Blockchain and Artificial Intelligence
When you put two of the hottest new technologies of today, blockchain and AI together, you get a highly efficient, decentralised system.
Blockchain is a shared, distributed ledger facilitating the process of recording all transactions that have taken place on that network chronologically. Anything with value can virtually be traded and tracked on a blockchain network so its provenance is known. These transactions are recorded in blocks, which are linked together in an immutable chain. A majority of the participants on the network have to agree that each transaction is valid before it is permanently added to the blockchain. This is what allows the whole system to be decentralised, removing the need for a central authority completely thus having no single point of failure.
The main advantages of blockchain are that all intermediaries are removed so there are no transaction costs. There is no single point of failure in this transparent peer-to-peer network, unlike a traditional database. No one has been able to hack a blockchain before, therefore it is immune to all the security threats that would normally compromise a traditional database
AI allows us to tackle tasks in a smarter and more efficient way. When this is combined with blockchain technology, it can be used to track all the decisions an AI algorithm has made. When this information is made available to the public on an immutable ledger, greater transparency and trust is created with the users. In the future, this is the kind of transparency many customers will be looking for in businesses.