Blockchain and Artificial Intelligence are two major technologies that regulate the pace of innovation and introduce a radical shift in every industry.
Blockchain brings the major transformation in the financial sector. In fact, the companies are going for a test approach especially the banking sectors towards the blockchain technology.
If we compare the other centralized technologies blockchain makes the work safer, smoother and transparent. While there is much impact on the financial sector but blockchain can also play an important role in the development of Artificial Intelligence (AI). In general, every technical aspect has its own degree of complexity as well as business implications but the combined use of the two may be able to create the entire technological and human paradigm from scratch.
Depending on who can access and verify the information stored on it, there are many potential ways to use a blockchain, apparently, there are varying levels of security and transparency. Ultimately, it is a way of recording data, transactions, and information in a more decentralized way. AI or machine learning, on the other hand, operates on a centralized, closed system, accomplish its task.
Decisions made by AI algorithms are increasing. Those results are being utilized, and they are still being audited by humans to ensure the accuracy of those decisions. That verifies the efficiency of ongoing machine learning. This is a tedious task, as enormous amounts of data are fed into AI algorithms. Sifting through each decision point becomes complex.
Here the auditing process becomes greatly simplified by recording each of these points on the blockchain, making it more secure and easier to assess. The complete and transparent view of the decision-making process of AI technology is an important step in validating AI’s usefulness. This can be safely stored on the blockchain, yet still accessed by AI decision-making processes as necessary.
Let’s check out an example of the Healthcare Industry: There is a mutual understanding, where technology includes safely storing medical records and checking them against current best practices to make the most accurate diagnoses and treatment plans possible. It reduces a lot of human work.
When comes to the part of the entertainment, machine learning will help in suggesting the next best enjoyable video to be watched. With the help of blockchain, our preferences and viewing history can be kept safe. Work is made easier and convenient with artificial intelligence algorithms.
Combined abilities of blockchain and AI will allow maximizing benefits. The possibilities are endless with the recently developed innovations of AI and Blockchain.