Blockchain Technology and Artificial Intelligence – Things You must Know
Blockchain is a form of technology which involves the sharing of data across a range of computers, also known as nodes. This data is not stored in a single place or network. Rather the database is hosted by an immense number of computers to ensure faster updating of the data as well as making sure that the database does not get corrupted.
To better understand Blockchain, we must first look into how Blockchain technology came into existence. ‘Bitcoins’ were the first form of Blockchain technology introduced by an unknown person or a group of people named ‘Satoshi Nakatoma’. ‘Bitcoins’ are a form of cryptocurrency or electronic cash which can be sent from a ‘peer to peer’ network and neither a central authority like a bank nor any intermediary has control over its operations. The transaction involving a Bitcoin is verified using a network of computers called nodes. The transaction once verified is added to the existing set of Blockchains, in a permanent way. This database is then updated and reconciled on a continuous basis automatically since it is hosted by many computers, all at the same time.
Thus, the introduction of Bitcoins has brought about a revolution in the world of technology in the form of Blockchains. Some of the benefits of Blockchain technology include-
Encryption of data
– The Blockchain network uses encryption technology which stores data in an unreadable format and this is much safer than keeping passwords or codes for the purpose of security.
– Blockchain technology automatically reconciles each and every change occurring within the data and these new changes occurring to the data are referred to as ‘Blocks’. This makes the data incorruptible and inaccessible to anyone except the authorised users.
Decentralized storage of data
– Blockchain is not controlled by any single authority. Rather it is managed by the network as a whole.
Blockchain technology can be used in various fields like banking, healthcare, real estate, and other fields. Blockchain can also be blended with technologies like artificial intelligence.
Artificial intelligence (AI) refers to the way in which computers or machines are given the capability or intelligence to think like the way humans do. A lot of research has been going in the field of AI for the past few years, as a result of which many developers have come up with AI systems, which accurately exhibit how machines think intelligently like humans.
But the most path-breaking innovation in the field of AI would be the merging of Blockchain technology and AI, which will surely benefit the working of AI systems. Below are a few ways in which AI and Blockchain could be blended –
- Security – AI systems are independent in nature. As a result, a high level of security in the form of Blockchain is needed so that the AI system is protected from all possible disruptions.
- Ability to handle large data – Blockchain has the capability to handle large data, since the data is stored and hosted by multiple networks. This same technology can be merged within AI, since AI systems use tons of data to function and react with as much similarity to humans as possible and so there would be no chance of corruptibility of data because of ease in handling large volumes of the same using Blockchain technology.
- Content controlling – Blockchain can transfer the permission to access the information not just to one person but to the entire network of nodes. This same concept can be applied to AI as well in the context of building content or data, wherein the permission to control and access the data is given to the entire network of databases in one shot.
- Decentralisation – AI functions in a way similar to that of Blockchain technology. The AI system takes a decision by considering the different possibilities. These possibilities are then tested one by one by the system and finally, the decision taken is the result of the best one chosen among the alternatives after the testing.
The only difference between AI and Blockchain in this aspect is that the Blockchain uses a decentralized network which is very fast whereas AI uses a centralised network for processing the information received.
- Availability of data – For the purpose of creating data for AI, information needs to be sourced from as many networks as possible. But not all networks are willing to provide such details for the purpose of building an AI system. It is here that merging with Blockchain technology can prove to be beneficial for AI, since data is made accessible to all users in Blockchain. So AI can use it as a means to source as much information as possible from the open source of data.
In this way, combining Blockchain technology with various other technologies can prove to be very beneficial for improving their effectiveness.