Whether you know it or not but you are interacting with AI systems day in and day out! When you search on your favorite search engine or when you shop from your favorite e-commerce website, the suggestions that you see are based on Artificial Intelligence.
And on the other hand, all the cryptocurrencies that you hear about like Bitcoin, Ether, Ripple, Litecoin are all powered by Blockchain. But these cryptocurrencies are just the tip of the iceberg, the applications of Blockchain are far more diverse spanning a large number of industries.
In this post, we will examine how an interplay of Blockchain with Artificial Intelligence can be an irresistible proposition for the businesses.
- Rise of Better Data Models
AI requires data and not just data – it requires a massive amount of data. In the current scenario, prediction models created by AI depend on the data produced by businesses and their partners. But with data sharing comes the natural concern of data privacy. So quite obviously when it comes to data sharing by these businesses, for the AI system to work, there is always a risk of data breach, abuse and misuse of the organisational data.
But for AI systems, the more data you feed the more reliable insights it produces. Therefore the requirement of an AI system, to work in a business setting, is an unlimited and a barrier-free access to the data from the complete business ecosystem.
For granting this uninterrupted data access to the AI system, the required data security assurance can be provided by the Blockchain. In a blockchain based system, the stakeholders would be comfortable to share the relevant data since it will reside in a decentralised network with no single entity being its owner.
In the proposed system, data from all the relevant stakeholders and departments will be integrated with a common data mining platform and then relevant insights will be extracted by the AI analytical tool. Further, smart contracts would be implemented to define the way of the usage of the shared data. Hence mitigating any chances of data losing its credibility or its value.
Once AI systems get access to this uninterrupted, decentralised pool of data, it can deliver smarter insights based on the studied patterns, behaviors and other relevant aspects of the data. This large pool of data will ensure that the insights generated are closer to reality, thus, delivering real business value to the stakeholders involved.
2. Better understanding of the decisions made by AI systems
AI systems can assess a huge volume of data, with a large set of independent variables, to achieve the desired results. And because of the huge complexity involved, many a times, we humans are unable to understand the logic used by these AI systems to reach a specific result or insight.
But with blockchain, decisions made by the AI system will be recorded on the shared ledger on a datapoint-by-datapoint basis. This, in turn, will make it easier for us humans to audit the decisions made by AI systems by looking at the decision trail. This transparency in the decision-making process of AI systems will increase the level of trust in them and their decisions.
3. Birth of Data Marketplaces
The rise of blockchain will give birth to personal data marketplaces. As the data stored on a blockchain is secure, users will start storing their personal data and preferences on the blockchain.
So quite naturally the adoption of blockchain would create a cleaner and better organised personal data. The natural progression of this event would be selling of this organised data on data marketplaces to various companies specialising in AI modeling and insight generation.
This easy availability of diverse datasets will lead to a rise of many small players specialising in AI Modelling and simultaneously, will neutralise the competitive advantage of tech giants who currently have a monopoly over the users’ data.
4. Increased Trust on Autonomous Virtual Agents
Sometime in the future, AI-powered autonomous virtual agents will be able to perform tasks without human intervention. You must have seen that in various sci-fi movies, where, machines operate independently. And in some of these movies, these machines even take over the world of humans. Though that is an extreme end of the spectrum but still a plausible one.
To avoid any such catastrophic event, a set of rules, directives, instructions that are secure, tamper-proof and not owned by a single entity will need to be defined.
Blockchain along with smart contracts have the perfect solution for this. With the implementation of smart contracts, predetermined conditions will be defined for these AI systems to operate. This will reduce the probability of any faulty operational outcome by these Autonomous Virtual agents as the whole system would be governed by smart contracts residing on a decentralized and immutable ledger. In such a transparent, secure and controlled system, the probability of things going haywire at any point of time are minimal even without any human intervention.
Therefore we can safely assume that implementation of Blockchain with AI can create a future, where, instead of imagining those dreadful sci-fi movie scenes, we can imagine a much better and secure human-machine collaboration.
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