Swarm Intelligence: Blockchain does not hide anything, for that matter, as its basic and most sellable quality The convergence of AI and blockchain is a great deal for the real business of today. Blockchain, rather than hiding swarm intelligence in its blocks, actually organizes and incentivizes it for modern businesses. The two biggest trendy technologies of today are blockchain and artificial intelligence. In this post, we will look at them from the FinTech business point of view at a high level in simple English. How these technologies will transform our businesses.
Blockchain’s tiny blocks i.e tokens establish alignment across its blocks (kind of swarm intelligence) with no centralised command and control infrastructure.
Blockchain Systems and Ubiquitous Computing
Blockchain systems and ubiquitous computing are changing the way we do business and lead our lives. It’s easy to compare blockchain with multi-agent systems of communication. Technology that provides a way for multiple interacting intelligent agents, which is a kind of swarm intelligence.
The concept of blockchain technology, which underpins various cryptocurrencies including Bitcoin, Ethereum, and others, continues to elude many people, particularly those operating within the business landscape. It is of paramount significance to acknowledge that the lexical definitions of “bitcoin” and “blockchain” are not conterminous.
From time to time, I encounter a significant difficulty in understanding why number of people continue to struggle in distinguishing between the concept of blockchain and reminiscences of data structures acquired during out schooling years.
The implementation of blockchain in any business has two parts: adoption, where the existing process gets optimized, and a tricky second part, in which it shows an entirely new business model. It also has two small circles of view, first works as Digital Assets Platform to track digital assets and second where it acts as trust assessment platform where it help to bring truth and remove the need of trust
The way blockchain’s blocks communicate with each other in its environment reminds me of the singly linked list. Each block has a hash of the previous block, which can be thought of as a pointer to the previous block.
Blockchain can also be compared to traditional big-data distributed databases like MongoDB. It’s like featuring a product that contains small blocks of the brain in the form of dust. It considers that the innovation efforts of several publicly traded asset managers and banks are also on this brain-block dust quest.
So what is Blockchain!
What is it? It is a security protocol like any other (a kind of swarm intelligence). Blockchain presents a more secure way of saving and securing data. This can reduce fraud, transaction processing times, and fees.
- To send information
- Track information
- Transmit information
- Secure information, mainly in the financial world.
Security: Each block is connected to all the blocks before and after it. This makes it difficult to tamper with a single record. This is because a hacker would need to change the block containing that record, as well as those linked to it, to avoid detection.
“5 key bullet points of Blockchain – Security, golden key, impact, Data Intelligence and Swarm Intelligence”
This thing gets coupled with encryption through cryptography and private keys that are assigned to the transactions. Which creates a personal digital signature, it makes altering records very difficult. Any monetary exchange of value has to be supervised by humans or human-based centralized ledgers. Blockchain technology changes all that. It allows machines to have unique identities and, hence, a virtual presence.
DLT – Distributed Ledger Technology
Golden Key: Use of DLT (Distributed Ledger Technology), which creates a worldwide computing network that eliminates the need for centralized third parties, e.g., central banks. In a blockchain, transactions are recorded on a ledger, facilitating transparency. The ledger is tracked by all parties, which stops people from spoofing it or creating fake data.
Impact: Potential to change the way that the world approaches big data Businesses need to incorporate blockchain in their Blue Ocean Shift Strategy (BOSS), as it is still a relatively new technology. It assists in enhancing security and data quality.
Data science and data intelligence are now offering new and improved ways to analyze, share, and implement data through blockchain. This gives businesses tremendous advantages. Machines have so far been limited in their abilities, primarily because they have limited capacity to exchange value.
We have several examples of how the blockchain interplays with or without automation processes. The example below depicts international remittances.
The best practices for financial modeling, strategies, methods, and project finance analysis are best managed under smart contracts anyway, which is the golden key of the blockchain.
“Swarm Intelligence communication technology which requires no supervision”
Applying distributed ledger techniques in specific industrial sectors after following the best practices of financial modeling to make highly accurate assumptions is the success form of swarm intelligence. Hyper Ledger will be discussed in the next post.
Blockchain in Remittances
Modern financial transactions require a high level of expertise in building financial models. These models should be reliable, secured, solid, distributed (for the blockchain environment), and flexible to accommodate the changing requirements occurring during the lifecycle.
Some differences between the linked list and the blockchain are that in a linked list, there are generally more operations that are not available in the blockchain. Most notably, being able to remove a block and add a block in the middle of the list or chain Blockchain technology even allows for automated verification by the network of machines itself. It permits machines to exchange value and introduces the element of discretion into the hands of machines.
“Traditional artificial intelligence looks to mimic human intelligence with gadgets and software”
In the bitcoin blockchain, and probably others, each transaction in the block is stored in a hash tree or Merkle tree, but the blockchain is not a tree in reality. Artificial intelligence allows computers to simulate human brain sensation, action, interaction, perception, and cognition abilities.
Swarm Intelligence & Blockchain
Swarm intelligence is a new form of artificial intelligence that utilizes technology to leverage natural human instincts, such as intuitions, emotions, and sensibilities. While making a decision by combining the best of both worlds. Such a system can be used as a distributed P2P computing power market, protected from any central authority.
“One of the most important applications of Blockchain technology is in automation processes and Internet-of-Things”
Such a decentralized market can further be updated to a system that learns the most efficient way for software-hardware combinations usage and optimization. Once the system learns to optimize software-hardware efficiency, it can be updated to general-purpose distributed intelligence, which acts as a combination of single-purpose AI.
Blockchain works somewhat similarly to multiple-agent systems, which are used to solve problems that are difficult for an individual agent to solve. Swarm Intelligence communication technology, which requires no supervision but can be used for management and organization of computing fog, acts as a global, distributed operating system.
This same process repeats in ants: they step over the first ant, and if there is still a gap there, the next in line slows, gets trampled, and freezes in place. In this way, the ants build a bridge long enough to span whatever gap is in front of them. The trailing ants in the colony then walk over it.
The blockchain and BitCoin
Blockchain and bitcoins are not synonyms; this is a point to be noted here. The blockchain is what enables cryptocurrencies like Bitcoin and PascalCoin. Ethereum is a framework that makes it easier to build decentralized applications using blockchain technology. Consensus systems and the verification of data used in learning algorithms could be one of the possible applications of a blockchain in machine learning. This could be used easily, but at what and whose cost?
I am getting tempted to say, “This time is really different. AI DAOs are AI that can accumulate wealth and that you can’t turn off. Artificial intelligence is set to transform the financial services industry. Blockchain and AI will create a system that will learn on its own how to reinvent itself. How current solutions will read and write metaheuristically to carry out different jobs and functions.
Points to Note:
All credits, if any, remain with the original contributor only. We have covered some high-level engagement on blockchain and artificial intelligence in this post. In upcoming blog posts, I will talk about each of these emerging bundles in detail.
Books & Other Material Referred
- Research through the open internet, news portals, white papers, and imparted knowledge via live conferences and 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. I will try my best to answer it.
Conclusion: What makes “swarm intelligence” more accurate? Finally, the paper concludes with a discussion of how blockchain technology will impact automation processes. Blockchain is a technology that combines decentralized P2P task distribution, multiple-agent communication protocols, and smart-contract-based rewards. How can regulatory reform and government support make a difference? How do regulations keep pace with technological developments? And what effect will increased regulation have on market innovation? One of the most important applications of blockchain technology is in automation processes and the Internet of Things. How blockchain systems are related to IoT will be discussed in the next post. This is where we will discuss the concept of smart mining, which will lead to advanced blockchain activity and machine intelligence.
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