You must have heard of the terms AI and Blockchain individually. Both the top trends are continuously setting records in the market. Around 55% of the professionals feel that AI and machine learning will have a big hand in transforming the industry in the upcoming years.
But how about uniting the two individual ecosystems and developing the new Artificial Intelligence crypto? What happens when we take today’s two hottest technologies – AI and Blockchain are put them together? While AI and Blockchain have the potential to transform the world in profound ways, few have realized they can be even more transformative when combined.
This post will provide some detailed insights into Artificial Intelligence and Blockchain technology, their benefits, and use cases. Furthermore, we will also highlight some challenges that this new Blockchain AI might face.
Explaining AI and Blockchain
Artificial intelligence is known for making patterns and predicting the future. On the other side, a Blockchain is a ledger for securing records of the past. AI and Blockchain, both offer us unforgettable benefits with their advanced functionality and cheaper costs. Certainly, AI & Blockchain seem so opposite, so how could they possibly fit together?
Blockchain is one of the most loved technologies by various industries. It benefits the process by making it decentralized and more secure than the traditional methods. Similarly, the invention of Artificial Intelligence has also left a deep impression in the hearts of various businesses.
This new era of technology enhances machines to mimic human intelligence while automating processes. The automation of processes has resulted in improving the customer experience in various ways. This technology has been involved as a core part of various organizations these days.
Both AI & Blockchain have the potential to enhance the capabilities of others in their own rights. Evidently, the combination of Blockchain and AI offers an efficient oversight of accountability.
No doubt, combining Blockchain and AI will provide us with a tech-savvy collaboration with some ultimate data acquisition capabilities.
In simple terms instead of automating workers to complete the periphery tasks, Blockchain technology aims to automate the center out of the way. Hence, providing more power in the hands of individuals. When merged together, AI and Blockchain will enhance each other’s performance and will provide greater insights, efficiency, and accountability. Now, it’s in our hands to discover effective methods to implement the concept of AI Blockchain.
Impressive Stats related to the Trends of Artificial Intelligence and Blockchain Technology
The hype over digital currencies has made the popularity of Blockchain rise again. Currently, many new organizations have begun to explore the gate of distributed ledger technology. Blockchain offers a distributed ledger that records all the transactions in the nodes in a transparent way. This secure method of storing data has disrupted the business world in enormous ways and demonstrated a wider scope as depicted by the stats below.
Some impressive stats indicating the popularity of Blockchain Technology:
- Various banks and financial firms are expected to save around $8 to $12 billion annually by incorporating Blockchain solutions.
- The Blockchain market is expected to grow at a CAGR rate of over 69% from 2019 to 2025.
- The technology will be worth $20 billion in the next five years.
- The global market size of the Blockchain was expected to reach USD 3.67 billion by 2020.
- 52% of professionals believe Blockchain will be essential to verify user identity in the future.
- Blockchain technology is expected to boost global GDP by $1.76 trillion by 2030.
On the other side, when we talk about Artificial Intelligence development, it has been a long time since it has transformed our lives. Furthermore, it is still constantly exploring new innovative methods to upgrade itself.
To give an example, a recent invention utilized AI to help patients with neurological disorders, predict financial market movements, and translate the data into understandable narratives. AI technology is expected to continue major impacts on the new era businesses as shown by the stats below.
Some impressive stats indicating the popularity of Artificial Intelligence:
- The global market for AI will be worth $190 billion by 2025.
- AI spending reached over $55 billion in 2021 all over the globe.
- The market will continue to rise at a CAGR of 38.% between the span of 2022 to 2030.
- 48% of organizations utilize AI to manage large datasets effectively.
- Around 83% of organizations keep AI as a top priority in their business plan.
To conclude, we can say that Blockchain technology is still in its initial phase. Whereas AI technology comes under the digitally mature category in the industry. However, both technologies have a long way to go with their promising advantages. Moreover, combining Blockchain and AI proves as an excellent idea to overcome the lacking points of today’s industry.
