Artificial Intelligence (AI) & Blockchain Technology together are proving their worth as a pair, they have perfectly weaved their strengths together to add greater values across industries. Together they are ‘technological innovation’ worldwide citing a new future for industries and data sharing.
So, what happens when a decentralized system and an intelligent system work together?
Artificial Intelligence is highly dependent on data. It gathers information and details from human interaction with Sensitive Information that needs to be secured. Blockchain, on the other hand, stores data in a decentralized system, securing the data which is only accessible to authorized users. Any changes, addition or updates can only be made when all the peers in the network allow it, thus, this also makes it impossible for the data to be hacked as any action immediately notifies all the members in the network.
This ‘Decentralized Intelligence’, i.e., blockchain-based architecture with AI design will enable peer-to-peer networks that can have an image recognition feature or language processing.
Time & Cost-Effective
Deloitte’s 2018 global blockchain survey suggests that organizations will invest up to 10 million dollars in the upcoming years. Given the fact that most of it would go into mining the data as well. Enterprises see blockchain as the strategic priority, they would like to leverage the technology’s ability to share real-time information to enhance productivity and accelerate business processes.
AI learns and adapts its environment, it can easily analyze the pattern of cryptocurrency miners, hence, it can easily indicate miners about poor performance, unimportant transactions, calculated data, etc., this will help in executing transactions on a quicker basis. Given the fact that AI will also learn the process of a network in a blockchain environment.
Security & Trust
Blockchain-based applications disallow hackers or malware to infiltrate, due to a few factors like- decentralized, transparency & immutability. The information stored in this system can be accessed without any need to access the central server.
AI analyzes the data structure and behaves accordingly, thus ensuring the security of the vulnerable data. Together, both technologies can provide a new level of accurate data insights.
How can they help?
A common issue researchers face is the unavailability of data, the major reasons are:
- There is limited access to the data, hence, complete information can’t be acquired.
- Most organizations in fear of either losing the data or their competitive edge.
- Organizations or governments are often subjected to the General Data Protection Regulation (GDPR) regulations or other policies that make the data private.
Ocean Protocol came up with a solution by combining both technologies. They used blockchain as the access layer to manage authorization of data and used AI to assist the researchers to run the algorithm on data.
“AI can digest large amounts of data to be shared through blockchain’s decentralized structure.” (Blockchain Expo)
The data owners can offer to share the data securely to the researchers using data silos. This won’t allow extracting the data but the researchers can run the algorithm inside the silo. Blockchain will record the usage of the data and can also suggest the pricing based on the same. Hence, to put this in a simple manner, the researchers will be able to access the data but only in a secure environment.
“Ocean unlocks the value in private data while addressing privacy and data escape concerns.” (Hackernoon)
Keeping in mind what Ocean protocol did, industries like healthcare and finance where data is what all matters can take advantage by creating a platform to share data only with the concerned person. For instance, medical information on the blockchain is kept encrypted to prevent unauthorized access to third parties. Doctors can access patients’ files to aid them and offer complete privacy.
Challenges pertaining to data sharing can be resolved easily with AI providing accurate analytics, real-time decisions, etc. while Blockchain keeping a decentralized ledger of all the actions taken.
Both technologies can only work together successfully if integrated smartly, complete knowledge is imperative in such cases. In order to enable hassle-free data management, authentic transactions, and legitimate access, industry experts recommend working with both blockchain development & artificial intelligence technology.