Read How AI and Blockchain combination could Revolutionize these 10 Industries
Organizations are increasingly looking to adopt blockchain technologies for alternative data storage. And with heaps of data distributed across blockchain ledgers, the need for data analytics with AI is growing. The combination of AI and blockchain is fueling the onset of the “Fourth Industrial Revolution“ by reinventing economics and information exchange.
From healthcare to government, the potent combination of both AI and blockchain is slowly but surely transforming industries.
1. PRECISION MEDICINE
Google DeepMind is developing up an “auditing framework for healthcare information”. Blockchain will empower the framework to stay secure and shareable, while AI will enable medical staff to acquire analytics on medicinal predictions drawn from patient profiles. The project’s point is to facilitate information exchange for a patient benefit, but also to derive game-changing insights for medical staff to use. With an error rate of <2%, AI can generate valuable and reliable insights into data oceans made available by healthcare institutions.
DeepMind’s blockchain technology has been tested on NHS data, and its AI applications are being deployed to spot warning signs of degenerative eye conditions for Moorfields Eye Hospital.
2. SMART ENERGY, SMART BUILDINGS
Green-friendly AI and blockchain help lessen energy waste and optimize energy trade. For example, an AI system governing a building can oversee energy use by counting in factors like the presence and number of residents, seasons, and even traffic information.
To supply the energy, distributed blockchain technology is transactions for transparent and cost-effective transactions and consumers, while machine learning algorithms can even hone in on transactions to estimate pricing. Blockchain combined with AI significantly expedites real estate related transaction processes which can otherwise go through too many channels before a contract is approved.
3. NO BLOOD DIAMONDS
IBM Watson is experimenting with the joined strengths of AI and blockchain. Their research team is developing Everledger with blockchain technology to tackle fraud in the diamond industry, converged with a psychological analytics that heavily “cross-check” regulations, records, supply-chain, and IoT data in the blockchain environment. Combined with a DAO (Decentralized Autonomous Organization), an AI-infused blockchain can even become fully self-governing, capable of adapting on the fly to changes in the environment.
4. PUBLIC SCIENCE
The “file-drawer problem“ in the scholarly world is when scientists don’t distribute “non-result” experiments. Duplicate experiments and a lack of knowledge follow, trampling scientific discourse. To resolve this, experimental information can be put away in a freely available blockchain. It additionally appears to us that including information examination could help to recognize components like how frequently a similar test has happened or what the probable result of a specific analysis is.
5. CYBER SECURITY 2.0
Whenever AI and blockchain are assembled, they give a double shield against cyber attacks. Machine learning algorithms can be prepared to automate ongoing real-time threat detection and to continuously find out about the conduct of aggressors, thereby thickening the malware detection armor. Meanwhile, decentralized blockchains dismantle the inherent vulnerability of centralized databases, requiring cyber attackers to challenge not one but several entrance gates.
Another zone where AI and blockchain sparkle together is vast information ruptures. It is amazingly hard to distinguish which information may have been harmed or changed by the aggressor. Utilizing blockchain with AI against information vaults enables somebody to decide when the break happened.
6. DIGITAL RIGHTS
Digitalization has introduced complicated digital rights with the IP management range, yet when clever AI takes in the rules of the game it can distinguish performing artists who infringe upon worldwide copyright law. Concerning IP contract management, blockchain technology enables immediate payment methods to artists and authors. Artist Imogen Heap recently suggested the blockchain could help musicians simplify creative collaboration and make money again.
Companies like Verizon and Ujo Music count on blockchain to audit licenses and distribute products, with Ujo Music making use of the Ethereum blockchain platform for song distribution.
7. COMPUTATIONAL FINANCE
Brilliant contracts could likewise become the dominant focal point where transparent data is significant for trust in financial services. Financial transactions may no longer rely on a human “clearing agent” as they’d become automatized, performing better and faster.
8. BAAS SOFTWARE
Microsoft, the mother computer software, is expecting to give the best BaaS, or Blockchain-as-a-Service, the platform in the cloud. Microsoft is incorporating “BaaS modules” in Azure, a distributed computing stage, that clients can make test situations for. Blockchains are less expensive to make and test, and in Azure, they accompany reusable formats and relics.
The BaaS modules are not coded by Microsoft but are based on the public Ethereum blockchain platform, which is endowed with a “broad developer base” that can feed well into Azure’s developer base. And unlike some blockchain platforms, Ethereum is interoperable with Azure.
9. SELF-DRIVING VEHICLES
Although cars are becoming an “information source on wheels” with autonomous driving, chatbots, and smart navigation, not everybody will be able to afford an AI-driven car right away. With car leasing being the second-best option, blockchain technology can promise to simplify the leasing process by reducing the number of people involved, synthesizing all data, and providing an audit trail.
Although global organizations like NATO and the UN won’t vanish, blockchain technology and AI could both add to the development of direct democracy. Blockchain and AI together can transfer big hordes of data globally, tracing e-voting procedures and displaying them publicly so that citizens can engage in real-time.
Democracy Earth Foundation, an organization aspiring to “hack democracy“, is jumping on the direct democracy bandwagon. It’s waved “political intermediation” goodbye as it advocates open-source software, peer-to-peer networks, and smart contracts. The organization also hopes to fight fake identities and reclaim individual accountability in the political sphere.
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