The integration of Blockchain and AI enables users to deal with many through a decentralized network. Therefore, it eliminates the need for any middleman in between. Moreover, Artificial Intelligence Crypto helps to overcome many of the restrictions that an individual Blockchain-based system faces.
From efficient functionality to reduced costs, AI and Blockchain provide us with a wide list of benefits. On combining the Blockchain and AI technology you will get a full stack system enabling you to enjoy superior benefits of both AI & Blockchain.
The Real-life Impact of combining Blockchain and AI
The potential application of combining Blockchain and AI are endless. No doubt, the integration of Blockchain & AI can be used to revolutionize industries. Below we have highlighted a few examples of fields that leverage the combination of Blockchain and AI:
Impact of AI & Blockchain on Healthcare
Definitely, the introduction of AI Blockchain has revolutionized the operations of the healthcare sector. AI in healthcare will help to manage customized medicines and treatment plans. AI has the potential to enhance almost every side of the healthcare industry.
In addition, it will help us to improve the process of disease detection and diagnosis. Meanwhile, Blockchain will help to easily safeguard the historical records of the patient’s medical data. In simple terms, deep insights to improve treatment along with electronic data records can effectively help to enhance the healthcare industry.
Merge of Artificial Intelligence and Blockchain technology in Retail
Both AI and Blockchain technology offer new opportunities to users in the retailing sector. Combining Blockchain and AI will increase the utilization of AI in retail processes.
It will encourage retailers to effectively record detailed insights into the customer’s data in immutable locks. Therefore, this results in detecting the involved factors at the time of any inconvenience effectively. Furthermore, the merging of Blockchain & AI will also update the payment processes and reduce the possibility of any fraud in the process.
AI in Blockchain enters the Supply chain
The benefit of combining Blockchain and AI will provide us with an improved world of the supply chain industry. AI in the supply chain will optimize the entire system which can help to find out any issues in the process.
AI Blockchain will make the supply chain decentralized and transparent. With the digitization of complex paper works and making the data transparent and shareable, AI in Blockchain has huge opportunities for the supply chain industry in store.
Artificial intelligence crypto merges path with Finance
Blockchain & AI together can greatly help to transform financial services by providing improved transactions to users. The introduction of Artificial Intelligence crypto or crypto AI will help to streamline the complex process in the finance sector.
AI can help us to detect and prevent multiple financial crimes easily. On the other side, Blockchain will benefit to decentralize the entire process. Hence, making the system more secure and efficient than the traditional system.
Utilizing AI & Blockchain in Democracy
Evidently, the implementation of AI Blockchain will surely transform the way a government functions. Improving the government system with the latest technologies can benefit the country in various ways. The introduction of AI in Blockchain will help us to reshape the functioning of government more democratically and securely.
The modern Blockchain AI will add a layer of transparency and security along with increased access to data to wide groups. In addition, the integration of Blockchain & AI in e-voting procedures will effectively benefit managing the process with immutable data while making the results available to all citizens in real-time.
Artificial Intelligence and Blockchain technology in Mobile Application
Integrating AI in Blockchain will result in increasing the efficiency of mobile applications. To give an example, Blockchain technology will make the process smooth and transparent while improving speed.
On the other hand, AI will plan out the appropriate solution to utilize and how the users desire to complete the process. In this way, Blockchain AI will accelerate mobile application operations while enhancing the customer’s experience.
Clearly, we can see that the integration of AI and Blockchain together deliver whole new opportunities. Now let us talk about some real-life examples of crypto AI and how they have enhanced their experience.
Popular Examples of Companies using Blockchain and AI Convergence
The convergence of AI and Blockchain will definitely bring new value to businesses. Many industries have already started to explore innovative ways to utilize AI in Blockchain. Let’s discuss the real-life impacts of Blockchain & AI.
One of the notable examples that utilize AI Blockchain technology includes WealthBlock. WealthBlock provides us with a SaaS platform for businesses raising capital that manages automated marketing and messages.
Here the AI and Blockchain combine together to automate the content effectively while constantly updating investors during the entire process. In addition, the AI Blockchain strengthens the suitability checking of investors’ referrals so that it can assure collaboration with only high-quality partners.
