Blockchain and Artificial Intelligence – Blockchain is a mystery story for many of us. It provides the foundation (a track to run crypto currencies but blockchain and bitcoin are not same) for cryptocurrencies like Bitcoin and many more. On the other hand Artificial Intelligence as an emerging bundle of technologies/frameworks etc. The current form of AI in my opinion is powered by Data, Storage capacity, Computing power and few powerful algorithms. Both of these new horizontal technologies are now helping companies across the industry to grow and explore much more than before.
Almost every company is facing flat growth due to market maturity, demand saturation, commoditisation of connectivity services and advancement in mobile devices. So how Blockchain and AI going to help?
Blockchain & Big Databases
Question – What’s different about blockchains compared to traditional big-data distributed databases like MongoDB?
Answer – Simple blockchain is like featuring a product that contains small blocks of the brain in form of dust but considers that the innovation efforts of several publicly traded assets and goldmines are also on this brain block dust quest. A special kind of technology i.e “Block” and “Chain” in a context where the digital information (the “block”) is stored in a distributed public database (the “chain”).
Blockchain Building Blocks
- Broadcasted between nodes (blocks)
- Everyone can contribute to Hyperledger fabric (One of the popular framework)
- Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration, hosted by The Linux Foundation, including leaders in finance, banking, Internet of Things, supply chains, manufacturing, and Technology.
- Distributed relational database
- Transaction ledger of record
- Time stamped, permanent, public (but can limit)
- Essential for information security tool and provides below 4 basic securities
- Data Integrity
- Non – repudiation
- Transaction instructions
- Vending machine can pay a drone if delivery by a dictated time.
AI – For AI its ok to say on high level that computers have started simulating the brain’s sensation, action, interaction, perception and cognition abilities to mimic natural intelligence.
How Future Technologies affect our life’s, How many jobs will be taken by robots and how much will be left for humans; difficult to predict today.
At the same time software, development/ coding jobs will be less and fewer that’s for sure with machine learning concept and it is not very far may be just another decade and all software development jobs are gone. The blockchain is the answer to million dollar question i.e a supersonic and ultra-transparent way to maintain the financial transaction register among ourselves instead of someone else doing it for us. Now, that is something worthy of your time to explore.
Artificial Intelligence and Blockchains
Artificial intelligence and blockchains are the 2 main drivers of today’s business to achieve digital transformation goals. While Blockchains can help us verify, execute and record., AI helps in decision making, assessment, uncover patterns, understanding and recognizing.
Machine learning methods as a subset of AI help us to find opportunity and improve decision making, smart contracts and blockchains can automate verification of the transactional parts of the process.
Connected industries require new innovative solutions as in new technology scenarios human errors replaced by a technical failure. Google search looks like a fair deal to the consumer because it is an amazing free product but wait is it really free maybe not.
Blockchains might get used to working with digital human mind-files. Formulating human mind thought process and on-going thinking process to machine-readable digital files and uploading and saving them on physical machine’s storage devices. Blockchain will also help their current prototypes, digital identities like Linkedin, Twitter or even facebook etc. Through their asset management, property registration, and access control features it will become usable, sellable and marketable. Blockchain thinking is as an input-processing-output computational system.
Blockchains are much more than the already extraordinary scope of potential activity that has been envisioned for their deployment in reinventing currency, finance, economics, government, legal services, science, and health – blockchains are a basic substrate for computing itself. I guess calling bitcoin as bubble out of blockchain would not be wrong. Blockchain thinking can also be compared with the human brain power of storing our memories on a decentralized storage disk.
Digital Transformation – BlockChain Role
To embrace digitalization and customer centricity will give supersonic experience for businesses. As a concept thinking blockchain as a thinking process which can help in formulating human thinking as a blockchain process to make machine learning process stronger. This can also help to firm up deep learning process after potential integration in turns this could have benefits for both artificial intelligence and human enhancements.
