The inevitable implementation of artificial intelligence in blockchain technology is revolutionising all industries by bringing properties such as speed, efficiency and transparency.
Artificial intelligence and blockchain have emerged as two of the most promising technologies in recent years. On the one hand, artificial intelligence represents a set of algorithms that attempt to recreate the same capabilities as human beings, while blockchain is a technological, decentralised and secure system that allows transactions. So what role does artificial intelligence play in blockchain?
Firstly, thanks to the digital records stored in blockchain, the intelligent agent can quickly and easily read, understand and analyse the data. For example, in the case of Smart Contracts, the intelligent agent could interpret them unambiguously and process them instantly much more efficiently than any human. In other words, artificial intelligence is very fast and efficient when working with encrypted data, such as those of blockchain technology.
On the other hand, one sector that artificial intelligence could radically change is health. With patient data stored on the blockchain, the intelligent agent in this case can help organisations improve patient care by analysing data while maintaining privacy. In addition, they would also help with the classification of medical records and would be able to execute transactions, such as payments, or resolve disputes. Therefore, artificial intelligence can support blockchain with the management and review of transactions, as well as bringing transparency to them thanks to the intelligent agent. Traceability is a very important concept in blockchain and the agent would enhance this important quality.
This technology duo is also the future of data creation, protection and monetisation. Microsoft is leading this research through its SUM (Sharing Updatable Models) on Blockchain programme, through which they aim to democratise artificial intelligence through blockchain technology.
In conclusion, there are several projects that are trying to incorporate artificial intelligence into blockchain as it would help to improve this technology by providing properties such as speed, efficiency and transparency. Now it is the turn of entrepreneurs and companies to explore the opportunities that this relationship can bring.
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