Secondly, another popular example among renowned applications of AI and Blockchain includes Chainhaus. Chainhaus is an advisory, education, and marketing organization that utilizes the integration of AI & Blockchain. The collaboration of Artificial Intelligence and Blockchain technology offers end-to-end solutions from app development to fundraising.
Another example that uses crypto AI in its operations includes Verisart. The organization focuses on verifying the art pieces in real-time. Blockchain AI technology helps the organization to give a tamper-proof certificate of ownership to the artist. Hence, encouraging artists to take the credit and prevent the art pieces from being fraudulent copies.
One of the most popular examples of integrating Artificial Intelligence and Blockchain technology includes Engima. Enigma provides us with data marketplaces with the goal to secure off-chain computations. The solution is designed to allow companies to share and access the data that users can subscribe to. Its information is obtained through smart contracts utilized by Blockchain AI solutions.
The last promising example of using AI and Blockchain together includes SingularityNET. It offers us a fully developed AI solution based on a decentralized protocol. SingularityNET utilizes the integration of AI and Blockchain to build a decentralized open-source market where everyone can monetize AI. It enables everyone to exchange AI algorithms on a wider scale. Hence, results in improving the abilities of the open-source marketplace.
Benefits of Blockchain AI
Now let’s have a look at the benefits when we combine Artificial Intelligence and Blockchain technology.
AI manages Blockchain more Efficiently than Humans
Firstly, the benefit of merging Artificial Intelligence and Blockchain technology includes the efficiency of operations. Artificial intelligence claims to outperform the operationalizes managed by humans and computers in terms of speed and accuracy. This is because controlling encrypted data on a hardware device demands some advanced filtration strength.
Here, the introduction of Artificial Intelligence crypto changes the scenario with its faster and more intent task processing. AI solutions aim to handle huge variable sets quickly without any difficulty. On the other hand, comprehension of AI-driven decisions might give a hard time to the human brain. To give an example, integrating with AI algorithms helps to process huge transaction details to track any mischievous activity simply.
The technology has made it super convenient for professionals to audit data without putting much effort. Similarly, AI in Blockchain will increase the transparency of the decision-making flow. Therefore, providing the public with improved insight into their data.
The second advantage of utilizing AI & Blockchain together provides improved credibility of the processes. The biggest hurdle that comes in the way of data science includes finding a reliable dataset to train neural networks. With excessive data shared all across the internet, examining the quality becomes difficult.
Especially, in the times when people have to share massive amounts of data online without any structured safety measures. For example, fake news seems to attract the attention of broader masses as compared to authentic sources. But when we incorporate AI and Blockchain together, it can prevent such fraudulent data with the help of advanced entry and security features.
No doubt, Blockchain technology offers us one of the best methods for data storage. Integrating AI & Blockchain, gives strong protection to the encrypted data to deal with various loopholes. The benefit of developing Artificial Intelligence crypto involves hashes. These hashes allow us to obtain trustable data with ease as crypto AI demands impenetrable security from the software.
Mainly due to verified digital signatures that allow all the involved parties to effectively take access to the private keys. Hence, enhancing the credibility of information from not getting tampered with by other users. Furthermore, the triple entry requires the process to utilize receipts and invoices. Hence, ensuring reliability in terms of credible data with all the history.
The third benefit of combining Artificial Intelligence and Blockchain technology includes the security of data. The number of billions in the revenue market of Blockchain continues to grow gradually. This is because of the unavoidable benefits served by the integration of Blockchain technology.
Blockchain technology offers a much-advanced version of offline stores and the internet. Clearly, security involves the number one advantage to pop into our minds. The ultimate motive of Blockchain technology focuses on providing well-protected data. This data is consumed by Artificial Intelligence in high volumes.
Thereby Blockchain provides a highly secure method to store our data. However, the applications that incorporate the technology might be susceptible. And that’s where we need to encourage the implementation of Blockchain AI.
