AI and blockchain are the two extreme sides of the technology spectrum: one fostering centralised intelligence on close data platforms, the other promoting decentralised applications in an open-data environment. However, when put together, the two complement and enhance each other, and it is up to entrepreneurs to explore ways to implement the two, to gain the benefits of deeper insights, greater efficiency, and accountability.
Recently, Artificial Intelligence (AI) has taken the entire world by storm with its amazing inventions and innovative technologies and has become one of the main driving forces of innovations loved by both users and entrepreneurs. By observing the on-going advancements in this field, it will be no longer an imagination to experience the world where robots and machine will dominate the society. Of course, it has already disrupted key industries including agriculture, healthcare, tech support, manufacturing, gaming, customer service and many more.
Another force to reckon with is Blockchain technology which is popularly known as ‘Distributed Ledger Technology’. This technology allows for real-time, safe documentation and monitoring and has helped business startup become more transparent with their customers. The ability to hold digital transactions in a more friendly and accountable way makes blockchain a technology a positive revolution in the way we do business. While it is presently utilized in the banking and finance sector, there are endless uses for blockchain technology including transportation, education, charity, voting, and law enforcement, and this is because blockchain can be applied to any sector in need of an absolute, publicly accessible form of data to confirm actions. Nowadays, hardly will a day go by without a mention of artificial intelligence (AI), and Blockchain technology.
Considering the widespread adoption of both AI and blockchain across numerous sectors, it only makes sense that the convergence of the two would yield amazing results across all aspects. Blockchain, though powerful on its own, becomes enhanced to a whole new level when coupled with AI technology. New features and capabilities become unlocked, enhanced, and more secure through the convergence. Not only limited to these, energy spent on mining for coins will be reduced, thereby resulting in less network latency for faster transactions. Convergence of AI and blockchain technology will also foster machine-to-machine interaction, allowing data and coordinate decisions to be shared.
Many business tycoons are talking note of the benefits of combining AI with blockchain technology to drive innovations and solve problem and three of top ways they work well together include:
- Storage and Usage of Personal Data: For storing highly sensitive and personal data, blockchains are the most idea. When this is smartly processed with AI, it can potentially unravel so many convenience and values in our lives. For instance, smart healthcare systems can be used to accurately diagnose using medical scans and records.
- Understanding AI Decisions: Human sometimes finds it difficult to interpret the decision made by AI such as how it determines whether financial transactions should be blocked or investigated. If decisions are recorded, on a datapoint-by-datapoint basis, on a blockchain, it makes it far simpler for them to be audited, with the confidence that the record has not been tampered with between the information being recorded and the start of the audit process.
- Better Management of Blockchains with AI: When it comes to cracking codes, human experts get better over time with practice. A machine learning-powered mining algorithm wouldn’t need a lifetime to become an expert, as it could almost instantaneously sharpen its skills, if it is fed the right training data.
Many researchers and companies who see the invaluable uses of blockchain and artificial intelligence have already begun to support and apply them- especially in the case of enterprise tools governed by AI. It can also be seen in social media applications, as in the case of Mithril. The AI of this currency makes this blockchain interface user-friendly and convenient by managing a huge pool of data accurately and quickly. Mithril makes content creation and engagement on social media worthwhile for users, in the form of crypto. Their social media platform, Lit, enables what Mithril has termed “social mining” in which users are rewarded for the impact and influence of their content. As Mithril focuses on these two fields, it has come a long way in the list of currencies, investing in Mithril might be a judicious decision this year and realizing this, the number of new Mithril investors is also escalating day by day.
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