AI and blockchain technologies might need each other to evolve
According to a recent article on TechCrunch, AI and blockchain technologies might need each other to evolve. AI and blockchain convergence is inevitable. The article discusses how the convergence of these two technologies can bring new value to businesses by enhancing security, clarity, and overall efficiency.
According to the article, blockchain technology can provide secure and tamper-proof storage of data, which is essential for AI systems that rely on large amounts of data to learn and make decisions Blockchain is a shared, immutable ledger that provides an immediate, shared, and transparent exchange of encrypted data simultaneously to multiple parties as they initiate and complete transactions. AI leverages computers, data, and sometimes machines to mimic the problem-solving and decision-making capabilities of the human mind. It also encompasses the sub-fields of machine learning and deep learning, which use AI algorithms trained on data to make prognosis or classifications and get smarter over time.
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The benefits of AI include automation of repetitive tasks, improved decision making, and a better customer experience. AI can rapidly and comprehensively read, understand, and correlate data at incredible speed that brings a new level of intelligence to blockchain-based business networks. By providing access to large volumes of data from within and outside of the organization, blockchain helps AI scale to provide more actionable insights, manage data usage and model sharing, and create a trustworthy and transparent data economy.
AI can also help automate the performance of smart contracts, detect fraudulent transactions on blockchain networks, and analyze the large amounts of data generated by blockchain networks.
The article concludes that the combination of AI and blockchain together can bring new value to business processes that span multiple parties — removing friction, adding speed, and increasing efficiency.
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