Is Blockchain technology synonymous with cryptocurrencies? Many would say yes, and it is almost believed that the financial sector has adequately utilized its potentials. However, technology is moving beyond its contribution to the finance sector. Well, coming on to the next revolution- What is Artificial Intelligence? AI is in its nascent stage of technology development and its adoption is sky high as its offerings are well suited with the business needs.
Both these emerging technologies can benefit from each other and help one another in reaching the next step of the fourth industrial revolution; they are more complementary than competitive.
AI and blockchain have become the pioneers of the Fourth Industrial Revolution, as they enable artificial constructs and programs to perform a vast number of tasks that previously required human labor and entailed high risks of error. Well, big data is the factor that is uniting blockchain and AI in their applications.
There is a plethora of information which needs to be processed, and there is physically no human workforce that is capable of analyzing such vast amounts of data. But AI can analyze these massive amounts of data and blockchain can serve as the immutable medium for securely storing the records.
Complementing each other
AI continuously analyzes data and allows data to be appropriately stratified and shared. This essential feature of AI helps in automating normal processes and brings to the forefront one of the primary qualities of AI in the form of productivity and efficiency. On the other hand, Blockchain offers a secure environment that makes sure that the data is stored in an environment that is safe from any external interference, or any tampering of data. And this is how blockchain complements AI in solving the problem of trust.
Also, AI collects personal data; blockchain can help to change the reputation of AI by storing AI mechanisms that process data on a distributed registry. Even by using private and public keys, users themselves should determine who should be given access to their data and the technology can also provide decentralized identification.
Technology is and will advance in the coming years and will continue to fulfill new demands thus leading to a new stage. With these emerging technologies, revolution welcomes a variety of changes in everyday lives; however, the uniting factor is that all revolutions strive for improvement and efficiency.