Many experts are making constant efforts to make the protected data from Blockchain work with AI without exposing it. Machine learning in the finance sector might benefit the deployment of Blockchain apps and alert them to possible security breaches.
Store vast arrays of data
The fourth advantage in the list of incorporating Artificial Intelligence crypto includes large storage of transactions effectively. This benefit of combining Blockchain and AI includes similar traits to the previous one. However, not strong enough to ignore it.
We know the ability of distributed ledgers to store a vast variety of encrypted data. However, the support of Artificial Intelligence crypto will enable the users to easily manage the data effectively. Here, the innovation of Blockchain AI will allow users to effectively store huge data sets and productively manage them.
AI Blockchain or crypto AI helps us to clean up large data sets and make them more accurate. Our computers utilize particular information from multiple sources to vary the authenticity of the transaction. While the integration of AI Blockchain offers us the ability to scan code and check the data faster than the human brain. Hence, it benefits the users to monitor the vast data chain while getting reports in real-time.
Improving the quality of smart contracts
The fifth benefit of combining AI and Blockchain includes improved functioning of smart contracts. Certainly, the promising Blockchain involves the chances of some technical glitches that can be exploited easily. Smart contracts functions to allow and share funds once network consensus reaches the ledger.
The concept of smart contracts is still new to the environment. Therefore, sometimes it lacks to satisfy our requirements. This is because of the possibility of making poor decisions with the influence of outside factors. The introduction of crypto AI has the potential to verify all smart contract decisions without much effort.
Smart contract codes are transparent and can be reviewed by everyone line to line. Hence, it enables developers to find loopholes patiently. However, going through line by line in search of a few errors can take a lot of time. AI in Blockchain will help in the verification of smart contracts to predict any vulnerabilities to prevent any fraudulent activities. Furthermore, combining Blockchain and AI can automatically fix the dynamics generated in the code.
Easy access to shared databases
Sixth and one of the most talked about benefits of merging AI & Blockchain include easy access to shared databases. Most organizations today rely on a common database for all their operations. Since it enables them to test the accuracy and history of all the transitions.
Working with the Blockchain & AI together will surely offer us an improved method of handling confidential datasets. The AI technology can quickly complete the process request by verifying the provided data. For instance, the smart algorithm will benefit in making fast decisions related to approving loans or issuing funds. Meanwhile, the Blockchain can efficiently protect the datasets.
As Blockchain can store large data and AI has the ability to manage large data effectively. The Blockchain and AI together can allow users to actively store encrypted data in the Blockchain and sell access to it. This will result in a huge opportunity for the AI marketplaces too. For instance, big brands can have access to huge datasets to utilize in the AI process. However, the data is also protected from the interference of others.
The emergence of AI and Blockchain will benefit small to medium-sized businesses to manage the same amount of data as large organizations with AI potential and Blockchain safety.
Understand the way AI thinks
The seventh advantage to include in the benefits of crypto AI involves the compatibility of AI with Blockchain. No matter how innovative Artificial Intelligence becomes, people will only utilize it if they trust it. One big hurdle that comes in the way of AI adoption includes its ability to explain computers’ decisions.
Crypto AI has a better tendency to deal with as compared to the trained frameworks. Meanwhile, Blockchain technology facilitates code storage. And Blockchain AI will have the possibility to record the decision-making process and make the process more transparent. Hence, enabling the public to trust the process and increase its adoption.
The combination of Artificial Intelligence and AI technology will allow distributed ledger to record every decision made by the AI point and point. In simple terms, implementing Artificial Intelligence and Blockchain technology together can drastically improve their evaluating capabilities.
Furthermore, the tamper-resistant feature of Blockchain will examine the recorded data from any sort of glitches. The merge of AI and Blockchain results in solving the most challenging situations like complex analysis and deterministic computing.
Optimizes energy consumption
Eighth and one of the most crucial advantages of utilizing Artificial Intelligence crypto includes optimized energy consumption. We know that data mining uses excessive energy to operate. And machine learning dealing with a highly energy-intensive process includes the biggest obstacle in this modern era.
