Blockchain and Artificial Intelligence: Towards the "Fourth Industrial Revolution"

"A baby learns to crawl, walk and then run. We are in the crawling stage when it comes to applying machine learning." quoted Dave Waters; I strongly believe that Blockchain technology is at the same stage. Therefore, if the two partnered, the kind of advancement and possibilities they could give rise to would be pretty complementing.

Blockchain technology is a Distributed Ledger technology that is Programmable, secured and the records are also immutable, time-stamped, and unanimous. The records or transaction details are stored in blocks and each block contains information about the previous block forming a chain. This leaves no space for any kind of unethical alteration.

Artificial intelligence, on the other hand, is a field where computer sciences and robust databases are encompassed in machines making it possible for them to learn from experience, adjust to new inputs and perform human-like tasks. It is machine learning to reason, creativity, planning, and problem-solving. Science fiction portrays artificial intelligence as just robots but it is also in more and simpler forms. It is anything from SIRI to self-driving cars.

AI technologies in recent years have been going through an enormous breakthrough with the advancement of data algorithms and are progressing rapidly. However, it has still not made its way into the mainstream. Thus, both AI and Blockchain can highly benefit from each other as both are cutting edges. With the adoption of technologies like Artificial Intelligence, Machine Learning, IoT, Cloud, Blockchain we are likely to experience the next big technological outbreak i.e "towards the fourth industrial revolution" - an emerging era that is impacting digitalization in unexpected ways.

Let us in the following article learn how :

The Revolution of AI has taken place because of the advancements in big data and the implementation of Blockchain’s distributed ledger in storing data in a highly effective manner could be beneficial and rewarding. The main reason to complement the two together is also to be able to increase Big data analytics.

The process of businesses using advanced techniques to gain meaningful insights from huge data sources that are structured, semi-structured or unstructured such as market trends, consumer preferences, and other unnoticed correlations is acquiring Big data analytics. This data helps decision-making easily and protects from any kind of sharp activities. This data is usually produced from people and organizations in massive amounts like from social media, cloud applications, and machine sensors.

While for a human brain it gets difficult to process all the information, which is exactly why there is the need for AI algorithms to come into the picture. Artificial intelligence enables machine learning to enhance all the hoard of data and provide simplified solutions in support of business development technologies.

In simple words, it analyses data and offers predictions of what works and what does not. It is on a mission to revolutionize the fate of future businesses. However, some applications have already been put in use and are acquiring great returns.

If you’re wondering how Blockchain comes into the picture amidst all this, let me explain: blockchain is not just a distributed ledger but is also decentralized, which means it decentralizes ownership and supports storage of data on vast networks in different systems which makes verification of data easy and protects from any kind of data alteration because of its cryptographic properties. Thus, performing as an effective tool in sheltering highly sensitive and bulky data.

The coming together of AI and Blockchain will lead to an enormous Technological boost. But, as mentioned earlier both are still in the crawling period of development and have a long road ahead before they could stand erect and pull off their limitations. However, the progress the two could make if intertwined is going to be profound. From this, we can now anticipate that the fourth industrial revolution is going to be breathtaking and fantasy-like.

The potential uses of AI and Blockchain are however progressing on zoom in some countries like the US, UAE, and others. But like in any other technological progress, Blockchain technology development in India is taking some time to perform in the limelight because of certain limitations which we could only yearn to get better at the earliest.

In conclusion, the enthusiasm with which AI and Blockchain are working is indeed promising us breathtaking moments in the coming years. The fourth industrial revolution is expected to time machine us to a whole new era of technology. Its success has the potential to transform the way we learn, think, behave and interact. It is going to be no surprise if in the future humans start petting machines instead of dogs. However, all this is only an assumption and a work in force now. Despite the concerns let us optimistically wait for the two to clamp down their limitations and hope for this progress to take life.

Hello readers, I'm a software engineer having 4+ years of experience in the blockchain development industry. Also, I love to write content on emerging technology. If you like my articles please like and share.