Blockchain, AI and robotics are three of the most innovative and catchy technologies of the modern world. Many companies actively implement them, build their ideas upon them, and create cutting-edge products. Still, only a few startups merge these tech solutions to develop even more promising projects.
Further on, we will review the brightest examples of blockchain/AI integration, their common features, and how these technologies are reshaping different industries.
Understanding the Concepts behind Technologies
It will be impossible to explore innovative potential of the above-mentioned technologies without knowing how they function.
Robotics deals with pre-programmed machines, which can handle certain tasks without human control. Most people think that robots are humanoid machines from sci-fi movies, but there are many more types of them, from assembly machines at Tesla factories to robot dogs created by Boston Dynamics.
Robots are everywhere now, so we want to focus more on blockchain and AI, technologies that are less popular and a bit more complicated to understand.
Blockchain is a decentralized ledger, a network which consists of multiple nodes and allows for secure data storage, exchange, and management. Such networks are maintained by all participants and do not rely on a single central authority. Blockchains are faster and more transparent than centralized storages. In addition, they get rid of middlemen, speed up transactions, and reduce potential fees (e.g. related to money transfers).
Blockchain is usually associated with cryptocurrencies: digital assets protected by cryptography and independent of traditional financial organizations. Cryptocurrencies have evolved into a huge industry with a total market cap of $113 billion, and hundreds of high-frequency trading platforms powering it. Traders use cryptos to earn profit, while developers implement them in industry-specific applications. The most famous crypto asset is Bitcoin (used as a payment) and Ethereum (serves as a platform for developers).
AI focuses on making robots or other machines intelligent and conscious. Now, no machine has passed the Turing test, so there’s still much room for improvement. Nevertheless, the developers are actively working on so-called ‘narrow AI systems’, which are formally intelligent, but actually pre-programmed using strict algorithms. You definitely know about such robots:
- Smart assistants
- Self-driving cars
- IoT devices
- Neural networks
- Prediction systems
AI is a highly promising technology, but it requires a lot of investment and expertise to progress.
Essential Common Features
Despite different areas of focus, both AI and blockchain share three common features, which can serve as ‘contact points’ at integration steps:
- Require data sharing. While blockchain allows for simple and safe transfers of all data types, AI benefits from analyzing big data for making predictions and self-learning.
- Focus on security. Blockchain is protected by unique cryptographic protocols, and AI needs a perfectly secure environment to avoid cyberattacks.
- Must be trustworthy. All technologies have to be trusted by users. Blockchain can help AI in this regard and push its wider adoption.
Ways to Transform the Markets
But what about real usefulness of integrated AI or blockchain technologies? How can they change the world or specific industries? Look through the list below to learn about potential advantages of the technology duet:
- Open data with proper management. Giants like Google or Facebook store tons of valuable information. Moving data to decentralized networks will make it highly protected and available for everyone, so AI machines and their developers will have a larger knowledge base to work with.
- Perfect security and control. When stored within a blockchain, information is protected from any breaches, leaks and direct hacks. Using smart contracts, AI developers can set permissions levels, track digital identity, control data flows, etc.
- Accurate AI predictions. Traditional systems dent the existing AI models because of large portions of superfluous data. Blockchain solves redundancy issues and maintains verified databases with accurate info in them. What’s more, such systems are immutable.
Some startups and even large enterprises are currently working on merging these two innovations to develop breakthrough solutions.
SingularityNET – a decentralized marketplace for AI which has its own AGI token. Right now, it’s pretty similar to other marketplaces built on blockchain, but its developers have really ambitious goals as they want to create a self-maintaining network powered by AI. Just imagine, the whole market maintained by smart machines! SingularityNET stands a good chance to prosper as the team works with David Hanson and his masterpiece – Sophia the robot. Another project that serves a similar purpose is DeepBrain Chain – a blockchain-based computing platform for AI systems.
We also suggest checking Colony, a platform that tries to connect professionals with decentralized autonomous organizations. The developers aim to build a feature-rich ecosystem for blockchain companies, and use AI to effectively match individuals with organizations.
State Street – the US-based bank – plans to set up a decentralized storage to protect clients’ data and use it properly. Thus, blockchain will be a technical framework, while AI tools will be used for structuring and analyzing data.
Finally, the likes of IBM seek ways to integrate blockchain, robotics, and IoT. The enterprise is developing a system for device lifecycle management, where blockchain will be used for registration, identity tracking, and permission granting, while AI will process core information and perform big data analysis. IBM also focuses on creating cognitive contracts – new versions of smart contracts which will be more adaptive and self-learning.
Upcoming Changes in AI and Blockchain
As you can see, blockchain provides AI developers with accurate and transparent data, and facilitates all types of transactions. In addition, artificial intelligence machines can use next-gen blockchain systems to boost their automation and adaptation.
Start your journey and get involved in the Blockchain Revolution!