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Is Blockchain and AI Marriage Made in Heaven?

Artificial intelligence (AI) and blockchain technology are increasingly being used together as experts come to realize they’re a perfect match for one another. Blockchain technology is a relatively new area to emerge whereas the idea of AI has been around for quite some time. The future is in combining these two areas.

Data is one of the most important elements when it comes to developing AI and machine learning, and this is where blockchain technology comes in. With this kind of technology, the accuracy of data is guaranteed to make it ideal to be used in various AI applications.

One AI startup that’s already gained financial interest from the likes of Microsoft, IBM, USAA, and Intel is CognitiveScale. This company uses blockchain technology to store data securely that relates to regulatory compliance among the financial markets.

Soon various industries will be making use of IBM’s blockchain offering. One early project to take advantage of what was being offered involved Everledger. This applied blockchain technology to create a tracker for luxury goods, including some of the world’s finest diamonds.

Trent McConaghy is founder and CTO of the scalable blockchain database, BigchainDB. He believes that blockchain featured networks encourage the creation of more data which can thus be used to enhance the training of new and existing AI models. For example, if a collection of banks were to share credit card usage data fraud detection techniques would be much more accurate than they are now.

BigchainDB is in the process of rolling out a new database that combines blockchain technology with the capacity and performance of NoSQL database technology. It’s also working on various projects with the likes of Porsche, Capgemini, Toyota, and Daimler. Even bigger than that, the company’s going to be deploying its technology to be used in the Interplanetary Database (IPDB). Testing for the new protocol is due to be launched by mid-2018.

More and more AI applications will be driven by the advancement of blockchain technology as more data becomes available for shared use. Just last month the Blockchain Interoperability Alliance was formed in which to help connect blockchain networks currently being developed by Wanchain, ICON, and Aion.

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KC Cheung
KC Cheung has over 18 years experience in the technology industry including media, payments, and software and has a keen interest in artificial intelligence, machine learning, deep learning, neural networks and its applications in business. Over the years he has worked with some of the leading technology companies, building and growing dynamic teams in a fast moving international environment.
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