How the Convergence of AI and Blockchain will Result in Increased Efficiency and Trust

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AI and Blockchain are two of the hottest technology trends hitting the market today. Blockchain stands to revolutionise communication and transaction recordation, building trust between strangers and enabling increased provenance, transparency and privacy. AI takes on incredibly complex tasks and applies tremendous computing power to learn these tasks to near perfection. So, how do these very disparate technologies come together to create even more opportunity? Though created using fundamentally different approaches to technology, both technologies have a lot to offer each other.

The Merging of AI and Blockchain

Private data platforms feed training data to centralised AI systems, teaching them a variety of different skills. Blockchain relies on decentralised systems to provide additional security, essentially creating a new foundational technology that might replace some existing security protocols. This fundamental difference in approach allows the two technologies to create a unique and powerful synergy.

AI Helps Cut Costs and Secure the Chain

One of the biggest downsides to blockchain technology is the operating cost. Energy is a major factor in validating and sharing transactions thanks to the Proof of Work consensus mechanism still in place in many blockchains. In fact, some estimates put total energy consumption at higher than some countries use in a year. …

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