Blockchain and Artificial Intelligence (AI) are the hottest trends in technology nowadays. These two slightly different technologies have huge potential to generate innovations and their combination can be really promising for future technology development.
Blockchain is a distributed, decentralized, immutable ledger used to store encrypted data. On the other hand, AI is the tool or let’s call it a “brain” that will enable analytics and decision making from the data collected.
As both of them have the power to affect the data in their own ways, their combination makes sense, and it can take the exploitation of data to a new level.
Blockchain can make AI more understandable, and we can trace and identify the decision-making process in machine learning.
So why these two technologies are not being combined yet? What are the challenges that they face?
One of the reasons is that despite blockchain’s tremendous potential for data accessibility, privacy remains a large concern in public blockchains. While the goal is to democratize data, the presence of possibly sensitive data from IoT and other devices could raise some privacy issues for individuals and organizations. One possible solution would be to employ private blockchain that limits the availability of data to only those who own the chains.
Also, scalability remains an issue in major blockchains. Ethereum, one of the most popular blockchains for development, can still only process about 15 transactions per second, and though other blockchains now claim to be processing thousands of transactions per second, no evidence has been shown to support that so far.
Thought, the potential of using AI and Blockchain remains theoretical, there are still countless possibilities for future development.
