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Op-ed: Blockchain and AI Combine to Power Modern Technological Advancement

Last Updated June 14, 2024 8:42 AM
Stephen Samuels
Last Updated June 14, 2024 8:42 AM

Presently, there is an increased pace in the areas of technological development when compared to the progress achieved over the last couple of decades. This exponential increase springs off the dashboard of the internet and the numerous millennial technologies that are being built on top of it.

These emerging developments are leading us to a smarter world where identified redundancies are eliminated, bringing to the fore more direct and productive solutions. Effective cost management through the elimination of intermediaries and the achievement of more precise objectives while maximizing available resources are some of the benefits of the technological advancements that we see today. One of the fundamental elements behind these achievements is the concept of Artificial Intelligence (AI), which is helping humankind in the building of a smarter world.

Technology as It Is Today

Technology today involves a high degree of information gathering and data analysis. Data management has become a significant determinant across various industries. Therefore the success or failure of establishments largely depends on how robust and effective information around them is processed and managed. This brings to the frontline the qualities of blockchain technology in managing data effectively and its compatibility with other existing technologies for solution purposes.

Jason Cassidy, founder of Helium told CCN.com that AI is a commonly used by rarely understood term flying around these days.

“Each year we find ourselves relying more and more upon artificial intelligence to assist us. Now, when you pair the burgeoning field of blockchain technology up with AI you get some incredibly synergistic results.”

Synergy Across Technologies

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He notes that it is very likely that AI is now at a level of robustness that it can not only improve how blockchains work and AI itself can also reciprocally be improved by blockchain technology.

This is the kind of synergy that is exemplified by the promising field of blockchain-based advertising, which combines blockchain smart contracts, neural technology and artificial intelligence in targeted advertising.

Cassidy continues by explaining that security, scalability, optimization of energy consumption and improved efficiencies are some of the areas that both blockchain and AI will receive benefits by harmonizing together. Since both of these technologies are predicated upon a large amount of trust being bestowed upon them, these improvements will obviously grow the level of trust that society assigns to them over time.

As more and more data points are taken in and fed to AI, the need to securely store that data is aided by blockchain. Once stored, the ability to understand and put to use such data to make better decisions is the job of AI. In this light these innovations work hand in hand to improve one another’s weaknesses. Thus, much like the Internet Of Things (IoT), we find in AI yet another powerful technology that is likely to find its way to the mainstream adoption via the advent of blockchain. Hence, blockchain appears to be one of the technological “springboards” that society has been waiting for.

Technologies for Enhancement

Having come through the initial stages of development with numerous confrontations in terms of acceptability, the dust in the blockchain industry is eventually settling down. Industries are finding appropriate implementations for the emerging technology and startups are taking advantage of the opportunities therein.

From a general perspective, blockchain technology is perceived by many as a tool for improving already existing processes. This explains how quickly the technology is growing in popularity. Also serving as the carrier of the developing Internet of Value (IoV), the curiosity that it exhumes also accounts for a large aspect of the awareness and growth seen so far in the industry.

As believed by the proponents of blockchain technology, it is a development that is built for mainstream application. This negates any opinion of blockchain being a stand-alone technology, making it expedient that it must be combined or embedded with other existing entities. Therefore finding objective methods of connecting technologies to achieve robust innovations goes beyond the concept of choice alone. It is a fundamental necessity in order to achieve the various solutions that will cater for the rapidly evolving ecosystem of humankind in technology.

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