THE BENEFITS OF "BLOCKCHAIN+AI" IN OUR SOCIETY

With the birth of Artificial Intelligence (AI), there have been continuous fear and improvement of the dangers and advantages of its uses. Year after year, technologies have matured to a stage where they intersect and merge into a convergence. It seems that at a point, technology, while at the centre of development in our society, will be in singularity that will invariably change the world as we know it.

According to Encyclopedia Britannica, Artificial Intelligence is a computer performing tasks typically associated with intelligent beings. Which translates as computers performing tasks human beings with high level functioning IQ perform. Although, this does not give the full definition of Artificial Intelligence, it gives a scope as to what Artificial Intelligence means. Blockchain, according to Investopedia, "blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically".

The importance of Blockchain and Artificial Intelligence cannot be overemphasized. The relaibility on both is changing the market as it creates a world with decentralized; digitized; shared; virtually democratized system of cypto-transactions with the use of data which are constantly updated without the need of manual or human interference. In the following paragraphs, we examine the importance of Artificial Intelligence and Blockchain on our society.

Firstly, the advantage of Blockchain AI is the non-stop mining of data for the Blockchain. This is because many of the players in the system do not have full knowledge of the system and cannot stay online to monitor their transactions 24/7. Blockchain AI gives players something to rely on while they carry out their other jobs. This means that while AI have been constantly lashed for it prospect of taking jobs from humans, it can also create ease of transactions in the atmosphere.

Secondly, security has been a major concern since the advent of technology. Most especially, the internet. ​Artificial intelligence algorithms use training-data to build neural networks which are complex decision trees. Blockchain technology can create ledger through the use of AI. Anyone on the network can check AI apps to understand how they come up with their outcome. The inherent cryptography in the system can help boost trust for the storage of personal data, highly sensitive information which a person will not want to be exposed.

A growing field of AI processes data while it is still in an encrypted state. This protects from potential exposure of data while in it unencrypted state can be highly unsafe.

Thirdly, carrying out processes on computers with Blockchain requires large amount of computer processing data. Which means that algorithms used to run Blockchain data mining can shut down a whole system if not properly managed. However, a machine-powered data mining system, fed the right data will process these codes instantaneously. Blockchain AI attempts to create a fast, and easily manageable approach to the area of data processing.

In conclusion, BlockChain AI have been considered as groundbreaking technologies that complement each other and have the ability to change and enhance the way we operate while at, the same time, creating more opportunities.