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Blockchain Technology

15 Jul 2019

Infusion Of AI And Blockchain Technology And Their Impact On The World

Can you name two technologies that have always been on the top of everyone’s mind, as far as science fiction fantasy is concerned? Yes, you are absolutely correct, its Artificial Intelligence and Blockchain Technology. Now, these two high profile technologies, have come a long way to just be a part of everyone’s fantasy world.

They are now immersed in a gargantuan number of popular, everyday mobile applications. These apps are transforming and accelerating the world of technology and business. Developments in the field of healthcare, finance, education, cryptoworld, gaming etc, can easily be experienced. Let us have a look at some of the popular applications based on Blockchain and AI technology. In this blog we will also evaluate the different impacts on the world, because of the infusion of these two technologies.

Applications Based On Artificial Intelligence

Even though AI is filled with multiple boundaries and obstacles, machines are increasing their capabilities. They are now increasing their efficiency of rudimentary thinking, when measured against humans. It mostly includes progress in some narrow domains. The technology is being used in multiple ways, that some of us might not be aware of. Below mentioned are some common applications of artificial intelligence.

  1. Bank Fraud Protection

This technology is used to discover potential fraudulent operations on anyone’s bank account. Due to the heavy transaction, it is not possible to use human power to decipher, what may or may not be a potential attack. The system is focused on detecting any abnormal activity on a bank account. For example, a heavy transaction amount, or an unusual retailer. Once alerted, the particular bank can then establish a connection with the user to determine whether or not they were responsible for the higher-than-usual transaction.

It is known as anomaly detection, in this field.

  1. Google maps

While using Google Maps on a smart phone, most of us might not even realize that mapping we see, is based on machine learning. Google uses AI-powered computer vision system to capture and read structure from the streets, and then write them onto Google Maps. Another example is the way Google Maps predicts the ETA, based on the patterns learned from the users’ travel time, and their routes.

  1. Personalized Advertising

Facebook uses their platform in order to advertize brands. And that is why you see ads on your newsfeeds, that correspond to your recent searches or your recent purchases. This also enables the companies to display the items in the user’s newsfeed, that may be of some interest to them. Google retargets to deliver related ads to its users, even if they have left the website.

AI is used in this technology to develop a better understanding of the concept of making the users see what they want and then providing it to them. Just like Google, Amazon also engages its customers in targeted marketing to recommend a number of additional products. These products are some what similar to the products that the buyers are already interested in purchasing.

Such technologies fall under the category of recommendation engine, under the field of AI and ML.

Applications based on Blockchain Technology

Now, blockchain technology is mostly connected with the media, and with cryptocurrencies. For example, Bitcoin, Ethereum, NEO, and to be honest the list is never ending. There are much more promising applications based on blockchain. But before making any progress in this respective field, it is important to understand each and every risk and limitation, associated with the blockchain technology. These issues then need to be evaluated when you try to combine it with some other technology. IoT is the best example of one of the technologies, that can be infused with blockchain.

Below mentioned are a few examples of currently used blockchain applications;

  1. Spotify

Used by almost 83 million people all around the world, this popular music streaming application is surely turning a lot of heads. It was known as Mediachain Labs, a blockchain company, back in 2017. The idea behind this is to use blockchain technology to connect artists to the platform; Spotify. And this can happen by making sure that the licensing agreements are respected and right shoulders are protected.

  1. Diamond Trade

De Beers supplies almost 30 per cent of the world’s diamonds. The company uses blockchain technology, in order to create an extensive database. Through this database the company tracks the origin of its diamonds to provide transparency to its users.

  1. Healthcare Records

The requirement to secure the records of private healthcare is very essential. Therefore, most of the healthcare companies use blockchain technology to ensure the safe access and sharing of their patients’ medical records.

The Deadly Combination Of Blockchain And AI Technology

Both the technologies have brought mind-blowing reforms in app development. But the convergence of AI and blockchain technologies, is leaving a real impact on the world. Innovative companies are relishing the power of big data, the value that AI can bring, and the trust within reach using blockchain.

Paul Lee, CEO of Mind AI, sees incredible opportunities and potential in the fusion of both AI and blockchain. Mind AI is a company that is leveraging AI to create an advanced nautral language, reasoning engines is the base of this.

According to Paul Lee, has the potential to break the data though individual ownership of the information. Doing this will provide access to huge number of data and information sources that can used by developers working on artificial intelligence technology. This means that there is also going to be a data marketplace, which can be a free market for programmers, looking for particular type of data for their projects.

In the similar sense, Artificial Intelligence can boost the development process of blockchain. Just as some of the most compelling use-cases and applications on early stages of blockchain technology is, for the data powering search based on AI. This paves the way for huge progress in this technology to use it with AI. The development and the applications based on it will automatically have an effect on different domains. This initiates the rate of blockchain adoption.

Conclusion

According to the Chief AI Scientist, of Matrix AI Network, the future of blockchain and artificial intelligence, is huge. The Chief shared the Einstein’s perspective, that the measure of intelligence is the potential to change.

AI provides us effective methods to grow our knowledge from history. And on the other hand blockchain helps us to create trusted bonds and relations with the business network. Together they provide us with the potential to adapt changes.

It will be interesting to see what future has in store for both these technologies. But till then stay tuned to this space.

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