Looking into past through crystal ball on how people use to see the future from their time, i.e today’s time they must have seen Money in today’s time as less and less Physical but more and more of Electronic Tokens or Commodities that can have the properties like unit of account a defined value, Medium of exchange an acceptability, Store of Value a non-perishable safe from physical threats.
In a simple term today e-money is an item which can be defined as sending and receiving numbers to and from email/internet addresses. Blended or overlapping memories could be stored as separate discrete units. Now adding Blockchain concept here will simply give freedom and welcome you to fork the chain and implement your own rules if you don’t like one of the changes, you are more than. Is given to the people, not to the bank or companies.
The best example is Bitcoin which in simple term is the money which (supply) cannot be manipulated and is fixed at 21 million coins, each divisible up to 8 decimal.
Blockchains could be employed as a secure large-scale data management mechanism to coordinate the information of millions and billions of individuals. I remember my visit to Hong Kong in 2009, just 12 years after the biggest financial crises are known as 1997 ghost when the Thai baht lost its peg with the dollar.
I heard stories of some of the victims, including a high-flying stockbroker who was reduced to selling sandwiches, and a businesswoman whose boss told her to “take care of the work for him” before hanging himself. Now where necessary, they try to neutralise heavy capital inflows with offsetting flows the other way, including central-bank purchases of foreign-exchange reserves.
Artificial general intelligence & BlockChain
Artificial general intelligence (AGI) a subset of AI can be more relevant here as AGI can be modelled as a feedback control system. If we try to simulate the entire episode with AI Blockchain today then solution and speed of solutions would have been beyond the excellent mark. AGI is about autonomous agents interacting in an environment. Asia did not see the 1997 crisis coming precisely because it thought it had learned the lessons from earlier crises though if ASI (super intelligence) was available then; that could have been avoided. Asian countries had high national saving rates, limited public debt and budget surpluses which brings us to AI.
AGI’s Control systems have many great qualities. First, they have strong mathematical foundations going back to a couple of decades. Aspirations, linked to opportunity, can breed dynamism and inclusive, sustainable economic growth. That’s something we all want to see. Meanwhile, tech giants like Apple, Google and Intel are investing billions of dollars in using machine learning AI’s to build out their next big projects.
As on date all of us are involved in projects that involve blockchain technology implementation or related activities knowingly or unknowingly. Blockchain for Artificial Intelligence is like a global or planetary database in which AI and neuroscience have been moving towards a modular managed approach with memory to unlocks opportunities by Data sharing and better data model. Creating an audit trail on data and model for more trustworthy predictions and shared as a global registry. AI DAO- that can accumulate wealth that you can’t turn off.
Chatbots harness software that uses artificial intelligence to process language from interaction with humans in chat programs and virtual assistants. The concept of chatbots are coming up very fast but it’s limited to smart devices holders. They capture the interaction with the world (actuating and sensing) and adapting (updating state based on the internal model and external sensors).
Points to Note:
All credits if any remains on the original contributor only. We have covered some high-level engagement on Blockchain and Artificial Intelligence in this post. In next coming, blog posts will talk about each one these emerging bundles in details.
Books & Other Material Referred
- Research through open internet, news portals, white papers and imparted knowledge via live conferences & lectures.
- Lab and hands-on experience of @AILabPage (Self-taught learners group) members.
Feedback & Further Question
Do you have any questions about Deep Learning or Machine Learning? Leave a comment or ask your question via email. Will try my best to answer it.
Conclusion –Today’s everyone in the said industry is looking for answers for How Artificial Intelligence Will Revolutionize Banking as we all know Artificial Intelligence is about probabilistic, constantly changing and its an algorithm to guess at reality and blockchain is deterministic, sort of permanent and its algorithm & cryptography to record reality. AI has taken some steps into banking, but it also is poised to revolutionize how banks learn from and interact with customers.
Looking into the future through the crystal ball, I tried describing how blockchain technology can help AI, by drawing on my personal experiences in both. As development trend for the operation support system, convergent billing, money storage as digital numbers i.e bits and bytes has a broad scope that is not limited by a single standard. Artificial Intelligence (Cognitive Computing) will play a bigger role.
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