With the notable progress in the development of technology, trust has become a crucial factor in human-technology interactions. People trust technology mainly because it works as expected. However, the emergence of Artificial Intelligence (AI) solutions does not remain the same because of the following challenges –

• Privacy: With AI, data collection and analysis has become much easier; but collecting enormous data by organizations globally can threaten the privacy of the user whose data is collected.
• Honesty: AI-based applications and solutions have an intelligence of their own as they are developed to be adaptive and reactive. Therefore people tend to have some reservations about trusting them as they can be used for good or for disreputable purposes.
• Transparency: One of the main reasons affecting human trust in AI is the absence or lack of transparency.

Even though Artificial Intelligence contributes significantly to a better human life, it also raises queries about trustworthiness and dependability. Nevertheless, blockchain technology-enabled AI-based systems can go a long way in enhancing human trust.

What is Blockchain?

With the growth of advanced technologies and the global market, industries face a lot of challenges when it comes to operational costs, transaction speed, efficiency, security, transparency across the supply chain, and growth rate. Blockchain is the answer to all these challenges faced by industries around the world today. Blockchain is a distributed ledger technology uniquely used for sharing and reconciling information for an interconnected future. In simple words, it is a continuously growing list of records, called blocks, which are linked and secured using cryptography. These records or blocks can contain any form of data, such as data exchange on currencies, real estate, healthcare, and more. The decentralized, open, and cryptographic nature of blockchain allows organizations around the globe to trust the system and transact peer-to-peer without having to rely on a central authority. It also allows them to retrieve the exact information with security and trust. Thus, eliminating the need for trusted intermediaries.

Features of Blockchain-

• Traceability – Blockchain can help track and trace the origin of a transaction/product/data. This helps companies fight counterfeits by validating the authenticity of the product/transaction.
• Immutable – Blockchain is immutable, which means that the data entered is irreversible. Therefore, the transactions are permanently recorded and viewable to anyone.
• Trust – Creates a trusted, secure environment for participants across the network.
• Decentralized Technology – Blockchain enables sharing of information within businesses where no central authority is in charge.
• Speed – A blockchain can handle all the transactions notably faster than conventional methods as it replaces all the manual processes in transactions, and eliminates intermediaries.
• Reduced Costs – Blockchain can help cut costs for organizations by processing transactions efficiently.
• Enhanced Security and Privacy – A blockchain-enabled system offers enhanced security as it creates an immutable record of all the transactions with end-to-end encryption.

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Integrating AI with Blockchain

Artificial Intelligence makes machines smart enough to imitate human intelligence and complete tasks on their own. Humans benefit from artificial intelligence since it makes things more comfortable for them, but the globe will become a more promising place to live if AI is combined with blockchain. By making everyone understand why investing in Artificial Intelligence is the need of the hour, Artificial Intelligence, along with its impressive features, has brought a paradigm shift in the industrial world. Integrating AI and blockchain will help the business organizations and developers strike the right combination, which can further make the systems future-proof. Unlike the traditional infrastructures used in businesses, blockchain particularly has a decentralized system. This decentralized architecture of the blockchain database makes it highly secure and authentic.

Advantages of powering AI with Blockchain

• Trusted Data Sharing – One of the most important challenges faced by Artificial Intelligence developers is that people always doubt how the AI-based applications will use their data. But we know that by using blockchain, no one can access data without the consent of the user. Therefore users can authorize their data to the AI application by using a blockchain ledger based on their terms and conditions.
• Privacy-Preserving – Since the distributed ledger offers more transparency and accountability of real-time data as it is available to all participants concerned, the distributed structure of data sharing aids in reducing the trust deficiency in AI applications. Data is highly secure as there is no central point for malicious actors to attack.
• Enhanced Security – We all know that because of inherent encryption, the information stored on the blockchain remains well-protected and immutable. Thus, a blockchain is perfect for storing highly crucial information like medical notes, personalized recommendations, etc. Therefore, with Artificial Intelligence, experts can build algorithms that will allow AI to work with encrypted information without revealing.
• Better Data Management – Blockchain technology depends on hashing algorithms for data mining. These algorithms work with a ‘brute force’ technique where the algorithm aims to find all the possible combinations of characters until the one that goes with the verification process is found. Here, the use of artificial intelligence along with blockchain can provide a more intelligent approach by which the data management process becomes seamless.
• Data Integrity – One of the biggest challenges in AI-based applications is how data integrity is sustained over time. With Blockchain technology implanted into AI applications, data duplication is eliminated to a significant extent. With complete transparency, traceability, and accountability, blockchain-enabled AI makes data more actionable.

Conclusion

Connecting AI and Blockchain enable us to achieve dataset integrity. It allows swift prediction of data breaches, and with the information being impregnable, it also enhances security. The AI functionality enhances transparency with further aids in smoother operations while cutting down expenses. With numerous beneficial applications that are already being implemented and explored, blockchain technology combined with Artificial Intelligence is making a mark for itself in almost all sectors. As we head into an era of digitalization, it’s no longer a question of if legacy companies will catch on to the technology.

At MSRvantage, we believe to transform businesses by accelerating efficiency across almost all the major industries around the globe. With our next-gen blockchain-enabled solutions, we help companies to innovate and increase operational efficiency. With our blockchain-enabled products, solutions, and services like smart contracts, track and trace, asset digitization, and rewards & loyalty programs, we help enterprises enhance their business values by supporting them at each and every step of blockchain adoption. Thus, changing the aspects of the organization by accelerating efficiency and providing an innovative platform. With MSRvantage blockchain, take the first step and build a decentralized future for your enterprise.