BLOCKCHAIN AND ARTIFICIAL INTELLIGENCE: A FORMIDABLE INTEGRATION?

Science fiction from decades ago is becoming a scientific fact with the advent of new enterprise technologies like Artificial intelligence, IoT and Blockchain. It is an undeniable fact that these technologies individually or through integration have already ushered in a new revolution.

These new technologies prominently are driven by “DATA “. AI and its intrinsic ML, enable data collection, sharing, analysis of data and then automate decisions based on the analysis. It is creating a never before existent Data Value chain.

The Data Value chain is about sensing (capturing and connectivity), Aggregating ( Integration and curation), Analyse ( insights generation) and then Automating ( automate decisions and actions) data.

The main contribution of blockchain to this Data value chain is by assembling the pieces to create a cohesive blockchain ecosystem.

What is AI?

Artificial intelligence (AI) in its simple form is striving to create intelligent machines that are able to capture necessary data, analyze and take automated decisions based on the learnings of the analyses. This is called machine learning. Where machines are able to adapt and learn without constant human intervention. AI enables the machine to have skills that were reserved only to humans like problem-solving, speech recognition, planning, and continuous learning.

Machine learning allows the business to make fast, intelligent and effective decisions. Through Machine Learning applications, businesses are able to perform mundane and complex tasks more efficiently and accurately.

Machine learning is the new tool that empowers businesses to better comprehend customer needs, understand the market trends, helps in automation. Through insightful recommendations and strategic input from their customers, Machine learning is empowering critical operations for businesses.

Take the application of ML in Human resource recruitment. Huge amounts of data of all resumes need to be analyzed as per the job requirement. Accurate results help in recruiting the right talent that fits the company which enables better retention and productivity.

Another instance is in the Automotive Industry. ML provides for the basic foundation on which autonomous vehicles can be built.

And the most prevalent and efficient use of AI-powered machine learning is in the arena of Chatbots for customer servicing which helps in identifying cybersecurity threats, creating marketing insights and much more.

How is blockchain beneficial for AI?

Machine learning and Artificial Intelligence, are driven by vast amounts of data. The nature of the data gathered is abundantly human interactions. These data are highly private, sensitive and securing the data will ensure a wider scale of adoption. Currently, AI has a centralized system for storing an enormous quantity of data – collected, shared as well as analyzed. Without quick access to these troves of data, ML on AI cannot function effectively.

With a centralized system of storage, the issue of cyberthreats is very high.

This is where blockchain integration helps to overcome the shortcomings of AI. In short, if AI and Ml can think, then blockchain will help to remember.

Blockchain is a distributed ledger system that authenticates, records data in a secure chain of blocks through a decentralized peer-to-peer network. The non-central nature of a blockchain network makes it transparent, authority lies with the stakeholders of the network and once the data block is created, it is immutable and only authorized changes can be done.
Blockchain can be that trust, secure layer on which ML can function efficiently without the worry of a backend cyber attack.

Future for AI and Blockchain integration

Together, AI and Blockchain can become a formidable technology. PwC predicts. According to Gartner’s prediction, the business value added by blockchain technology will increase to $3.1 trillion by the same year.

AI’s cognitive ability coupled with blockchain attributes hold within the potential to disrupt current businesses and opens up opportunities for new business models and processes. Together, they have the power to revamp and transform business verticals.

EMURGO Academy offers blockchain certification courses by Blockchain practitioners themselves. We are a Global Blockchain Learning Solutions entity of EMURGO Global established in Jan 2019 to focus on incubation, Training and evangelizing Blockchain to foster deep fundamental understanding of blockchain technology and thus establish an

education program to drive practical usage of blockchain technology around the globe.

EMURGO Academy will skill students, working professionals, industries & institutions to create blockchain experts, drive the adoption of the blockchain ecosystem globally and bridge the gap in demand for skilled Blockchain full-stack developers.

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