Technology is designed to make life easier and better. Almost every industry is taking its advantage. The two latest technologies that marked their impact are Blockchain and Artificial Intelligence. In the upcoming sections, we will learn what Blockchain and Artificial Intelligence are. We also discover how you can utilize the Blockchain to build a smart economy for AI Services.
What are Blockchain and AI?
Blockchain is a shared network among various users in such a way that it becomes almost impossible to breach. It is mainly used to store transactional records, or more precisely, it is a digital ledger. Because of its advanced security, one of its most common applications is a cryptocurrency like Bitcoins.
Artificial Intelligence is related to designing computers capable of learning like humans. It has various sub-branches like machine learning, deep learning, robotics, etc. The main advantage of artificial intelligence is that it reduces the dependency on humans for upgrading a computer program.
How Blockchain Empowers Artificial Intelligence?
Both Blockchain and AI are the latest technologies. The former is the most secure way of storing and managing data across the network, while the latter is the automatic updating of computer programs. Integration of Blockchain to AI has various advantages and can build a smart economy.
Invariability
Blockchain is an invariable technology as there remains proof of the previous transaction. It is beneficial for AI. Using this algorithm, the AI makes a decision difficult to anticipate. It prevents hacking or modifying the program.
Accessibility
One of the main properties of Blockchain is that it is accessible to its users. It is a chain of nodes shared among various networks. Any user who is a part of that network can access it. Also, it provides you with all the previous transaction records. This feature makes the AI technology access any information to make better decisions.
Security
The most significant aspect of the Blockchain is its impeccable security. Because of its advanced algorithm, it becomes almost impossible to breach it. Integrating this technology into Artificial Intelligence enforces the security parameters of machine learning. No one can easily alter or hinders the learning ability of machines.
Practical Applications of Collaboration of AI and Blockchain
The collaboration of Blockchain and AI has applications in different industries. We are providing some of the most common sectors that are availing the benefits of these two technologies.
Financial Sector
Apart from cryptocurrency, the integration of these two technologies empowers the financial industry. It increases the security and speed of every transaction. Moreover, it helps you to secure user data. The AI programs assist in analyzing the user behavior while making the transaction.
Medical and Healthcare
Another prime application of these two latest technologies is the Medical and Healthcare industry. They help in reducing costs, increasing efficiency, and improving accuracy. The blockchain provides the patient’s record or medical history, and the AI helps make better decisions based on the available data.
Supply Chain Management
Providing automation, increasing scalability, and establishing connections across different supply units are the practical applications of blockchain and AI. It stores and manages large data and assesses it for making the most appropriate decisions. Therefore, SCM (Supply Chain Management) is a more efficient and secure industry.
Conclusion
Blockchain and Artificial Intelligence are both the latest technologies. But when we integrate the Blockchain with AI, they can build a smart economy. It improves efficiency, speed, and security and helps to make better decisions by analyzing the available information.
