Blockchain & AI: Do they go hand-in-hand?

Blockchain with AI

John McCarthy, father of Artificial Intelligence defined Artificial Intelligence as, “The science and engineering of making intelligent machines, especially intelligent computer programs”. We all have probably heard about world chess champions losing to a computer system or AI-powered washing machine or self-driving cars. These are some examples which are powered by artificial intelligence. Artificial intelligence is nothing but creating systems capable of executing tasks that seem to require acumen. Blending blockchain and artificial intelligence together can actually do wonders.

For a machine to master, it needs a large amount of data to analyze. This process is similar to humans. We analyze data passively by using our five senses. According to Trent McConaghy, he stated in his article three characteristics introduced by blockchain which are as follows:

  • Decentralized/shared control
  • Immutable/audit trails</span
  • Native assets/exchanges

As we all are familiar with machines, we know that the machine does not have senses as humans. When an AI gets trained, it becomes far easier to track the path it took to find a solution, provided that path is stored on an immutable block. At the end of the day, the primary reason behind developing AI is to make human life easier, one such obvious avenue is being explored by using AI and the blockchain to create both active and passive income streams.

Blending AI with Blockchain

Blockchain technology helps users with the ability to create a >transparent system on which they can run smart contracts, track a ledger, and more. Artificial intelligence powers the system by allowing for hands-off programs that are designed to become smarter and more efficient over time.  Some ways in which AI can collaborate with blockchain and do miracles:

  • Extensibility : AI can perform collaborative learning with no centralized dataset.
  • Safety: AI can recognize blockchain application layer issues.
  • Efficiency: AI can predict the likelihood of a node to fulfill certain mining tasks.

There is no doubt that AI is going to help blockchain technology. Companies that are getting a headstart in the industry will almost certainly benefit greatly from such foresight. Due to increased extensibility, more efficiency, AI is going to prove safer, cheaper, and easier to run blockchains in general. There are a lot of applications where we can see AI and blockchain merging together, some are as follows:

1) Crypto Trading

The stock market can be tricky sometimes, so does trading cryptocurrencies. If the market starts falling, you can get confused and take the decision of selling it as soon as possible. But sometimes, the market gets back into the race after falling and you can end up with no profit at all. You can avoid this emotional mistake by using an AI-based crypto bot to trade for you. There are certain AI based crypto bots available in the market for eg., Autino, and Cryptohopper. Refer to our article “Best Bots for automated crypto trading strategies” for more detail.

2) Music Streaming

Musiclife is a blockchain music ecosystem. Here artists are automatically paid through smart contracts every time their music is streamed. This alone helps to ensure that the artists make more money for their work compared to traditional streaming platforms. But the real kicker here is Musiclife’s pricing model. Using an AI pricing method, the music price through the platform automatically adjusts based on current market playback data, so the more popular a song is the more money the artist will make.

3) TradeConnect

TradeConnect allows users to trade cryptocurrencies without any complex procedures required. It combines both Blockchain technology and Artificial intelligence together and provides quick transactions without lengthy registration work. It also provides transparency to its users. TradeConnect is multi-asset trading system/network which works on behalf of us. It does the processing of all the task starting from developing whitepaper till the implementation of a project. Tradeconnect will allow traders to trade any financial assets instantly and without intermediaries.

Conclusion:

AI and Blockchain together create most reliable technology enabled decision-making systems which are immutable. The emergence of blockchain and confluence of AI resulted in the creation of a whole new set of opportunities for different companies and businesses.

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