example of how the blockchain works is to look at the way Google documents or worksheets work. Most of you must have used Google Docs, and even if you haven’t, you should be aware of this. The beauty of Google Docs is that when you create a document or worksheet, write on it, and share it, the document is shared in real time.
In other words, creating multiple versions of a document is more than just text. When you share with others, the document sheet or document will also share and edit in real time. If the person you shared the document with edits your document, the changes will update in the original document and no additional copy will made. This is how the blockchain works. All content can edit in real time, and new modifications are transparent to everyone.
However, you should remember that Google Docs does not use blockchain. Distributed ledgers or hypothetical documents are transparent and secure, but not decentralized. Therefore, google manage and control there everything. You rely on a third party to maintain and protect your files, and in the blockchain. You don’t have to trust any third party or central authority.
Another example is now a lot of industry that starts to monitor and learn how it works from blockchain technology. One of them is a bank interested in blockchain.
What is Artificial Intelligence (AI) Technology
Now, on the other hand, you can think of artificial intelligence as an imitation of human intelligence or thought. Artificial intelligence uses data stored in its memory to enable machines to make decisions. The artificial intelligence engine is program to analyze and achieve predefined goals like a human.
Artificial intelligence works according to the data stored in it, which is different from robot automation. AI applications can perform routine tasks, such as setting alarms, reminding you to take medication, providing you with daily news about things that interest you, and so on, without feeling tired or complaining as humans often do. Although, initially you need to set up AI to do all these things for you. However, if the AI is up and running and doing the right thing, you just need to sit back and wait for the AI to complete your work.
Cooperation or Combination of Blockchain and Artificial Intelligence
Now that you know how these two technologies work, let’s talk about how to combine the two technologies of blockchain and artificial intelligence what happens. Blockchain is good at storing data, and artificial intelligence is good at executing commands based on data and performing tasks like humans.
If these two technologies are combined, it will not only improve the work of artificial intelligence, but also improve the underlying architecture of the blockchain. Blockchain can definitely make artificial intelligence more reliable and logical.
Some of the advantages of the integration of AI and blockchain are as follows:
- Better management of smart contract
- Decisions to improve production
- Reliability High and accessibility
The Impact of a Combination of Two Technology
Block The miracle that the cooperation or collaboration between blockchain and AI (artificial intelligence) can change has become apparent in industries such as healthcare, supply chain, retail, and finance. Let us understand the impact of this technology on various industries.
Based healthcare despite the fact that artificial intelligence and chain are working to independently innovate healthcare services. Not only for patients, but also for healthcare providers. But if these two technologies work together, it will be the next level of everything. Although blockchain will help protect medical data from theft or cyber attacks, artificial intelligence will help patients and service providers get a personalized experience.
However, it should note that in the health industry, artificial intelligence may not able to serve and provide solutions for diseases that are complete suffer. Therefore, in order to better understand the feelings of fellow human beings, there must still be a human role in it. However, in terms of blockchain technology, depending on its function, it may work well. This is a personal evaluation.
AI is already doing its best to improve and assist retail companies. Combining it with blockchain will only double the impact. Retailers can now not only personalize their experience, but also better manage everything in customer data and processes. In addition, it will ensure the security of the payment process by reducing the risk of fraud.
Combination of Financial
Blockchain and artificial intelligence (AI) will help predict human emotions and what needs to be done next, while still build trust in the industry. Both of these technologies will take the financial sector to the next level in terms of performance and automation. This is what developers around the world are currently doing.
Collaboration between blockchain and AI (artificial intelligence) is large undiscover, but it seems that these two technology are intertwire and complement each other. Although the blockchain is still in its infancy and is attracting more business every day, artificial intelligence has been around for many years and has been receiving mainstream attention. What AI needs is data to work as correctly and accurately as possible, and these data can process through the blockchain.