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Artificial intelligence (AI) is now more than a decade old. It has made its way into almost all possible domains, including robotics, avionics, automotive, healthcare and so on. A study reveals that 30% of the companies across the globe will be using artificial intelligence in 2020 in at least one of their sales processes.
However, research has long been carried out on upgrading AI to the subsequent stages, that can develop smarter systems. With the inception of blockchain, it is time to tap the potential of AI systems on decentralized databases. Advancements in big data lie behind the revolution in artificial intelligence. Recent developments in machine learning and big data have enabled businesses organize large volumes of information in structured components, that computers can seamlessly process.
Merging AI and blockchain will help the developers strike the right combination, that can make the systems future-proof. Particularly, blockchain has got the decentralized system, unlike the traditional infrastructure that is used in businesses. This decentralized architecture of the database makes it highly secure and authentic.
Artificial intelligence is a term used for several subsets of technological advancements, derived from computer science. It focuses on the development of intelligent machines, whose working processes and reactions are similar to humans. You must be similar to speech recognition, voice to text conversion and similar concepts. Well, these are all AI-based applications, deployed for solving specific problems. Today, it has been possible to develop automated homes, self-driven cars and machines due to advancements in AI.
Blockchain primarily aims to secure and update all records, their execution and maintain their authentication. On the other hand, AI is necessary for decision making, evaluating and making independent interaction simplified. A seamless integration between these two technologies will help in developing more robust intelligent systems in the future. Here are the key benefits that business firms will reap, with the merger of blockchain with AI.
Amid threats of cybersecurity breaches, business firms are seeking a possible solution to ramp up the security of online data. Hacks and information thefts are on the rise. Powering AI with blockchain can be a solution for these firms, particularly for banking and insurance companies. Developing the transaction mechanisms on a blockchain network can keep their data secure. These firms simply need to use their existing protocols to bolster the security. Machines, when developed to behave autonomously, require a high level of security. Blockchain is the answer to the security challenges in the cyberspace. Presently, 90% of the major banks in North America and Europe are exploring the potentials of blockchain to safeguard their intelligent systems.
Blockchain operates on nodes that are decentralized. These networks can solve complex algorithms, when they work together. AI, too, operates on the same mechanism. When the systems based on AI need to decide on a point, it examines all the probable solutions. The system evaluates all the alternatives, before choosing the best option available. However, blockchain, instead of solving the task entirely, divides it among all the nodes. These are hundreds in number and distributed globally. As a result, the process becomes faster to a significant extent. Business firms willing to develop powerful AI-based solutions on blockchain are collaborating with the established mobile app developers for secure and intelligent systems.
As AI undergoes advancements, it becomes dependent on the available data, that comes from several sources. Although large companies like Amazon, Google and Facebook have a massive source of data, which can be advantageous for developing AI applications, it is not available in the open market. Integrating the blockchain technology with AI will help to address this issue quickly, integrating peer-to-peer connections. As it is a distributed and open registry, everyone belonging to the network can easily get access to the data. As a result, the oligopoly of data that is evident in the cyberspace now, will come to an end.
When the data is available, the most challenging task is to scale it. According to estimates, around 1.3 zettabytes of data move annually in the cyberspace. Artificial intelligence has got one particular subfield, called artificial general intelligence, that can be sued in a control system for feedbacks. As a result, autonomous agents will be able to interact in a better way with the physical environment. Presently, tons of data are being stored in blockchains. This brings business firms a number of benefits, than the traditional system of decentralized storage. In case any crisis or natural disaster hits the business, the data will not be remaining in a single location. This ensures the safety of large amounts of data in the decentralized system. These are immune to hacks and therefore, less likely to be corrupted.
Controlling data usage and models is an important area to consider, when blockchain merges with AI. For instance, when people log into their Facebook or Twitter accounts, they need to request for the rights, if they want to upload content on these platforms. A similar concept is applicable for AI data and models. When you create data for developing the model, you may face certain restrictions due to the permission involved in the process. With the integration of blockchain technology in AI, the process will become simplified. This indicates that the blockchain network will give you the permit to use the data or use the same, as it is considered as an asset. Similarly, when coins are transferred on cryptocurrency platforms, one can also transfer the permit to access the data present on that network.When you integrate blockchain and AI together, it will become amazingly easy to control the use of data. In industries where privacy of information is paramount, this technology will prove to be effective. Currently, both these technologies are trending, and merging the duo will result in the much-needed mechanism to power intelligent systems in the future. Presently, business houses around the globe are collaborating with established mobile app developers to build powerful AI-based solutions on blockchain.
Nisarg Mehta, CEO & Chairman of Techtic Solutions, is the vision of the company. Nisarg is active in operations in his daily routine as he is one of the key decision makers in terms of technological advancements of the company. He is a friendly leader with hardworking, motivating, visionary and passionate personality.