Combining AI and Blockchain can change the world
Artificial intelligence and Blockchain are two technologies that have captured the public’s attention in recent years. Despite this, their applications are very different. Blockchain is an amazing way to store information. Artificial intelligence is a highly effective time saver that can, among other things, automate complicated processes. But as it turns out, these two extremely versatile technologies have incredible potential when combined. So with that said, here’s how AI and blockchain work together.
AI and blockchain can change the world’s relationship with data.
According to IBM, combining artificial intelligence with blockchain technology has almost unlimited potential across a range of industries. For example, it is already well known that blockchain has excellent potential in healthcare as a storage system for patient information. Using AI and blockchain together will help doctors notice discrete patterns in the data that can help them with diagnosis.
Combining the two can also revolutionize financial services by securing data and streamlining transactions. For example, IBM mentions that connecting the two technologies can drastically speed up the loan process through automated smart contracts. It will also increase transparency in the decision-making process.
In addition, the company has already used the combined technologies in real-world use cases. In July 2021, well before the mainstream explosion of artificial intelligence, IBM merged the power of AI and blockchain. They used the two technologies to overhaul coffee and cocoa bean farming in Honduras.
IBM partnered with the non-profit organization Heifer International and the Honduran farming cooperative COPRANIL to increase transparency and efficiency. “Our work […] is an important test of how AI and blockchain technology can promote social good, said IBM’s Kareem Yusuf. The program uses predictive AI to increase yield and blockchain to track crop quality. “These farmers are getting new data and insights so they can command more in the market,” Yusuf said.
Using the two technologies together can be very disruptive.
Disruptive technologies are innovations that change how we operate in an industry. And both AI and blockchain are highly disruptive. According to Forbes, one of the fields the two can revolutionize the most is cybersecurity. Forbes reports that experts expect cybercrime to cost $8 trillion in 2023 alone. Artificial intelligence could become invaluable in cyber security, with an expected market value of $46.3 billion by 2027.
Unfortunately, bad actors can also use AI to aid them in their nefarious deeds. However, this is where blockchain technology comes into play. Blockchain can help maintain and secure information, while AI can immediately and automatically detect if there is a potential threat.
Simplifies big ideas
To simplify, consider blockchain as the ultimate library and artificial intelligence as the world’s greatest librarian. Blockchain’s distributed ledger creates secure, transparent and decentralized databases. And artificial intelligence can track and interact with that database to provide users with critical information quickly and accurately.
In addition, blockchain can keep track of the AI’s algorithm throughout the learning process to help understand how it is evolving. As mentioned, the two technologies can potentially change how the world interacts with data. They complement each other perfectly to revolutionize information systems with almost unlimited practical applications.