🧿 Both AI and blockchains act on data, and combining these two technologies can take data analysis to another level, also boosting AI’s potential. Blockchains ensure the secure sharing of data, allowing more information to be shared in a safer manner securely before being analyzed by AI systems.

The use of blockchain technology will also help people better understand machine learning, so they can comprehend the reasons behind certain decisions.

Below are some of the benefits of merging AI and blockchain:

  • Diverse Data Sets

Blockchain technology helps create transparent and decentralized networks that are accessible to everyone. Blockchain networks are also finding their use in several industries to help better distribute algorithms and data, ensuring enhanced AI development.

A prime example is SingularityNET, which combines these two technologies to help create decentralized AI blockchain networks.

  • Smart Computing

Blockchains contain encrypted data that requires a significant amount of processing power. AI helps blockchains adopt a more intelligent and efficient approach to tackling tasks that would typically require enormous amounts of energy expenditure. This in turn also helps the environment.

  • Data Protection

AI utilizes data to gather information about what’s happening around it, making it entirely dependent on the input and quality of data. Blockchains, on the other hand, allows for the creation of completely secure databases. When combining blockchains with AI, we get a system that can handle highly sensitive individual data, while still enabling that data to be useful.

For example, personal financial or medical data is too valuable to hand over to a third party. However, storing these types of data on the blockchain, where it can be accessed by AI, could open up a world of possibilities through personalized recommendations and secured data.

  • AI Decision Making

We’ve already discussed how AI gets smarter by learning from the data it’s given. As time passes, data scientists will face increasing difficulty understanding how AI arrived at particular conclusions. This is because AI processes vast quantities of data, to the point that it’s difficult for humans to comprehend.

Tracing the steps that AI took to reach a particular decision is essential.

Blockchain allows the storage of immutable records of data, all of which are accessible to anyone. Data scientists can easily check the data, processes, and variables used by AI-related to its decision-making process.