Blockchain & AI Are Driving the Fourth Industrial Revolution
The Fourth Industrial Revolution was introduced in a 2015 article published in Foreign Affairs by Klaus Schwab, Executive Chairman of the World Economic Forum. The Fourth Industrial Revolution outlines the fundamental changes in the way we work, live, and interact due to technological advancement. This industrial revolution is influencing all disciplines, industries, and economics and creating a huge impact in a non-linear way at an unrivalled speed.
Blockchain, Cloud, IoT, and AI are leading the way towards the Fourth Industrial revolution. Although, blockchain and AI have their own ideals to accomplish; You may be asking yourself the question, “What is Blockchain” or “What is AI”? Artificial Intelligence or AI as more commonly known, is used to develop machines with human intelligence abilities, whereas blockchain offers decentralisation benefits. Despite the differences, integrating them together will unleash their true potential for this next industrial revolution.
“We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another.” — Klaus Schwab
Blockchain and AI are quite complex and new. Building a Blockchain/AI project demands extensive experience and groundwork. With substantial experience of developing blockchain, Virtual/Augmented reality, and AI projects, Reactive Space has tailored its process to cope up with current blockchain industry changes. Before we proceed towards the wonders blockchain and AI integration can bring to the industries, let’s explore these two converging technologies first.
What is Blockchain :
Blockchain is a growing list of records usually referred to as blocks. Every block contains a cryptographic hash, transaction information, and timestamp from the previous block, thus forming a chain. Every industry that includes massive amounts of data acquired by several stakeholders can benefit from blockchain. It delivers improved transparency, traceability, and streamline processes. For example, Blockchain is bringing a revolution in the healthcare industry by decentralising a patient’s health history and tracing their pharmaceuticals. To read more about it click here.
What is Artificial Intelligence:
Artificial Intelligence is intelligence demonstrated by computers, in comparison to natural human intelligence. AI utilises machine learning and works with neural networks that mimic the functions and structure of the human mind comprising three different stages, built upon the level of intelligence, accomplished by the system.
Artificial Narrow Intelligence:
Artificial Narrow Intelligence also is known as Weak AI performs single or specific tasks for which it is pre-coded. Examples of Narrow AI include Google Assistance, Google Translate, and Siri.
Artificial General Intelligence:
Artificial General Intelligence involves the cognitive abilities of a machine to demonstrate human intelligence. In easy words, machines can easily exhibit any task that a human mind can. Movies like “Her” accurately showcase how this revolutionary concept will become a crucial part of our lives soon.
Experts predicted that artificial general intelligence will be achieved by 2030. Recently, a study by AI top researchers predicted the emergence of AGI by the year 2060.
Artificial Super Intelligence:
“Any intellect that greatly exceeds the cognitive performance of humans in virtually all domains of interest” — Nick Bostrom, Oxford Professor
Artificial Super Intelligence is the last level that surpasses human intelligence in every regard. Machines will have the power to display intelligence than anyone we have ever seen. Stephen Hawking, Elon Musk, and many others fear that artificial super intelligence will lead to the final existential challenge the human race will ever face.
Al offers to automate everyday repetitive jobs of professionals. Due to the latest development of neural networks and deep learning, AI provides unbelievable accuracy.
Blockchain and AI Integration — A Perfect Match:
Let’s explore how these two technologies, AI and Blockchain simultaneously, will serve as the backbone for the Fourth Industrial Revolution.
Data Privacy and Security:
The accuracy of AI-based systems mainly depends on the vast amount of data, fed into the system. Nowadays, many industries are adopting AI for better management and decision-making processes. This requires access to even larger confidential, medical and behaviour datasets. In most cases, there is a single-point-access to the data, which is vulnerable to fraud and theft. Being a modern-privacy enhancing technology, blockchain offers to store data on various systems globally in a safe and transparent way. It also enhances user data protection and gives them full ownership of their data.
AI Decision Making Accuracy and Tracking:
AI possesses the ability to access data independently and understand the fundamental variables required for an overall task.
In the banking and financial services industry, AI is rapidly being adopted to determine the authenticity of financial transactions. Moreover, Walmart utilised AI to decide when and where to restock products, based on months’ worth of transactional data. This, in turn, helps customers to know if an item is in stock or not.
As AI algorithms and techniques continue to enrich decision-making processes, it can be difficult for data scientists to learn how these systems determined specific conclusions and decisions. Blockchain can help in this regard if these processes are stored on a blockchain, humans can easily inspect the entire process, as there are immutable records of all the data. This increased transparency will boost people’s interest and trust in AI-based systems, as they will be confident that they can count on the information provided by AI systems.
Large corporations monetise collected user data; they sell our data to earn revenue which means the data is being weaponised against us. This problem can be avoided via blockchain as it provides full control to users over their data, concerning granting or denying access. This data can then be used to develop AI-based systems. These systems will operate in a decentralised environment where users and corporations can connect with each other directly.
Live Blockchain and AI Projects:
Tyslin Ecosystem, powered by their native coin TYSLIN Coin (TYS) consolidates the modernised technology of a centralised custodial exchange with decentralised “trustless” cross-chain “fair exchange” settlement. Using the concept of Blockchain, this centralised cryptocurrency exchange is an intrinsically low-latency, user-friendly and comprehensively featured exchange with custody services, centralised speedy order booking, and highly efficient order matching.
The decentralised cross-chain settlement will be based on cross-chain atomic swaps, i.e. cryptographic protocols that allow users to settle transactions across heterogeneous blockchain networks without ‘trusted’ third-party and without counter party risk. This will represent a big departure from traditional markets and a major step toward the Internet of Value.
The T.R.O.C Trade Bot is a software program that uses APIs to interact with crypto exchanges to actively monitor them round the clock and react accordingly with predetermined strategies and criteria that traders and companies have chosen as per needs. With Artificial Intelligence powering its base functions, it can work overtime and does not get distracted or need the breaks humans need to properly function.
The Final Verdict:
Blockchain and AI technologies hold the keys to set off the fourth Industrial Revolution. According to top researchers, the blockchain market will hit $2.3 billion and investment in AI will hit $52.2 billion. Big Tech Giants like Microsoft, Dell, and Porsche are investing in blockchain and AI research and testing.
If you require more information on whether using blockchain and AI will provide efficiency and sustainability for businesses, consult experts at Reactive Space free of cost or reach out to us at firstname.lastname@example.org.