The Future of Technology Explained:
A report by PwC has concluded that Blockchain and Al will emerge as two of the revolutionary technologies of the future, transforming the world for the benefit of mankind. The digital transformation they are about to bring will collaboratively add US$18 trillion to the world economy by 2030. Both technologies have diverse use- cases to prove their potential to disrupt the future.
For example, in the healthcare sector, Al has automated surgeries with robotics and blockchain has paved the way for data verifiability, protection and universal sharing. Therefore, surgeons need not wait for hours or days to interact with other qualified surgeons and brainstorm for results. The data they get on top of the blockchain ecosystem can be shared across nodes and fed into the computer systems, automating robots to perform surgeries with 100% precision. Such an approach can save lives and eliminate a lot of wastage of money and resources to procure data via traditional means.
With that being said, it wouldn’t be an understatement to quote Al & blockchain as the soul and body to shape the future ahead. Therefore, let’s look at the ways in which the future is about to be built on top of blockchain and Al.
Decentralised Data Sharing and Data Control:
The role of Al is to perform specific functions based on its operating code. The process might sound very simple to everyone, but Al systems usually have to rely on one centralised data server. This would complicate matters if tampered or botched data are present. On top of that, siloed information can further delay the process and make operations inefficient.
This is where blockchain comes into the picture, dividing the data into diverse nodes and making the entire system decentralised and efficient. In this way, all the data can get verified in the process when distributed among various nodes, and Al systems can quickly tap the data from various alternating branches and quickly give results for faster decision making.
A PwC survey conducted on 1,000 executives concluded that data driven organisations have shown significant improvement in decision-making, compared to the organisations that do not depend on Al-powered decision-making capability.
At the moment, big corporations like Facebook, Google and Amazon rule the roost in data. These data they are collecting are not available easily in the public domain. As blockchain simplifies peer-to-peer (p2p) transaction or data sharing between parties, it will bring an end the data monopolies that most of the big corporations enjoy at present, thus establishing better price competition, business scope and service improvement benefiting the society at large. It will also help small retailers participate in the ecosystem and thrive.
Machines will be programmed to operate unanimously or in an autonomous fashion. As technological advancements bring such a leverage for the near future, it will need an advanced layer of security. Blockchain-based Al can propose new consensus algorithms that would help in interacting with the blockchain. In this way, it will help in learning future uncertainties well in advance.
Al learning mechanisms will help analyse and detect threats to eliminate them. Blockchain, on the other hand, will establish a secured and digitised ledger that can be only accessed by authorised peers for transactions. For example, the much talked about denial-of-service attack (DDOS) can be mitigated by moving the data from one server to another during a meltdown to safeguard the transactions. In this way, the combination of blockchain and Al will help in further fortifying security that will help scale industries across various use-cases and applications.
The combination of blockchain and Al will give better control in data management and usage. In this way, data can be sourced from contributors efficiently, and they will be remunerated fairly in the process. Al systems will automatically ensure that data has been used and paid for and allow new participation for a robust building model. Thus, putting data to use in a comprehensive manner empowering the system.
Al has shown the way to businesses what data can do with respect to building sustainable business models. Blockchain, the smartest invention of the 21st century has paved the way to safeguard that data and make it more inclusive to be used across diverse sectors. The combination of the two has the potential to help data further mature and empower sectors, thereby, laying the wreath for an advanced future ahead.
https://yourstory.com/mystory/how-blockchain-will-transform-ai-cch55I2h4k https://www.bbvaopenmind.com/en/technology/artificial-intelligence/blockchain-and-ai-a- perfect-match/ https://www.openaccessgovernment.org/blockchain-vs-artificial-intelligence- how-are-they-shaping-the-future/48497/
Disclaimer: The content in this report is from the open source and for educational purposes only, therefore should not be considered as financial advice. We all know that the cryptocurrency market is highly volatile. Therefore, all the financial decisions should be made after doing your wide spectrum research.