Artificial Intelligence and Blockchain technology have been the two most significant drivers of technological innovation in recent times. According to several predictions, AI will add about $15 trillion to the world economy, and blockchain will contribute over $3 trillion to business valuations. Therefore, it’s anybody’s guess what a blockchain and AI combination can achieve.
Combining AI and Blockchain to Boost Security
AI hasn’t got much use without data. Algorithms require data for making decisions, drawing conclusions, and delivering actionable insights. The performance of AI’s algorithms relies heavily on the data quantity that it has. That is why there is such demand for the collection, storage, and analysis of data. Since blockchain serves as a distributed ledger for data storage and encryption, combining AI with blockchain can go a long way in creating a secure and decentralized database for highly sensitive information for AI-driven systems to collect and store.
Preventing Monopoly Over AI Through Blockchain
Although a revolutionary technology, it can prove dangerous if it lands up in the wrong hands. There is no saying what would happen if a handful of organizations come to control the majority of the AI technologies. Innovators would have to take their permission to use the technology. However, blockchain analysis says that AI can be made decentralized through blockchain. This would prevent giant corporations from using algorithms to eliminate competition.
Ease of Doing Business for Unbanked Entrepreneurs
The fundamental requirements like starting a business, opening a bank account, obtaining a loan, and receiving a fiat payment are a few things that might sound doable but give small business owners a harrowing time. For many, it is much easier to compare crypto wallets and set up a crypto wallet according to their choice. As a result of blockchain and AI combination, workers can accept crowdsourced jobs and receive payment without having to worry about exchange rates. There would also be fewer chances of worker exploitation.
Blockchain and AI combination can allow countries to participate in the modern economy that is mainly created by these technologies. Also, it would shield them against potential exploitation. The best thing about it is that it would build customer confidence by preventing any entity to gain a monopoly over AI technology.