Understanding the power of Blockchain infused with AI
Blockchain and AI are arguably the hottest properties in the technology industry today.
The Blockchain market is forecast to expand from a value of $210 million in 2016 to over $2.3 billion by 2021, according to Statista, while Adobe has found that the share of jobs requiring AI has increased 450% since 2013.
The intuitive qualities of artificial intelligence and the cryptographic security of Blockchain has resulted in both being considered irresistible forces for the future, but how can they benefit each other by working together?
Over the last year, Google search requests for ‘Blockchain’ have increased by 250%, highlighting the technology’s rise to prominence in recent times. However, around March 2018 it felt dramatically.
Fundamentally a Blockchain is a chain of information that can be added to, but never re-written. This means that appendices of new details can be created, forming new blocks – but the cryptographically secure content before won’t change under any circumstances.
To add further security to blockchains, they are consensus-driven. A large number of computers are added to the network, and any user that attempts to add to the chain needs to solve a mathematical proof – the results of which are shared with the network, and all other connected computers and machines must agree on the solution before allowing any changes to take place.
This makes Blockchain a uniquely safe way of conducting business online, with impenetrable ownership records that are trustworthy. Fundamentally, blockchain is the first technology that enables the transfer of digitalised ownership in a decentralised manner, without the need of excess paperwork and the approval of a centralised construct like the New York Stock Exchange.
While Blockchain is an exciting, fresh technology on the scene, AI has existed in certain forms for decades. However, it’s only in recent times that artificial intelligence’s potential is finally being realised.
AI replicates human intelligence to make intuitive decisions swiftly and efficiently. While it makes for excellent automated processes in manufacturing and customer-facing troubleshooting scenarios, AI is also excellent at driving machine learning – which helps computers to perform actions without any specific programming.
Through machine learning, AI is capable of automating predictive analytics, enabling computers to draw on large datasets to come to accurate and informed decisions.
Blockchain is fantastically secure, but some of its further layers and applications (The DAO, Mt Gox, Bitfinex, as Medium notes) are less so.
