What is AI and blockchain?
In today’s world, the most innovative technologies include Artificial Intelligence (AI) and blockchain technology. When AI helps machines assist humans and make decisions, blockchain technology is a distributed ledger that is secure, transparent, and allows tamper-proof applications.
What happens when there is an intersection between the decade’s finest technologies? With core benefits like security, transparency, and overall efficiency, does the amalgamation of these two technologies have the potential to transform various industries? The group of AI and blockchain researchers and writers at TNC are here to find out.
What happens when there is AI and blockchain integration?
Stitching the benefits of both blockchain technology and AI, the AI models can pull from and improve the speed of operations by connecting models to the automated smart contracts that blockchain offers. It also improves the trustworthiness of data resources.
Decentralized by design, blockchain networks ensure that there is no singular point of control or failure. It is true that decentralization will improve security, but with its virtues come a certain set of vices, such as scalability and efficiency obstacles. This is where AI can help. Prepared to optimize blockchain data processing and storage, AI algorithms can help blockchain technology with its comparatively lethargic transaction speed compared to conventional payment systems. AI can facilitate faster confirmation times and a seamless user experience.
Not just that, AI continues to evolve and can identify patterns of network blocks, enabling the blockchain to adapt and maintain optimal performance. It can also detect and prevent fraudulent activity, strengthening the integrity of the blockchain network. Through algorithms utilizing machine learning (ML), transaction data can be examined to identify suspicious behavior and flag potentially malicious actors. This can not only protect data from malicious actors but also enhance the network’s credibility.
The integration of AI and blockchain offers multiple benefits for blockchain-based systems, such as improved business data models, globalized verification systems, innovative auditing and compliance systems, finance, transparent governance, retail, predictive analysis, and digital property rights.
What are AI and blockchain use cases?
The impact of AI and blockchain integrations is reflected in many arenas. Here are some of the industries where there are potential use cases for the same:
In AI systems, blockchain technology and decentralized infrastructure can act as encryption-backed guardrails. In such cases, AI systems can be deployed with built-in safeguards that decrease their ability to be utilized for malicious purposes. AI developers can encode parameters such as various key systems and private keys can enforce these conditions with the help of decentralized infrastructure like blockchains and smart contracts.
It is difficult for a single adversary to compromise the entire system as decentralized infrastructure is spread across multiple nodes and many independent private keys. This helps decentralized, blockchain-based systems combat manipulation by various adversaries, and these security measures could help stop scamming AI acts.
In the space of inventory, there is a need for smart contracts for additional inventory detection and executing the order with an external supplier. A smart contract is a digital contract hosted and executed on a blockchain that triggers expected outcomes when met with predetermined conditions that are made from specific codes. There are some advantages to the self-executing nature of smart contracts when it comes to leveraging the power of artificial intelligence.
By enabling the real-time tracking of goods from production to delivery through the integration of ai and blockchain technology, there will be transparency so that potential frauds can be eliminated. Inventory companies can also gain better insights into demand patterns, optimize inventory management, and make data-driven decisions to minimize costs by combining AI-driven predictive analytics with blockchain technology.
Humanitarian organizations can optimize resource allocation through AI-driven analytics combined with blockchain-based supply chain tracking. Emergency relief efforts can be optimized so that supplies are allocated to their ideal destinations by providing real-time data on the availability and location of essential supplies.
Blockchain technology can validate the authenticity of images, video files, text documents, or other media types by cryptographically verifying where a piece of content originated from and whether it has been tampered with. Not just that, cryptographic and encryption technology can also be used for tamper-proof timestamping to verify “who knew what and when.”
In the future, differentiating between AI and human-generated content will be difficult. A decentralized platform with its cryptographic validation and timestamping will help with content curation, verification, and distribution. This will come as a huge relief to content creators and users to establish control and trust over the media they propagate by its transparency and verifiability.
NFTs in blockchain tokens can also help with proving the authenticity of digital content. Be it images, video, music, or anything else, creators can establish a digital fingerprint on a piece of content by assigning an NFT to it.
Unparalleled data provenance is one of the most useful benefits of blockchain technology. As a highly secure and decentralized blockchain-based network, data storage comes with data integrity for large-scale data analytics. From the vast sets of data generated on-chain, ML models could identify overarching trends and offer actionable intelligence through predictive analytics. This will help both businesses and individuals make informed decisions about on-chain economic opportunities.
Anyone with an internet connection will be able to access transparent financial services that involve peer-to-peer transactions and immutable smart contracts through decentralized finance (DeFi). By utilizing the on-chain financial stack of the Web3 industry, an AI securely connected to the Internet could perform routine tasks involving payments or economic exchange without having to rely on intermediaries or paper-based financial systems.
What are some of the AI and blockchain projects?
Here are the top 10 AI and blockchain projects:
This is an Ethereum-based platform that uses AI to predict financial markets. On the platform, competitions are held where data scientists race to build the best AI models. The models that win are then used to generate predictions for the Numerai hedge fund, which is open to both accredited and non-accredited investors.
- The Graph
It is a decentralized protocol for indexing and querying data on blockchains. Developers in The Graph build applications that can access and process data from multiple blockchains, including Ethereum, Bitcoin, and Filecoin.
- Singularity NET
Users can create, share, and monetize AI services in the AI marketplace. It has over 1,000 AI agents that can be used for a variety of tasks, such as fraud detection, customer service, and medical diagnosis.
It is a decentralized platform that uses AI to automate tasks and optimize decision-making. It allows supply chain management, energy trading, and financial trading.
- Ocean Protocol
It is a decentralized marketplace that allows users to share and sell data. The platform utilizes blockchain technology to ensure the security and privacy of data.
- iExec RLC
Users can rent out their computing power. The platform is used by developers to run AI and ML models.
It is a blockchain-based platform that uses AI to track and manage shipments. It offers a secure and transparent way for shippers and receivers to track the location of goods in transit.
A blockchain platform that uses AI to improve the efficiency and scalability of the network that includes supply chain management, financial services, and gaming.
- AI Doctor
A blockchain-based platform that uses AI to provide healthcare services. Users can access their medical records, book appointments with doctors, and receive personalized treatment recommendations.
A decentralized network that uses AI to provide peer-to-peer internet access. The network is designed to be more affordable and reliable than traditional internet providers.
We can see that the breakthrough technologies of this decade—blockchain and AI—are here to make real changes and an intersection between the two has the potential to transform various industries.
Sectors like cybersecurity, supply chain management, financial services, and decentralized marketplaces, which have applications for both, are just the start, while more industries are gaining application momentum. We can expect radical changes in the way we live and work as these technologies continue to evolve. So it’s time for you to integrate innovative blockchain development services into your start-up to build its security, efficiency, and adaptability. Contact TNC Teams today and experience how blockchain technology can redefine your business.