AI in Blockchain – Current Applications and Trends

by Ginger Webb
0 comment

Technology has been developing and evolving in a rapid, unprecedented way. As we grow through the decades, one new technological discovery or the other is made. Some of the most essential and progressive evolutions in the field of tech are artificial intelligence (AI) and blockchain.

Blockchain technology can help track transactions between users in a public ledger. It is now used commercially for various applications such as tracking ownership documents, digital assets, or voting rights.

AI and blockchain involve technical complexity, and experts agree that these technologies will have tremendous business implications in the next five to ten years. The joint use of the two technologies might alter the tech and business paradigm significantly.

Growing platforms like AiWork leverage these two advanced technologies to simplify workflows. But before we jump ahead, let us get the fundamentals right.

The Current Trend in Combining the Two Technologies

The merger of AI and blockchain technology has primarily been applied across three significant industries, Crowdsourcing predictive market arenas, AI marketplaces, and Finance. 

Blockchain was already prevalent, but with the aid of AI, the pair can now further enhance their interoperable mechanism. As such, here are some of the top trends we are witnessing with the rise of AI in blockchain. 

Adoption in Businesses

Today business ventures are becoming well-versed in adopting machine learning and AI into their system. Hence, with the establishment of blockchain for interoperability and security, AI is now more powerful than ever. 

The adoption of these two innovations can now help reduce various complexities involved in decision-making and manual revision. 

Efficient Computing Technology

Blockchain has helped provide the necessary encryption for computing, but it may take massive processing power, commonly termed the “Brute force approach.” This is where AI comes in to aid in offering efficient solutions for processing techniques. 

Blockchain provides the necessary encryption for computing, but it takes an enormous amount of processing power, the “Brute force approach.” Notably, AI provides efficient solutions to processing techniques by aligning the data flow and providing the data in real time. 

Diversifying data sets

The combination of AI and blockchain also helps offer a diversified data approach. The latter stores various information by hashing it block-wise, thus allowing the user to select necessary information at a given time.

Top Applications of AI in Blockchain

We have covered the emerging trends regarding AI in the blockchain. But what about some of the top current applications of AI in blockchain? Let us find out which made it to the top of our list. 

AiWork 

AiWork is a type of blockchain network that can facilitate marketplaces regarding crowdsource-based AI Human Experts to aid in validating, verifying, and creating AI data sets to make AI more intelligent. 

AiWork is a deconcentrated blockchain platform that supports public access and is built on a harmonious interconnection of networks of computing resources of Artificial Intelligence (AI) and a group of skilled experts on humans, used to give rise to coordinated and improved metadata for graphic content.

The community of AiWork prioritizes a crowd-sourced, decentralized, and open association for tasks like paraphrasing and translating. Content creators and suppliers that require paraphrasing and translating their content will lead to an open marketplace that will get the job done using AiWork’s AI tech to paraphrase and translate. 

The structure of AiWork is developed atop the standard Ethereum blockchain. Every video metadata is anchored to the Ethereum blockchain. Thus, DApps (Decentralized Applications) can access data easily and earn or spend the AiWork token (AWO). 

AiWork focuses on bringing a massive global network of AI Human Experts together to aid in generating, verifying, and validating the AI data sets. Another exciting aspect of AiWork is that the platform has opened up its beta trials, which means interested individuals can participate in their exciting community. 

The AiWork platform is an exciting and elevating transition and transcription service. This can further set the stage for the upcoming shift in the industry to create a more seamless and digitized experience.

Other Applications of AI in Blockchain 

CertiK is an application that provides AI-powered tools and Formal Verification for securing Web3 applications, smart contracts, and blockchain. The platform currently offers around four products. 

Core Scientific is another application that can integrate AI infrastructure and personalized blockchain with business networks and upgrade the business infrastructures, software, and server along the way. Due to the massive power and computer processing consumption, the company ensures their blockchain, AI infrastructures, and data centers always run at optimal efficiency. 

What’s Ahead? 

Industry experts expect to see cases where AI might help blockchain projects, such as improving scalability or security. There also seem to be several opportunities for blockchain to enhance existing AI projects, like assisting humans and AI to understand why a particular decision was made by the AI engine or in lowering the capital costs for AI services through marketplaces.

Wrapping Up 

The combination of AI and Blockchain proves to be a powerful and dynamic pair, enhancing the virtual world of every area they are incorporated. This combination of Blockchain & AI is used to improve all fields, from sharing medical history records and music & media royalties to food supply coordination and finance insurance.

The applications mentioned above, such as AiWork, along with the current trends, are some excellent examples of how the pair can help in boosting the field of apps. 

Ginger Webb

I’m a highly experienced and well-connected professional in the cryptocurrency industry. I have been writing about Bitcoin, Ethereum, and other digital currencies for over 5 years which has made me widely popular and one of the foremost experts in the field. Whether it’s keeping up with the latest news or providing in-depth analysis of complex topics, I can always bring fresh perspectives and valuable insights for my readers.

You may also like