Early speculations about the long-term viability regarding AI and Blockchain have even though dampened, these two ground-breaking technologies are still nascent, which makes some investors shirk from investing into them. While that maybe the case with some investors, the astronomical growth of these two technologies is clearly an insinuation towards their potential and disruptive capabilities.
If AI and blockchain were to be utilized separately, they’d still have the power to revolutionize industries. Combine the two technologies together and the results we get are no-less than remarkable. In fact, people who have employed AI and blockchain together often say that the combination of these two is pretty underestimated and quite possibly made in heaven.
Even though, the use cases of these two thriving technologies utilized together are scantly available, it is quite likely to change in the near future. Since we know, diving head first into a hyped-up trend with no extensive knowledge of it can be a risky proposition, let’s take a look at how AI and blockchain will be game changers for industries. As for uncertain investors, we will be later shedding light on how they can manage their concerns.
1. AI and encryption are quite compatible
If you have followed the methodology behind AI even just a little bit, you’d know how important data is for the training and development of its bots. Think of how convenient browsing through Netflix has become or the ease with which you can locate an item on Amazon. Search engines make it easier by analyzing our personal data, so while the ease AI provides us with is truly unmatchable, the data used by Netflix and Amazon is still quite personal to begin with, and if it goes in the wrong hands then the consequences can be dire. With data fraud cases such as the Cambridge Analytica data scandal being revealed to the general public, it isn’t an anomaly for people to be scared about the theft of their personal information. This is where blockchain comes in, because with blockchain the fear of data theft is quite significantly diminished. With this amazing technology, you can protect yourself from any sort of data breach and embezzlement.
A defining feature of blockchain is unarguably its transparency, which leads to unparallel sense of security regarding your data. You have the authority to allow certain individuals the access of your data, while completely banning others from using much less viewing it. So, when this data goes in the right hands and is fed to the machines, it makes our lives easier by a tenfold.
So how does blockchain safeguard data? Well, blockchain ensures the safety of data by encrypting it. So, in order for the whole data to remain safe on the block, only the secret codes should stay safe – data worth a few kilobytes.
In addition to blockchain providing us with a safe platform to secure our data, there have been developments made in AI for this purpose as well. A field in AI is specifically dedicated towards enabling bots to extract information from encrypted data without having to decrypt it, as security concerns are often raised when data is present in a non-encrypted form.
You may still be fearful of employing AI and blockchain for your business due to data concerns, but my advice would be to look at the use-cases of companies that actually employ thriving technologies and reflect upon their experience. If everything is still ambiguous to you then consider getting onboard with a blockchain services provider. Once you find the company apt for your organization, your business will propel ahead of your competitors.
2. With blockchain, we’d be able to comprehend the choices made by AI
The outcomes AI comes up with are difficult for people to understand because AI processes a large number of data before coming to a decision. If we were to analyze the data which is a day’s work for AI, it would take us weeks, if not months. However, some cases require the intervention of human beings, which is why it is important to get a hang of AI algorithms.
Walmart, for instance, uploads all of its transactional data to AI, which further aids it in figuring out which products should be kept, and where.
3. AI can manage blockchains better than humans
Traditional computers, even though are quite fast, rely on sources to tell them what to do and how to do that. This indicates that dealing with encrypted blockchain data on these conventional computers will involve a huge number of computer processing power.
The brute force, for example is a methodology through which a set of data is decrypted by applying every possible combination of characters until the right one is found.
By training and developing an AI, the time spent on making use of the brute force technique can be significantly reduced. How well the AI does is dependent upon the data fed to it.
How to manage your AI and blockchain related concerns?
Now that we have established the security, dexterity and convenience the combination of AI and blockchain will provide us, let’s take into account the concerns you still may have.
First off, evaluate your requirements and then start your hunt for an artificial intelligence or blockchain services company. Secondly, look into reviews. Don’t dip your toes in the water without doing enough research about the provider. Even though for blockchain, you’d have to rely on a company’s proof-of-concepts. But that’s just what you need to establish whether they’ll take your project seriously or not. Third, figure out the equipment and staff the provider has with him. This will have a huge impact on your business.
In the coming years, the survival of companies that shirked the use of blockchain and AI will become quite difficult if not impossible. If you’re assessing the need for AI or blockchain solutions for your company, our advice is consistent with how you should adopt any other technology that is on the rise and shows the potential of taking your business to the next level.