According to experts, artificial intelligence has a great deal of transformative power and it can also be applied to blockchain technology, but it is not being taken into account. The combination of blockchain technology and AI can turn out to be a very powerful one. It can actually help bring improvements in almost every industry in which it is implemented. For instance, it can enhance the financial security systems used these days, or manage the supply chain logistics when it comes to food supply.
How Can AI and Blockchain Work Together?
The fact that a decentralized ledger is used by blockchain technology means that it can provide people with insight into how the AI systems work and the source of data they use. This makes it possible to offer a high level of trust when it comes to executing transactions and maintaining data integrity simultaneously. Moreover, it is also possible to create an audit trail when blockchain systems are used for distributing and storing operational models that are based on artificial intelligence. In this way, improved data security can also be offered.
While there are numerous projects that tout the use of these two technologies, it is essential to understand the benefits they can offer. The artificial intelligence (AI) industry is considered to be still in its infancy for now, but its integration into the world of crypto/blockchain has been garnering a lot of interest, as the crypto market continues to gain strength.
Are Blockchain and AI a Good Match?
Bullieverse is a metaverse gaming platform that also uses artificial intelligence (AI) technology. Its chief growth officer, Arunkumar Krishnakumar said that AI and blockchain play a different role in the overall lifecycle of a dataset. Where the former is concerned, it focuses on data immutability and integrity, which means ensuring that high quality data is stored on the blockchain. As for the latter, it makes use of data that has been efficiently stored and can provide timely and meaningful insights that can be used by developers, researchers and analysts.
Krishnakumar said that with AI, it is possible to make good decisions in a specific situation and it can also make predictions when it receives training and becomes intelligent. As for blockchain, it can work as an information highway, as long as aspects like scalability are addressed. He also said that technologies like AI, blockchain and quantum computing are all in their early stages for now.
He also added that there are a number of everyday uses of AI that people don’t even pay attention to. There are AI algorithms used in smartphones and those that are also used in home automation systems. These can predict cyberattacks, track social sentiment and do a lot more. A financial platform based on AI, Fluid’s chief executive said that artificial intelligence can benefit blockchain in a number of ways. Ahmed Ismail said that the combination of these two technologies could be used for identifying some great opportunities in different markets, but can come in handy in the crypto industry the most.