The application of blockchain to AI and the emergence of the term ‘Blockchain-based AI’ has captured a lot of interest across the globe. This is at a time when the application of Blockchain to every sector has grabbed the limelight, not only in the IT industry but across the board.
Now, the world is seeing the emergence of the term ‘Blockchain-based AI’. While it is expected that the integration of AI and Blockchain is likely to happen, the process may take some time.
Blockchain could be described as the future of every industry and Blockchain tech and AI is merging. In the coming years, we will see much more blockchain being used for multiple different purposes.
What is Blockchain?
In a nutshell, Blockchain is a set of protocols that allow different computers to access a piece of data and verify that it is true.
At the moment, this is being used for crypto-currencies and other cryptocurrencies but, in the future, it could be used for everything from storing your credit card information, to storing your house keys, to holding your medical records.
This is a significant development. When we look at the way that information is stored right now, it is usually stored in a single place and anyone who has access to that place can look at the information and get a complete picture of the world.
This can be dangerous. If something goes wrong in the banking system, it could be weeks before a bank is aware of it. The Blockchain protocol can record that information in a much more robust and trustworthy way.
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How the AI and Blockchain tech can work together
When we look at Blockchain and the way it is used for things like financial transactions, we know that AI is a huge component of it. AI can automate a lot of the tasks which need to be performed. Once a blockchain is set up and recorded on the system, AI can analyze it and perform tasks based on the records that were previously created. For example, let’s say we want to create a smart contract.
If we want to create this, we need to use a system like a Solidity. This programming language allows the user to create a smart contract on the blockchain.
So, with this contract in place, we can use AI to analyze it and start coding the rest of the contract. Once the contract has been coded, the AI then needs to learn to create and test the contract.
Once it has the first contract created, we need to create a new blockchain and code in the next version of the contract. Once it has learned how to create contracts, we can start putting the contract together with other transaction components. For example, let’s say we have a loan contract, with the AI analyzing the contract, we can start to add features and build a new loan contract.
Once that is in place, we can take the contract to the marketplace and test it. If there are any bugs in the contract, we can find them and fix them. Once the contract has been tested and passed, we will be able to create more contracts using the same contract code. Once it has learned to create contracts, it can then start to analyze and test the entire loan process, all at the same time.
As more and more contracts are created, AI will start to grow and evolve. It will learn what needs to be done in each area, making sure that all the parts are working perfectly together. This will allow us to change the contracts over time. For example, if the bank goes bankrupt, we can remove that contract from the system. However, as it continues to learn and evolve, it will then create a new contract and continue to operate using the new contract.
The beauty of this is that it will perform a lot of tasks.
There is a large part of our lives that humans perform. We all have appointments. We all have meetings. We all have to meet our deadlines. We all need to spend our time doing something which requires a high level of concentration. There are so many things in our lives that need to be performed by humans. We are also limited by human perception. We only see the things that we are looking at, and we can only hear and hear the things which are directly in front of us. However, the AI will be able to create all of these types of tasks and perform them in a much more robust and dependable way.
In the coming years, we will see more and more of this process being used.
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How AI and Blockchain tech will benefit society
This is a really exciting time. Imagine if we had a world where we had an AI smart contract that could be used to perform all sorts of tasks and operations. We could have an AI which could carry out any operation which is currently done by humans. This would be a world in which we would live.
- There would be no more meetings.
- There would be no more appointments.
We would all be able to spend our time doing the things which we enjoy. It would be a world where we could finally see technology’s true potential. A world in which we could look forward to a future where technology really could take over.
Conclusion
It is an exciting time for blockchain and AI. We will be able to see the blockchain develop to allow us to create the smart contracts we need to carry out the tasks and operations we need to perform.
One of the problems we currently have is that the current blockchain systems are a little inefficient. To improve this, we will need to see the technology merge. This is why we are excited to see the AI and Blockchain tech continue to improve and evolve and combine in the future.
