How and why will AI play a role in the future of Blockchain technology?
As a shared database providing immediate, transparent access to transactions, Blockchain technology is being utilized to track payments, orders, distribution, accounts and production across many industries today. This can have a positive impact on how we manage, operate and plan for the future of the supply chain.
The layer of trust that blockchain technology brings to businesses is often underestimated and by harnessing this new found confidence in data companies can tap into new opportunities. Alongside this, artificial intelligence can train algorithms to make predictions that allows businesses to forecast how this data from the blockchain will interact and improve decision making.
Developing a rapid response to understanding data
GBC.AI are working towards a comprehensive understanding of the data at speed that will foresee opportunities and threats for all blockchain ecosystems.
A key component of blockchain infrastructure is that it enables unrelated organizations to transact and share data on a common ledger. Using AI blockchain technology can now offer this at scale and at speed. This could increase the use cases for artificial intelligence and adoption of AI for improved efficiency in older systems. To simplify the benefits for organizations,
“Blockchain technology combined with AI will ensure that secure, private and trustworthy data is used more effectively within an organization. At GBC we are tackling the core of blockchain infrastructure by using artificial intelligence as a way to improve knowledge of the cyber risks that could arise in the future,” says Pavel Entin, CEO of GBC.AI.
From cyber security to improved distribution management, companies can apply these innovative solutions to harness their data and improve how that data functions in providing insights that will prevent any security issues for the organization in the future. The transactional value of blockchain technology has already been recognised with the flood of digital assets available today. Now it is time to optimize these technologies for adoption across other industries that will enjoy the outcomes.
Identifying opportunities through transparent analysis
The values of both blockchain and AI are compatible, offering insights into data that would otherwise be hidden or unused. Now, with increased oversight and transparency, the trail of data analyzed with deep learning can investigate future scenarios and make recommendations based on verified, trustworthy data. One example of an opportunity is by combining blockchain and AI there is the potential to optimize the food supply chain. With blockchain technology it is already possible to provide up-to-date information to food producers and consumers, allowing for more occasions to address food limitations and demand in local markets. Furthermore, when advanced AI technology is added to this equation, the potential food limitations and issues around demand are identified faster.
By focusing first on enhancing the core of blockchain infrastructure Dr. Entin is confident that complex industries can become more constructive with their resources, “If a blockchain is being utilized to track and monitor sustainable distribution channels, adding AI capabilities would make this process extremely efficient. Do we actually know where our food is coming from? As the supply chain gets more complicated, technological advances like the tools we are building will help to simplify these complex distribution channels.”
Another industry where these advanced technologies already play a pivotal role is identifying bad actors in the financial services sector. Financial services are constantly being scrutinized, not only by governments and stakeholders but by the general public and bad actors aiming to capitalize on any weakness in systems that are archaic. Harnessing the power of AI and Blockchain to forecast problems with payments infrastructure and identify threats is crucial with the exponential growth in the number of payment providers across all markets today.
Accelerating the development of decentralized AI
Richard Blythman, CEO of Algovera is interested in bringing distributed teams of AI developers together and giving them the freedom and resources to work on projects that they are passionate about, “Working with decentralized blockchain technology we can harness the power of the collective by providing access to so many interesting data sets. This combined with private AI can ensure the preservation of privacy when it comes to data ownership”. This is taking the DAO to the next level as it enters the freelance world and gives control and autonomy to individuals working on projects with shared values.
“Web3 tools give us the power to coordinate and monetize our work as independent developers. New data infrastructures provide access to many interesting data sets, that were previously siloed in universities, hospitals and governmental organisations. This combined with maturing private AI techniques can ensure the preservation of privacy of data owners,” Blythman said.
From tracking datasets to implementing business goals to improving an organization’s future scenarios, Blockchain and AI are beginning to play an important role in defining the future of many industries. With greater ability to foresee cyber threats and enhanced transparency when it comes to transactions, businesses can prepare to better capitalize on opportunities and also identify areas of weakness.
