Romeo and Juliet, peanut butter and jelly, Bonnie and Clyde – the list goes on. Have you ever wondered why these infamous pairings have become so famous? Although blockchain and artificial intelligence (AI) have the potential to join this list of famous duos, more work is needed before that happens.
AI and blockchain have received a lot of attention in recent years, and for good reason. These technologies are being talked about for their potential to transform and redefine the future of the tech world. When combined, AI and blockchain are expected to replace many legacy systems, streamline enterprise management, and open up new possibilities.
However, regulatory barriers and negative coverage may slow down their adoption. Nonetheless, history has shown that humans tend to embrace new technologies. It may take some time, but the union of blockchain and AI is expected to take off.
This article will provide a basic understanding of AI and blockchain and how they can complement each other. What impact can we expect from the coming together of these two cutting-edge technologies?
First, let’s define AI and blockchain.
What is artificial intelligence?
AI is a technology that enables computers to mimic human thought processes and interact with the world in a human-like manner. It allows computers to perform tasks and make decisions as a human would.
The development of AI was a surprising event that changed the world, as nothing like it had been seen before. One of the main reasons for its emergence was to provide a more personalized experience for computer-based functions, while the need to improve efficiency and reduce dependence on human input also helped establish its foundation.
It is widely known that AI was developed to assist professionals in various fields by providing logical decision-making services on a larger scale. Today, AI has enabled many businesses across multiple sectors to offer personalized services to end users. Additionally, AI technology underlies software assistants such as Google Assistant, Alexa, Cortana, and the latest one, ChatGPT.
Important AI applications
The uses of AI are constantly growing. Currently, AI and AI-powered technologies are widely used across numerous industries including education, healthcare, advertising, e-commerce, construction, and consumer electronics. AI has redefined the concept of “smartness.” Its impact can be seen in all areas of life, from televisions and mobile phones to cars and even cities.
Below are some of the most remarkable AI applications today:
AI application #1: Healthcare
AI has greatly benefited humankind in many ways. It has played a crucial role in enhancing patient care by providing smart over-the-counter solutions and securely storing medical records and histories to aid in quick treatment and medication recommendations. The development of AI-driven smart prosthetics has transformed the lives of millions of disabled people worldwide, enabling them to live normal lives. AI has also speeded up medical research and helped in the development of new drugs.
AI application #2: E-commerce
In today’s competitive market, online sellers are using AI to provide personalized suggestions to their website visitors. These suggestions are made by using AI to show customers advertisements featuring products they may be interested in and could want to purchase, thereby increasing the chances of making a sale. AI allows e-commerce companies to take advantage of data analytics to enhance user experience and boost sales.
AI application #3: Gaming
AI is used in online strategic games such as chess, poker, tic-tac-toe, etc. to predict the next move based on information about the game’s rules and possible combinations. This makes the gameplay engaging as players face stiff competition.
What is blockchain?
Blockchain is a distributed, open ledger that records transactions between two parties in a secure, permanent manner. It is the technology that gave rise to cryptocurrencies.
The blockchain ledger records and organizes online records that require a high level of security using cryptography. It provides strong resistance to any attempts to modify data, making it one of the most secure and tamper-proof technologies available. Furthermore, blockchain operates solely on the cloud and is decentralized in nature.
Now, let us explore some of the most popular blockchain applications.
Popular blockchain applications
Just as with AI, the applications of blockchain technology are increasing and spreading across different industries. Blockchain gained widespread recognition when cryptocurrencies became widely popular. Although the seeds of a blockchain network were planted in the late 2000s, the technology gained mainstream attention over the past decade.
Here are a few noteworthy blockchain applications.
Blockchain application #1: Cryptocurrency
We have all heard of different cryptocurrencies, right? Today, Bitcoin, Ethereum, Dogecoin, and many other cryptocurrencies are well-known entities among the tech community and tech enthusiasts. Most cryptocurrencies use the blockchain network and it is accurate to say that cryptocurrencies would not exist without it.
Blockchain provides a decentralized way to keep track of transactions and maintain the integrity of the currency. Since it is decentralized, blockchain removes the need for intermediaries such as banks, enabling users to directly manage their holdings.
Blockchain application #2: Healthcare
Similar to AI, blockchain technology is making inroads in the healthcare sector. Although the adoption rate is not as rapid as one would expect, there are promising signs that blockchain will play an important role in revolutionizing certain aspects of the healthcare sector.
It is possible to maintain patient medical records in a highly traceable and accessible manner using blockchain. Additionally, blockchain guarantees that records cannot be manipulated while maintaining a high degree of accuracy, which aids in improved diagnosis and treatment.
Blockchain application #3: Supply chain management
New blockchain applications continue to emerge just when you start to think that the list is exhaustive. As mentioned earlier, blockchain promotes transparency, and this is also the case with supply chain management. Today, many businesses are exploring the possibility of digitizing physical assets and creating a decentralized immutable record of all transactions. This ensures seamless tracking of all products or assets from production to delivery to the end customer. This level of transparency will provide increased visibility to both consumers and businesses.
How can AI and blockchain network complement each other?
AI and blockchain are two of the most groundbreaking technologies of our time, and they have the potential to complement each other in many ways. AI offers advanced analytical capabilities, while blockchain provides secure and decentralized infrastructure, immutability, transparency, and trust.
In this sense, AI and blockchain can be seen as complementary technologies that can fill in gaps left by each other. Together, they have the potential to transform various industries and create a more efficient and secure digital landscape.
The combination of AI and blockchain holds the promise of a more secure and efficient system, referred to as “decentralized intelligence.” In such a system, AI would provide advanced decision-making capabilities while the blockchain network would ensure the secure transmission of data.
While AI and blockchain have shown great potential as standalone technologies, their combination has the potential to make a larger impact across different aspects of human life. For example, while blockchain offers traceability, AI offers computing abilities that can be used to improve performance.
Decentralized AI systems: what can we expect?
The idea of a decentralized AI system offers the possibility of processing data autonomously, without the limitations of centralized systems. This approach would allow for the processing of data on multiple computing devices, leading to a more diverse range of results that could be used to create unique solutions to problems that a centralized system might not be able to address.
However, it is important to note that there are still many technical and practical challenges that need to be addressed before fully decentralized AI systems become a reality. The potential of decentralized AI systems is high, particularly in fields like science, business, and public needs, but much research and development is still needed to fully realize this potential.
Technological advancements are happening at a rapid pace, and the combination of AI and blockchain is no exception. While these technologies hold great promise, it is important to keep in mind that there is still much work to be done before their full potential can be realized. Regardless, the convergence of AI and blockchain holds the promise of addressing some of the biggest challenges across various industries.
YOU MAY ALSO LIKE: 7 amazing ways how blockchain can enable seamless business transformation
Continue reading iTMunch for the latest AI and blockchain trends, stories, and more.