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The first industrial revolution started in the 18th century marked by steam power, the second was marked by the invention of electricity, the third was the internet. What’s the fourth industrial revolution to you?
Industrial revolution 4.0 is characterized by the emergence of new technologies such as IoT (Internet of Things), Cloud Computing, Artificial Intelligence, 3D Printing, Automation, and several latest wireless technologies in the modern socio-economic era.
With the wide adoption of these technologies, another industrial revolution is looming termed as ‘Industrial Revolution 4.” These technologies, standalone, is as effective and cannot bring about huge changes. However, when used together, they can unleash great success for the technology world and one such combination is ‘Blockchain and AI.’
Today, Blockchain and Artificial Intelligence are recognized as modern technologies that have the potential to open new doors for businesses and improve the current business models and processes.
Blockchain development services are already playing a major role in disrupting industries as they can make the systems more transparent, secure, and by providing an advanced decentralized distributed ledger technology. It can store all kinds of data with great protection.
While Artificial Intelligence is used to optimize business processes and identify patterns to provide the best user experience. The combination of Blockchain and AI is part of the reason for the looming fourth industrial revolution.
As both these technologies are best to enact upon data, their coming together can take the data exploitation to a new level. The integration of AI into Blockchain or vice versa can enhance their functionality and boost their potential.
Big data is the fuel of AI. It has also become the confluence between Blockchain and AI. Artificial Intelligence is always after the data, the more the data, the better the results. While Blockchain is the best technology to store the data with security.
As it is distributed ledger technology which means it is an unbreakable and perfect platform to secure AI data sets with security and data privacy. Large companies such as Google, Amazon, Apple, Facebook, that hold data of millions of people are also getting Blockchain development services to build blockchain-based AI systems to keep large data secured.
Here are some of the benefits of integrating Blockchain into AI systems:
Many of the world’s largest companies such as Amazon, Google, Alibaba, and Baidu have centralized AI technology systems. When it comes to collecting and securing data, all these companies face the same issue: to establish trust among their cautious customers. There is one question: how to assure users that their data is secured, and AI hasn’t crossed bounds?
How feasible it would be if AI service providers could generate a forensic report and verify it by a third party to give you proof of how and when your personal data is stored and used by the industries. They can use your data only when you give them permission to do so.
A distributed ledger technology will serve as a digital rights management system enabling you to license your data under specific terms and conditions. Blockchain systems would act as a management system that would store all the proof contracts by which a business can use and access the data.
By integrating Blockchain development services into your AI-systems, you can eliminate the needs of an intermediary. This distributed ledger technology makes the users in-charge of all the personal data. This, instead of different data sets held by different organizations, users will have a complete hold of their data and they will know when someone accesses or uses their data.
For example, in the eCommerce industry, customers would share their data with the sellers securely. No other third-party can have access to this data. Moreover, it is also beneficial for the medical industry as patients would be able to share all their data securely with their doctors.
This arrangement of individualized data control can form a data marketplace in the future. Companies will buy data sets from individuals instead of buying from third parties which is a violation of the user’s data protection policy.
Data storing and sharing is not only beneficial for the users but for AI companies as well. With Blockchain development services and Machine Learning, AI-based systems can develop themselves without the need for human programming. Blockchain-based AI systems can access more data, maximize data sharing by which organizations can build better models.
The rise in the adoption of smart contracts has shown that businesses are showing interest in the combination of Blockchain and Artificial Intelligence. Smart contracts are like traditional contracts with policies, terms and conditions, and penalties but in the digital form.
Smart contracts are created using programming and all the actions are triggered instantly when all the conditions have been met.
Smart contacts that run on Blockchain are intact and neither party can manipulate the information. There is no need for intermarries and it is a quick and error-free process. An organization named Cortex used the efficiency of smart contracts in AL applications. Also, blockchain smart contracts are very transparent, can save all the data on the blockchain and users can retrieve them at any moment.
An exponential rise in energy consumption is a hurdle to the development and upscaling of Blockchain technology.
PoW or Proof of Work that is a Blockchain consensus mechanism includes a process of validation called mining. It requires special nodes known as miners used to solve cryptographic puzzles. The whole mechanism requires advanced machinery and computational power, and it consumes a lot of energy.
Nowadays, industries are focusing on using an alternative consensus mechanism PoS- Proof of Stake. This mechanism requires task handling and that’s where AI comes into the picture. Artificial Intelligence provides smarter alternatives for task handling and management.
Seamless management and security of large data sets are the main elements of AI-based systems. Currently, most of the AI-based models store data on centralized systems or clouds. In such a scenario, there is only a single point to access data which makes AI models more vulnerable to security threats.
Blockchain development services can provide ideal decentralized systems that will replace centralized data storage systems. With advanced Blockchain-based AI systems, you can store data on multiple that are being used globally and you can access them as well. This way, you’d be able to access diverse data sets useful for better learning of Artificial intelligence and Machine Learning Algorithms.
Data security becomes much more important when it comes to implementing AI applications in industries that contain sensitive data such as Fintech. For maximum data security, Blockchain development services can be used for cryptographic encryption to ensure unbreakable data security.
Personalization has become important in the modern digital landscape. This is because customers have got a lot of options and they buy from a brand that gives them a more personalized user experience. To provide a great user experience, you need insights into what your customers want and how you can fulfill your needs. This is where the lethal combination of AI and Blockchain comes into the picture.
For example, when a customer has a problem with your services, the problems come to light owing to artificial intelligence. Your immediate and instant user’s problems will increase the customers’ interest in your services. If you integrate Blockchain to maintain the transactions and help users have a great shopping experience through a secured network. By using this more personalized approach, you can maximize customer satisfaction and boost loyalty.
Transparency is an important element for AI frameworks. As the data sets grow and algorithms become smarter, AI decisions become complex. This makes the whole process complicated and reduces trust in the whole process.
This is where Blockchain helps you out. It stores all the transaction data in decentralized systems and helps the Artificial Intelligence experts to understand the algorithms to make more informed decisions that would help businesses to grow. It is important to build trust and to maximize the adoption of AI systems in the industry.
The first three revolutions changed the world and now the fourth revolution is all set to make our lives even better.
The fourth revolution includes technologies like Blockchain, Artificial Intelligence, and the Internet of Things and it is already here. Various industries have already started integrating these technologies to transform the way they do business.
The potential for Blockchain and Artificial Intelligence is high in the market. The USA, Malta, China is leading the way in Blockchain development services.
If industries start developing solutions by integrating both these technologies; Blockchain and Artificial Intelligence, they can maximize the system’s productivity without data manipulation. Moreover, these technologies, together, will also speed up the workflows and maximize your business growth.