Artificial Intelligence and Blockchain are two technologies that have captured the public’s attention over the last few years. Despite this, their applications are vastly different. Blockchain is a fantastic way to save information. Artificial Intelligence is a highly efficient time saver that can automate complicated processes, among other applications. However, as it turns out, these two extremely versatile technologies have incredible potential when combined. So, with that said, here’s how AI and blockchain work together.
AI and blockchain could change the world’s relationship with data.
According to IBM, combining artificial intelligence with blockchain technology has nearly limitless potential across a variety of industries. For example, it is already well known that blockchain has excellent potential in healthcare as a patient information storage system. Utilizing AI and blockchain together would help doctors notice discreet patterns in the data that could help them with diagnosis.
Combining the two can also revolutionize financial services by securing data and streamlining transactions. For example, IBM mentions pairing the two technologies can drastically speed up the loan process through automated smart contracts. It’ll also increase transparency in the decision process.
Additionally, the company has already applied the combined technologies in real-life use cases. In July 2021, well before the mainstream explosion of artificial intelligence, IBM merged the power of AI and blockchain. They used the two techs to overhaul coffee and cocoa bean farming in Honduras.
IBM worked with the nonprofit Heifer International and the Honduran farming cooperative COPRANIL to increase transparency and efficiency. “Our work […] is an important test of how AI and blockchain technology can advance social good,” said IBM’s Kareem Yusuf. The program uses predictive AI to help increase crop yield and blockchain to track crop quality. “These farmers are empowered with new data and insights so they can command more at market,” Yusuf said.
Applying the two technologies together could be highly disruptive.
Disruptive technologies are innovations that alter how we operate in an industry. And both AI and blockchain are highly disruptive. According to Forbes, one of the fields the two could revolutionize the most is cybersecurity. Forbes reports experts expect cybercrime to cost $8 trillion in 2023 alone. Artificial intelligence could become invaluable in cybersecurity, with an expected market cap of $46.3 billion by 2027.
Unfortunately, bad actors can also use AI to help them in their nefarious deeds. However, that’s where blockchain technology comes into play. Blockchain can help maintain and secure information, while AI can instantly and automatically detect if there is a potential threat.
Simplifying big ideas
To simplify, consider blockchain the ultimate library and artificial intelligence the world’s greatest librarian. Blockchain’s distributed ledger creates secure, transparent, and decentralized databases. And artificial intelligence can track and interact with that database to provide users with critical information quickly and accurately.
Additionally, blockchain can keep track of the AI’s algorithm throughout its learning process to help understand how it evolves. As mentioned, the two technologies can potentially change how the world interacts with data. They complement each other perfectly to revolutionize information systems with nearly limitless practical applications.