AI and Blockchain: Benefits to experience
Artificial Intelligence and Blockchain are a powerful combination, enhancing every domain they are a part of. Their role is impressive in sharing health records, food supply chain logistics, and financial security. The system security has almost doubled with their integration.
What are AI and Blockchain?
AI can find new scenarios out of huge datasets and find various patterns depending on the behavior of the data. At the same time, Blockchain is vital to remove all fraudulent datasets and errors. The decentralized Blockchain infrastructure helps verify various AI patterns and know their authenticity. Such usage finds apt in consumer-facing businesses. The data collected from the customers can help develop AI marketing automation.
Blockchain is a distributed database that maintains continuously increasing ordered records known as blocks, linked using cryptography. Each block comprises the transaction data, a timestamp, and the previous block’s hash.
What are benefits of Blockchain Technology in AI?
Blockchain Technology in AI helps develop the most reliable technology that helps give valuable insights and decisions. As a result, AI enables the below technical advancements as below:
AI helps improve calculations to minimize the minor load to cause less network latency for quick transactions. AI helps reduce the carbon footprint of Blockchain technology. As AI replaces the miners’ work, the cost spent on the miners is significantly reduced. With the growing data on the Blockchain, AI algorithms execute on the Blockchain data to automatically prune the data.
Furthermore, AI can introduce decentralized learning systems such as data-sharing techniques or federated learning to make systems more efficient.
Cybersecurity helps protect the systems against cyberattacks, which aim to change or amend digital information to steal money or extract some sensible information. With the growing dependence on technology, it is crucial to implement security measures to protect data transactions.
Distributed denial of service (DDoS) attacks, SQL injection, Ransomware attacks, Man in the middle (MITM) attacks, and Phishing are common cyberattacks. Apart from this, cyberattacks happen through other malware, such as Trojans, viruses, and Rootkits.
Some of the prominent cybersecurity features:
1. Helps understand malicious software
2. Data correction and Data backup codes
3. Evaluate risks and threats
4. Execute measures that prevent system vulnerabilities
7. Access control
8. Firewall implementation
9. Use IPS and IDS( Intrusion Prevention System and Intrusion Detection system)
One of the significant concepts of Blockchain is decentralization. Blockchain technology is a decentralized and distributed ledger that reserves the ownership of digital assets. No data on the Blockchain can be modified, especially in the industries such as healthcare, cybersecurity, and financial payments. None can own the chain. Blockchain nodes can be any electronic device that keeps the network functioning and maintains the chain copies.
The AI and blockchain integration helps develop trust among the key stakeholders. The major areas of contribution include the Healthcare and Life Sciences Ecosystems, Internet of Things (IoT) Device Security, Retail Loyalty Programs, and Telecommunication and Energy Settlements.
Here is the brief about each of these areas:
AI helps identify the predictive trends in demand and supply. Also, it helps identify the health outcomes to calculate risks. The AI-based predictions and responses have significance for the patient health data and pharmaceutical inventory. Blockchain technology can perform data control and security to prevent fraud access and also derive some valuable conclusions about the patients and the products.
Organizations increasingly deliver more value using Blockchain technology to make quick financial transactions with minimized reconciliation. 5G emergence helps perform data exchange at a more rapid speed to revolutionize the energy and telecommunications industry.
AI models to forecast or make optimal pricing adjustments will be required to fight against the increased customer cost. Also, organizations adopting the Blockchain help manage transaction settlements to gain AI benefits and can share insights or models with the chosen partners.
IoT in manufacturing helps forecast the machines’ failure or other things that impact the products’ quality. Moreover, the IoT-enabled medical devices help predict patients’ health much better. Also, help optimize vehicle routes for autonomous vehicles.
With such privilege, the data is susceptible to risk. Blockchain enables data traceability to ensure that recommendations and predictions happen based on genuine data.
Retail loyalty programs
Blockchain tokenization offers a value exchange within loyalty networks. With Blockchain, loyalty program providers seek Artificial Intelligence for program personalization with cost optimization. AI helps predict consumer behavior. Blockchain models help explain why a specific insight is generated. It can help organizations retain the confidence and trust of external and internal stakeholders.
Blockchain and AI integration can make a massive difference in the way an organization performs operations.
Data is the key to the development of AI algorithms. The blockchain secures this data and enables it to audit all the steps AI takes to make conclusions. There is yet more to discover about Blockchain technology and Artificial Intelligence.