For the business's future, both the Blockchain and Artificial Intelligence (AI) have profound implications on the market and make technological innovation worldwide. How can these two technologies merge? This blog will share the upcoming opportunities derived through the Decentralized Artificial Intelligence system.
Before explaining the merging of these two technologies, let's discuss both of them separately.
It is a computer science field dedicated to creating intelligent machines in which smart devices can perform tasks that require human Brain. It is also known as machine learning. Chat bots, Digital assistant, Speech recognition, and e-payments are few examples of AI.
Artificial Intelligence or machine intelligence has a lower error rate than humans. As a result, it offers greater accuracy, speed and precision.
It is a decentralized technology that is a global network of computers. It is a platform that allows blocks of similar information to be stored over the network.
One of the surveys predicts that AI will add up to $16 trillion to the world's economy and which results, global GDP will raise by 14%. According to this survey, business value added by Blockchain technology will increase to $3.1 trillion in future. Nowadays, the Cryptocurrency sector makes the best use of Blockchain tech. So, the Blockchain and AI can be integrated. And some businesses get benefit through this.
The best scenario for using these two technologies is to look for the benefits of both, which help each other.
Artificial intelligence works on data that can be improved through machine learning. Blockchain is a technology that stores the data in encryption form on a decentralized system, and it secures and protects the database. It can access only by authorized users. So when we combine Blockchain and AI, the sensitive data is safe and secure on the decentralized AI system. Therefore, it gives a significant security advantage.
AI system works as a centralized system running on a single processor. It might be possible that hackers or malware can infiltrate an AI system and alter the data. Whereas in Blockchain, any information is accepted and processed in the form of encryption. If we combine both these AI & Blockchain, it becomes more challenging to hack when it has more nodes or encrypted data.
A system must be trustworthy while saving the confidential data in it. Blockchain uses encryption for securing data — only authorized users can access it. It makes difficult for unauthorized users to access any information. Combining AI performance with secure Blockchain technology enhances security and helps prevent fraud and unauthorized activity.
Though Blockchain and Artificial Intelligence (AI) integration has been already done but yet to take off fully, combining the two technologies into decentralized AI has in-depth potential to use data in innovative ways. Successful integration of both technologies will provide quicker and smoother data management, verify transactions, identify illegitimate documents, etc. Therefore, if you're contemplating integrating both technologies for your business, don't hesitate to do it!