Unequivocally, Artificial Intelligence (AI) and Blockchain are the cornerstones of exponentially expanding the technology in the present era of “Digital Revolution”. The convergence of AI and blockchain with Big Data Analytics has opened the gateways for enhanced efficiency and transparency in operations. By leveraging, analysing and managing data effectively, businesses can make informed decisions, reduce costs and transform business processes. Yet many companies and organisations are skeptical about switching to these new technologies due to concerns regarding returns on investment and security.
Processing using Artificial Intelligence
AI simply put, is the theory and practice of building machines capable of performing tasks requiring intelligence, made possible by machine learning, artificial neural networks and deep learning. It enables to analyse large amounts of data successfully to draw relevant critical insights. Interestingly, AI and machine learning algorithms only grow smarter with more data being processed. AI has proved to be instrumental in a plethora of activities such as optimising energy consumption, healthcare, finance and economics.
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Securing with Blockchain
Blockchain is essentially a new filing system for digital information, which stores data as guarded, linear and permanent, indexed records. Since data is encrypted and distributed across many different computers, it enables the creation of tamper-proof, highly robust databases which can be read and updated only by those with permission.
Yin and Yang of AI & Blockchain
AI and encryption gel up well
2.5 quintillion bytes of data is created each day which, if processed smartly, can add tremendous value and convenience in our lives. However, much of it is highly sensitive personal data and companies invest large amounts of money to keep it secure. Data held on blockchain is innately highly secure, thanks to the inherent cryptography in its filing system. AI algorithms are being built which are capable of processing data in encrypted state.
Blockchain can help track and explain decisions made by AI
Sometimes its hard for humans to comprehend the decisions made by AI, because of huge amounts of data and complex algorithms employed in learning which variables are important in achieving the desired result. Recording the decisions in a linear manner in blockchain, simplifies the auditing process with confidence of security.
AI can manage blockchains more efficiently than humans
Traditionally, explicit instructions had to be provided to computers to perform a task, which can become extremely complicated while operating with blockchain due to their encrypted nature. AI can effectively manage tasks in an intelligent manner, by relying on robust algorithms which keep becoming smarter with more amount of data.
The combination of AI and blockchain work best in tandem and have potential to create huge impact on big data analytics and management. They are technologically compatible and complementary, along with Blockchain playing a significant role in augmenting AI.