Artificial Intelligence (AI) and blockchain are two significant technologies that can bring innovations in various industries. Combining AI and blockchain has led to restructuring architectural changes to meet the present industrial demand. Alliance of AI and blockchain technologies gives rise to decentralized AI which enables machines to understand and make decisions on reliable and secured data independently by eliminating the involvement of intermediaries.

AI and blockchain

AI and blockchain are powerful technologies that can revolutionize our future. AI or Artificial Intelligence is the cognitive functioning of machines which allows them to adapt according to the data collected or take respective decisions needed by machines. Blockchain is the distributed database of record that record data in a decentralized manner without the involvement of intermediaries. The convergence of AI and blockchain would provide decentralized AI. AI relies on centralized model which makes it prone to data tampering thus decentralized AI enables machines to process and make decisions on trusted, digitally secured data in a decentralized manner without involving intermediaries. We can say that blockchain provides secure data sharing for AI whereas AI provides secure and scalable blockchain and provides proper governance to its data. So we can infer that AI and blockchain provide trustworthy aspects to each other.

Use Cases of AI in blockchain

• Healthcare: AI and blockchain can revolutionize healthcare by ensuring the secure sharing of patient data. Blockchain can serve as a decentralized and transparent platform for storing and managing patient health records. AI can analyze this data to make decisions. Patients have control over their data, granting access to healthcare providers through encrypted transactions, thus preserving privacy and enhancing data security.
• Supply Chain: The intersection of AI and blockchain can bring transparency and traceability to supply chains. Businesses can track and verify every step of the supply chain, from sourcing materials to delivery. This ensures the authenticity and quality of products.
• Finance: AI and blockchain can enhance fraud detection and risk assessment in financial industry, by combining AI and blockchain suspicious activities and fraudulent transactions can be identified in real-time. 

Intersection of AI and blockchain

Intersection of AI and blockchain can be defined as how one technology can benefit the other one.

• Secured data sharing: Blockchain provides a safer place for storing personal data. it provides transparency and accountability in data access, it encourages data sharing of various components of AI. Thus blockchain can establish a decentralized platform for marketplace.
• Decentralized AI: The convergence of AI and blockchain would provide decentralized AI. AI relies on centralized model which makes it prone to data tampering thus decentralized AI enables machines to process and make decisions on trusted, digitally secured data in a decentralized manner without involving intermediaries.
• Enhance trust: Blockchain stores the data in a distributed ledger making it easier to enhance the trust of the users. This gives AI on the blockchain system more clarity on decision-making.

 AI-based Crypto Tokens

• VeChain (VET): VeChain is a platform that offers solutions for supply chain management. It makes use of  AI to track and verify transactions.
• The Graph (GRT): The Graph is a decentralized protocol. It makes use of AI in the deployment of tools for automated decision-making.
• Ocean Protocol (OCEAN): Ocean is a decentralized platform for data sharing and exchange that enables the creation of a more collaborative and efficient AI ecosystem.
• SingularityNET (AGIX): Singularity NET is an open-source decentralized platform for AI services, it allows developers to create, share and monetize AI services.
• Fetch.ai (FET): Fetch.ai is an AI lab building an open, permissionless, decentralized network. It democratizes access to AI technology with a permissionless network where anyone can connect and access secure database by using autonomous AI to execute tasks that leverage its global network of data.

Related:  Blockchain for Cross-border Payments: Connecting the Fragmented World 

Conclusion

The intersection of AI and blockchain offers solutions to existing challenges and new possibilities. The intersection of AI and blockchain technology gives rise to decentralized AI which enables the process of decision-making on reliable and secured data independently without the involvement of intermediaries.

Frequently Asked Questions (FAQs)

Can AI and blockchain work together?

AI and blockchain have immense potential on their own but when combined they can revolutionize an entire industry.

How AI and blockchain can revolutionize the world?

AI can be used to automate processes, make predictions and optimize decision-making, while blockchain technology can be used to create secure and transparent records of transactions. The combination of AI and blockchain has the potential to revolutionize the world.

What are the major components of blockchain?

Nodes, a distributed ledger and a consensus algorithm are the major components of the blockchain.

What challenges does AI face?

The main challenge of AI is that its decisions are not often transparent which can lead to trust and ethical issues.