The Power of two Diversifying Technologies: AI and Blockchain
Blockchain has created such hype that nearly every technology enthusiast wants to learn more about the technology to leverage it. It is also about to revolutionize various industries such as education, healthcare, and e-commerce by implementing the concept of decentralization.
Blockchain is a decentralized database that brings the importance of data sharing between multiple clients on a particular network. In the same way, AI relies heavily on the sharing of big data. With more open data for analysis, the forecast and evaluation of machines are considered more accurate and the generated algorithms are more reliable.
Blockchain and AI can change the Earth's ecosystem dramatically. The interaction between these two technologies can generally control and shape the environmental situation. Microsoft Corporation has already launched a program to receive grants for innovative environmental development. Although the data has been made available, it is another barrier to magnification. The number of currently available data is estimated to be 1.3 Zettabytes. There is an AI subfield known as Artificial General Intelligence that can be modeled as a feedback management system. This function improves the interaction of autonomous agents with the physical environment.
AI, blockchain, and big data are all tools that have begun to find their way into the asset management market, as different companies and managers use these different burgeoning technologies to compete. Big data is fuel for AI and can therefore not only provide descriptive market insights but can also recommend future prescription measures to maximize returns on investment based on proper data.
A few existing projects are already built around the combination of AI and blockchain; OpenMined, an AI model can be controlled by multiple owners and securely trained in an unseen, distributed data set with OpenMined. NumerAI is an AI hedge fund that is decentralized and will provide stock market data to data scientists worldwide, and data scientists will use their AI to make predictions and return their predictions to NumerAI. It is evident that blockchain and AI are two technological trends that break all the legacy technologies and have the potential to become even more revolutionary when they are combined.