The tech industry is abuzz with the progress of Artificial Intelligence (AI) and Blockchain technology. Although these two innovations may appear to be unrelated, they can offer immense advantages when employed together. Currently, research trends in AI are toward integrating AI into blockchain-based networks. In this article, we will explore some of the benefits AI can bring to blockchain-based networks.
The integration of AI into blockchain technology brings with it a suite of high-security benefits. Blockchain is already seen as a highly secure form of technology, yet the integration of AI makes it more secure. The Pattern Matching capacities of AI models can timelessly monitor and detect any suspicious behavior on the blockchain, making it significantly harder for cyber criminals to access confidential data. Several start-ups such as AnChain. AI, were established to provide AI-based monitoring tools for blockchain-based distributed applications.
An additional advantage of incorporating AI into blockchain technology is elevated scalability. As many sectors are migrating to the blockchain, the volumes of transactions on the network can become staggering. AI can be employed to help manage and process these transactions more effectively, allowing the blockchain to handle a larger population of users by dynamically scaling the resources per requirement in the network.
Also, AI makes the process of smart contract exchange accurate. Smart contracts are legitimate agreements in the form of lines of code that are exchanged between the user and the Blockchain service provider. AI can ensure the authenticity of these agreements between both parties without depending on third party’s services to verify the exchange.
To wrap up, AI and blockchain technology are two powerful frameworks that can be utilized hand in hand to create a robust, cost-effective, secure, and user-friendly experience. As the number of corporations embracing blockchain technology increases, the probability of observing various applications of AI in the blockchain space grows. Also, the more AI can aid the blockchain, the more blockchain can help with AI, they can both enhance their technology environment by supporting each other.
Disclaimer: The article is not intended to provide any investment advice on the company/companies mentioned in it.