Blockchain and Avanced Analytics: A powerful combinationsteemCreated with Sketch.

in analytics •  last year

Combining Advanced Analytics with Blockchain (i.e. distributed ledger technology) would bring together two technologies that would complement one another!

Artificial Intelligence would help lead to robust and intelligent platforms that would also respect ownership of user’s data, without compromising security and trust thanks to the underlying blockchain technology.

Some might think this is an utopianist visionary statement from an advanced analytics enthusiast - or is it?

Ongoing progress in technologies are bringing potential solutions for dealing with verifying integrity and source of digital credentials and its associated governance, all of which are key for a wider adoption of blockchain technologies and to most benefits citizens and customers which we all represent to some extent.

Moreover, distributed ledger technology advances carefully consider other key aspects such as Identifiers, key management, off-ledger storage, how to import data and smart contracts, to name but a few.

The latter (smart contracts) bring distributed ledger technology to a higher level by adding functionality to it:
Smart contracts are small scripts that execute programming logic on blockchain nodes, triggered by events.

This is where Advanced Analytics and Artificial Intelligence (I.e.AI) could step in.

“Smart contracts” would be leveraging on AI technologies rather than on business rules logic (which could be restrictive over time and tend not to generalise well).

Ultimately, Artificial Intelligence (AI) could help shape robust and intelligent platforms that would also respect ownership of user’s data, without compromising security and trust thanks to the underlying blockchain technology.

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Interesting perspective although at this moment I do not quite see how that would work.

For me, the whole idea of "smart contracts" is that one restricts severly the range of outcomes. They build trust between parties because both see the code and can "map" in advance the entire range of outcomes.

If a smart contract on-chain calls an AI module off-chain then isn't "mapping out the range of outcomes" becoming a lot more difficult or nearly impossible (inherent to the "I" of AI ...) ?

To be discussed further ...

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Thanks @sorin.cristescu: This is indeed opening up a new horizon for thoughts and discussions - worth expanding further.

Nice article! Two hot topics! I am really curious to see what is the result of their "breeding".

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Many thanks @smartiot for your comments.
The advanced analytics field continue to grow but less rapidly than that of blockchains and distributed ledgher technologies in the last couple of years.
Decision making based purely on business rules is already being replaced by advanced analytics and AI, leading to smarter and faster decisions. Why blockchains technology could not benefit from a similar positive evolution by going towards adopting smart contract logics based on AI?