Why Artificial Intelligence Is Bound to Meet Blockchain
Technology all alone is enough to awestruck you at times but what if you combine two technologies? What would be your stance on the situation of mixing up AI and blockchain together? Well, at first you might ask what these both technologies are and how do they work, only if you are not a tech-nerd. We understand these types of terminologies are quite hard to understand when you are starting it from scratch. And that’s why we are here.
Since we are talking about AI which btw is short for Artificial Intelligence. We thought to spread the word about how this is going to be the future of technology. It’s not hidden and thanks to coursework writing services. Almost everyone knows about this term is used in research papers daily. However, if you are still having a hard time getting this through your mind then let us explain it to you.
Table of Contents
AI or Artificial Intelligence
Artificial intelligence is sort of an ability that your computer or any robot possesses. It assists them to do different tasks that can be done by humans too. Or you can say, it is the opposite of natural intelligence that we humans have. Where it benefits us with some tasks we find difficult, it also has downfalls. For instance, the rise of AI might result in people losing their jobs because once we let the machines and robots take over our lives, we don’t need workers to do the normal tasks. And by doing that, people will start losing their jobs. This concern is not new, many renowned entrepreneurs and CEOs have had talked about it on open forums. Only if we use it wisely, it can be beneficial for our future.
Blockchain
Now let’s move on to blockchain technology. Many of us think that this automation is new but in reality, the idea of blockchain was proposed in 1991 and it might be a shock to you but this blockchain concept was first used in 2009 for Bitcoins. Blockchain is an immutable ledger that allows a system to share or exchange transparent encrypted data to multiple parties as they commence transactions. If your network is using blockchain technology then it’s most likely to track payments, accounts, orders, production, etc. the usage of blockchain automation has exploded over the years through the creation of various applications like cryptocurrencies, decentralized finance applications, non-fungible tokens (NFTs), and smart contracts.
The main question!
Now, what if we combine both technologies? Everyone knows the answer pretty much. The combination of these technologies can be a great idea to grow any business because we need both values. Where the blockchain method has transparency and safe transactions via shared networks, artificial intelligence can analyze and predict the stock market and also safely secure sensitive data. Furthermore, these both together provide you authenticity.
Why Does Artificial Intelligence Need Blockchain Technology?
To make it more understandable, let’s break it down to the sub-headings so that you can see it in a bigger picture. Below down, we are going to mention those main reasons why AI and blockchain need each other to support their growth;
It builds trust
Many businesses don’t trust AI alone because for them, it’s quite risky to let a machine predict or bet on the next movement. After all, it’s man-mad. But when you combine it with blockchain, things change. It builds trust for artificial intelligence. And maybe that’s the reason why AI is bound to meet blockchain. It is as similar as when you need a medical professional’s help with nursing assignments. So, AI needs Blockchain to grow. Although the idea of this sort of intelligence was proposed way before blockchain. But since we are in a continuously evolving world, hence, one of them evolved faster than the other.
Helps in decision making
Another benefit of blockchain is that it does not work like other technology because its transactions are always agreement-based. Each party needs to be agreed on one thing to make a decision. And when all parties are involved, it gets nearly impossible to temper the data, and for unauthorized access without the user’s consensus.
Privacy policy
Privacy is the biggest concern for people these days and when you use AI apps, you need authenticity. And when you use blockchain tech with it, it secures your data and it can’t be attacked or misused by outside networks. This all works with the help of decentralization which is the next point we are going to discuss.
Decentralized environment
It is the ability to transfer control and decision-making from a centralized entity to a distributed network. When it comes to data governance that includes usage, data collection, and storage, people hardly trust artificial intelligence. And you know the reasons. But with the help of blockchain technology, it gets easier for AI apps to store their data in an environment that is decentralized.
Keeps integrity of your data
Another concern for AI applications users is the integrity of their shared data and how it is maintained from time to time. In a typical AI app, your data gets collected and secured in a centralized environment but that is not the case with blockchain as we discussed earlier. Blockchain servers work with complete transparency and accountability to make your data more actionable.
Higher efficiency
However, AI can provide real-time analysis of extensive amounts of data, but if you combine it with blockchain technology, it can provide transparent data governance for swift authentication amongst various stakeholders through smart contracts and DAOs.
Conclusion
There you go. However, it has been a little complex but we hope that we managed to present a clear and bigger picture of why AI needs blockchain or is bound to meet it. Although it can grow on its own. But that won’t make it stay for a long time or it might not be a good idea because of the threats. But it can get secured blockchain and AI get combined.
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