Blockchain and AI: A Match Made in Heaven?

Blockchain and AI (Artificial Intelligence) are probably the finest and most impressive discoveries and developments in the technology sector of this century. They are the buzz of the global market as they are everywhere in the headlines and highlights for at least the last couple of decades. However, some believe these two technologies are overrated and overhyped. This is because some companies and organizations have been unable to better utilize these technologies in their systems and processes. As a result, it caused them millions of dollars, as described by Forbes. Still, a large part of the global industries admits that they need these technologies. And some of the experts in the field of the technology believe that the convergence of Blockchain and AI opens the doors to the innovation of more efficient, sustainable, and reliable futuristic technologies. These also increase and expand the functionalities and uses in various settings.

A Brief Introduction to Blockchain and AI

For those who don’t know enough about these two futuristic technologies yet, here are the quick introductions.

Blockchain, which is popularly known as the underlying technology of cryptocurrencies, is a technology comprising an unending chain of immutable blocks (which are also called ledgers) interconnected with each other and containing transparently shared data. This is considered to be the most secure and unbreachable technology and that’s the prominent reason it is so successful so far.

Coming to Artificial Intelligence, it is a machine-learning-based technology that can act like a human brain. It is fast and efficient and can accurately read and analyze the data, make decisions, and find a solution for a problem as well. It is effectively utilized across various industries like automotive, e-commerce, and healthcare.

Convergence of Blockchain and AI

Blockchain and Artificial Intelligence have unique qualities that if put in together can empower different settings and result in significant improvement in the functions they are utilized in.

Blockchain is an outstanding solution to managing a large amount of data in a highly secured manner. The data stored in blockchain cannot be manipulated which verifies the authenticity and credibility of the data. On the other hand, Artificial Intelligence proficiently analyzes a large amount of data and provides outcomes in the forms of decisions, solutions, or predictions that are useful. These, if combined, can provide effective solutions to the problems and needs of different sectors and industries as the intersection of these two technologies will fasten, secure, and improve the functionalities of different processes.

The convergence of these two futuristic technologies will also lead to new innovations and advancements in different sectors. This can be revolutionary, especially in the fields of healthcare, e-commerce, data management, etc.

This is just an example of how a combination of Blockchain and AI technologies can be fruitful, but if we imagine this in various settings, more and more benefits can be driven to companies and organizations. They may better better functionalities, efficiency, and producvity to their systems.

Conclusion

Blockchain and AI, a match made in heaven? Not sure, as both these technologies are still relatively new to the world and there are lots of experiments and tests still to be done yet. Saying they are made for each other doesn't make sense at least for now. However, the fact cannot be denied that when combined, both technologies can provide the best value to companies in return for their investments. They can also lead to huge transformation within the companies. Therefore, company owners should give it a try but only if they are capable to invest much and bear much.