However, big names like Google have demonstrated an idea to reduce this issue by integrating AI on historical data from various centers into a single unit. They focused on training deep mind AI of previous datasets within a data center. This results in a cooling down of their data centers by almost 40%. Similarly, the introduction of Artificial Intelligence crypto may also result in decreased mining hardware prices.
Operation efficiency and user-friendly pricing
The last advantage of utilizing crypto AI that you must know includes its user-friendly nature. The distributed ledger offers a transparent mode of data storage using a payment method. Every publisher of data attracts a fee utilizing the immutable ledger. Hence, it will be unwise to post transaction programs if it’s not generating any revenue.
Especially in the case of independent artists, as they can earn direct revenues by cutting off the intermediaries. Furthermore, the collaboration of Blockchain & AI will help to achieve the ultimate goal of every firm to satisfy their customer’s happiness. This is due to the service-efficient and enforced machine learning model.
Challenges associated with the integration of AI & Blockchain
Combining Blockchain & AI complements each other brilliantly. The promising collaboration of AI and Blockchain claims to solve many challenges. However, the introduction of crypto AI might also come with some unresolved concerns. Below we have discussed some major difficulties that come in the way of Artificial Intelligence and Blockchain technology.
The first challenge that comes in the way of AI and Blockchain collaboration includes power computing. The introduction of AI in Blockchain technology is still a new concept. Furthermore, exploring new trends still requires a lot of time and resources. Implementing the integration of Blockchain & AI demands a high computing power to work on progressive grounds.
A large Blockchain system volume comes with massive possible concerns as well. Certainly, a large scale of transactions demands a bigger computing power. For instance, difficulties like increased internet bandwidth might be difficult to manage. Thus, the addition of data and blocks should be limited to meet the inevitable demand.
The second obstacle that the combination of AI and Blockchain faces includes the privacy of confidential data. Blockchain technology is open source in nature due to the heterogeneous characteristics of its nodes. All the information encrypted on the Blockchain is accessible to all the nodes in the chain. Therefore, it will be difficult for AI in Blockchain to decide on a single point.
Here, the risk of privacy issues for confidential data is a concern for many. However, some solutions like a private ledger, regulated access, and data encryption might help to solve the concerns of users. Although, the utilization of ML models on private data limits the processes of prediction and evaluation.
Another challenge that the utilization of AI and Blockchain needs to overcome includes memory constraints. The more data continues to add to the Blockchain the more the chain size will expand. Hence, it becomes crucial for every node to store the added information every other time. Furthermore, the growing size of the chain will also impact its performance as well.
Therefore, it might result in notable memory constraints on the devices. Storing unreasonable data only results in consuming the memory of computer resources. In simple terms, memory storage includes the major concern in the implementation of AI Blockchain.
Last and one of the most crucial challenges that the collaboration of AI and Blockchain undergoes includes the right investment of resources and time. The collaboration of AI and Blockchain demands a strong investment in terms of improving its abilities to actually function accordingly. In addition, organizations need to be committed to developing a suitable AI-powered Blockchain solution (AI Blockchain) for improved adoption.
Future Scope of Combining Blockchain and AI
From the above, we can surely say that AI and Blockchain together are going to be heavily implemented in the development services in the next upcoming years. Merging AI and Blockchain leaves us with improved data integrity. In addition, the integration of Blockchain & AI also enhances the security game by utilizing ML and AI to guard the system.
They offer us two strong pillars upon which future trends will depend on. Even in the present, many industry leaders see a significant value in using AI in Blockchain. Blockchain AI seems to be the perfect companion to each other’s progress. Some countries are planning on combining Blockchain and AI along with IoT to introduce the concept of smart cities in a smarter way. AI in Blockchain can simplify the complexes and dramatically fasten the development speed.
If you are looking for reliable AI and Blockchain development services, CronJ is the one-stop shop for all your development needs. Our team provides a long list of professional services to satisfy your development needs. Everything from conceptualizing to deploying your idea, our experienced professionals can help you in every aspect. Furthermore, if you have any queries related to the topic, feel free to contact us.