Blockchain Integration with AI
Safle Labs can help you in achieving a seamless integration of AI with Blockchain technology to realize better efficiency and enhanced business profitability.
AI and Blockchain: Enormous Possibilities
The integration of artificial intelligence (AI) blockchain technology can do wonders for a wide spectrum of industries. Their confluence can literally transform the organizational capabilities and process efficiency in sectors such as healthcare, supply chain and logistics, financial technology, retail, and gaming among others. By offering a double shield against data thefts and fraud, this combo is specifically important from the perspective of cybersecurity.
AI has already proved its prowess in effectively mining information from huge and enormous datasets. With the help of AI, insightful patterns and behavioral scenarios can be uncovered to help companies extend their understanding of their current and potential customers. Blockchain technology, on the other hand, is specifically useful in removing fraudulent data and bugs from the system. Now by combining both these technologies, patterns created by the AI can be checked on the blockchain for their authenticity, and accordingly, reliable strategies can be conceived by organizations working across industries. Blockchain can also be used to acquire and verify the data from the customers that will act as input for the AI automation processes.
Blockchain Integration with AI: Potential Areas of Applications
Experts and analysts are on the same page about the potential benefits that the confluence of AI and blockchain technology can have for the decision-making process in organizations in different business domains. Some of the significant areas there this coming together can really prove beneficial include business models improvement, auditing and verification, transparency in governance, smart predictive analysis, efficient banking and financing processes, and intelligent retail architecture. In addition, the collaboration can also yield desirable results in the emerging field of intellectual property rights, digital storage of real estate and judicial records, storing of students’ credentials on the cloud, and transferring the money across borders.
On the technical front too, the integration of AI with blockchain technology can help enhance the productivity and security credentials of the blockchain technology. For example, AI-powered algorithms can easily detect fraudulent transactions and an automated mechanism can be designed to automatically block these dubious executions. AI can also be used effectively to optimize transactions on the blockchain for reducing the rather large carbon footprint of the open ledger. AI’s integration will also reduce miner’s load and latency of the network to carry out faster transactions. This, in turn, will have a direct positive impact on the operational efficiency of blockchain technology.
Applications of AI and Blockchain integration
1) Smart Hash Power: Properly trained AI algorithms can help in saving a lot of costs associated with the encrypted working methodology of the blockchain. Take, for instance, the mining of Bitcoin which is the world’s largest cryptocurrency by market capitalization. The coin works on the Proof-of-Work (PoW) safety protocol which requires extensive processing power to validate the transactions. However, experts agree on the proposition that AI-based algorithms can dramatically reduce the complexity of this protocol; thereby offering considerable savings in computing power, transaction time, and cost of electricity associated with the mining process.
2) Simplifying AI-decision models: The integration of blockchain can help in easy, fast, and reliable verification of the decision model based on AI technology. The data used in the decision models can be readily verified on the blockchain that will assure all participating stakeholders that the information is reliable and hasn’t been tampered with. More importantly, this enhanced transparency will prove instrumental in creating and enhancing trust in AI-based decision models in the industry.
3) Monetization of Data: The importance of data monetization in today’s business environment couldn’t be overemphasized. From large corporate giants to fledgling startups, every organization is exploiting the revenue potential the customer brings with it. For the development of new algorithms, AI networks require reliable data and this is exactly where the prominence of integrating blockchain comes into the picture. Blockchain technology can ensure the sourcing of the data right from its source which ensures that the data is free from manipulation by any third party. The integration makes the development of new processes, algorithms, and systems more reliable and will lead to the creation of the knowledge economy where sellers and buyers of the data can interact with each other directly without any intermediary.
Real-world examples of AI and Blockchain integration
There are many companies that have successfully integrated AI and blockchain and helping businesses to lift their operational efficiency and functional effectiveness. Take, for instance, Finalze, a software company based in Colorado, USA. It offers a platform that integrates blockchain technology and machine learning to offer applications in the domain of civil infrastructure. The tools offered by Finalze helps infrastructure firms to automate their workflow, manage their processes, and achieve compliance with safety regulations.
Core Scientific is another shining example demonstrating the enormous potential that the coming together of AI and blockchain technology can have for industries. Based in Bellevue, Washington, the organization offers customized blockchain and AI infrastructure services to help its clients realize their true business potential.
Safle Labs: Powering integration of AI with Blockchain Technology
Safle Labs is one of the most credible names when it comes to developing tools and techniques for integrating AI with blockchain technology in real-world scenarios. Extensively focused on the future scope of blockchain technology, the platform empowers the client with holistic solutions to take advantage of combining AI with blockchain technology. Safle Labs is a one-stop destination for blockchain courses in India and offers a catalogue of blockchain books having information on important aspects such as what records all the transactions in a blockchain or how can a blockchain be used to manage sharing. In sum, Safle Labs is a powerful platform to acquire knowledge of the crypto industry and blockchain technology and importantly, how to use this information for making it big in these emerging areas of technology.
