Original article was published by ARSR Technologies Blog on Artificial Intelligence on Medium
Benefits of Combining Blockchain & AI Software Development
Artificial Intelligence & Blockchain are two trailblazing technologies that are being leveraged by enterprises & startups to maximize operational efficiencies while maintaining robust security of data.
Artificial Intelligence — Building machines & systems that can seamlessly replicate human intelligence while performing a series of tasks. The current lot of cutting-edge technologies that are effectively making AI a reality comprises Artificial Neural Networks, Deep Learning & Machine Learning.
Blockchain — It is a filing system that is used to store digital information securely. Blockchain employs encryption methods to secure data & store in a distributed ledger format across different nodes (computers). This results in robust databases that cannot be tampered with & only the person with access to such databases can change or update the data.
As of now, these technologies are being used for a limited number of cases. But a combination of these technologies certainly showcases a huge potential along with a multitude of use cases in the upcoming years.
3 Major Benefits of Combining AI & Blockchain
Let’s quickly understand 3 prominent ways in which AI & Blockchain can complement each other:
AI & Blockchain’s Encryption Can Seamlessly Work Together
There are 4 reasons why blockchain technology will witness a proliferation in the next few years:
Encryption — Robust security that is virtually unbreakable.
Transparency — Easy Data accessibility to those who have permissions.
Decentralized — Data is seamlessly spread across multiple computers.
Invariable — Easy data addition into databases which cannot be corrupted.
Hence, Blockchain technology is an ideal choice for storing sensitive data.
Now, add the smart processing power of Artificial Intelligence to the robust data security of Blockchain technology & you get an amazing system that can readily access data & perform tasks at blazing fast speeds.
Some future applications of the combination of Blockchain & AI Software Development include:
Smart healthcare — Accurate diagnosis due to seamless access to secured medical records via Artificial Intelligence systems.
Recommendation Engines — Personalized suggestions on Streaming, eCommerce, mCommerce & other platforms based on your user behavior.