AI and blockchain are powerful, disruptive technologies that will impact industries and society in the coming years. According to Grand View Research, the blockchain technology industry was valued at an estimated $5.92 billion in 2021. It is expected to grow at a Compound Annual Growth Rate (CAGR) of 85% between 2022 and 2030.
Several platforms, such as AIWORK, are implementing blockchain technology and AI, addressing long-standing issues plaguing their respective industries.
Understanding Blockchain And AI
Blockchain refers to an immutable, shared, decentralized ledger shared between nodes. Data is stored in blocks, with each block containing information linked to the preceding block. Blockchain technology guarantees the security and fidelity of data stored without requiring a third party.
Meanwhile, AI has evolved from the pages of science fiction to driving technology today. It ushered in the era of machine learning, where machines can mimic human intelligence and exhibit traits such as learning and problem-solving. AI can also learn from data provided to it, becoming smarter over time.
How Can Both Technologies Benefit One Another?
Blockchain and AI can hugely benefit businesses and one another in several ways.
Authenticity: The blockchain addresses the challenge of explainable AI by providing a clear insight into the framework behind AI and the provenance of the data used. This greatly helps to improve data integrity and, by extension, the recommendations provided by AI. Using the blockchain to store and distribute AI models also provides a clear audit trail, helping to enhance security greatly.
Augmentation: AI is capable of reading, understanding, and correlating data at incredible speeds, bringing an unprecedented level of intelligence to blockchain-based businesses. Blockchain gives AI access to incredible data, helping it provide actionable insights, manage data, and create a transparent data economy.
Automation: AI and blockchain can bring new value to business processes by removing friction and adding efficiency. This has been seen in supply chain management, where blockchain and AI have completely digitized cumbersome, paper-based processes.
Efficiency: AI and blockchain technology can also bring value to business processes by removing friction and improving the speed and efficiency of these processes.
Use Cases Of Blockchain And AI
Blockchain and AI have found use in several industries, helping with increasing efficiency, automation, better fraud detection, and more.
The implementation of blockchain and AI has transformed logistics and supply chains across industries. Blockchain technology can digitize a largely paper-based process, streamlining it and enabling companies to share data efficiently. Its immutability ensures data integrity, allowing manufacturers to track products efficiently.
Blockchain and AI’s implementation in healthcare have disrupted the industry. AI can help improve several fields in healthcare, such as treatment insights, supporting user needs, studying patterns, and identifying insights sourced from patient data. Meanwhile, blockchains can securely store patient data, allowing healthcare workers to securely access patient data records while ensuring the patient’s privacy.
The financial services sector has seen the biggest impact from implementing blockchain and AI, removing friction from transactions involving multiple parties, increasing efficiency, and improving transaction speeds. Applicant data can be accessed through the blockchain if a customer wants to take a loan. Automated processes and increased trust in the data help evaluate data faster.
How Is AIWORK Using Blockchain And AI?
AIWORK’s primary focus is on the online video space, which is plagued by problems such as unreliable, inconsistent, and poorly indexed metadata. Such metadata leads to inaccuracies in content discovery, which is detrimental to viewers and creators. An open-source, decentralized blockchain protocol is built on a consensus network of AI computing resources and a community of human experts, helping generate normalized and enhanced metadata for online video content.
AI’s introduction into the online video ecosystem can help machines to learn and improve on assigned tasks. In AIWORK’s case, the platform will utilize AI algorithms for scanning media files, generating enhanced metadata, transcripts, translations, categories, classifications, and time-coded tags, and creating a detailed index of video objects. This is complemented by human experts that create, verify, and validate data sets. Meanwhile, the blockchain can help with content cataloging, indexing, and storing personalized video content recommendations.
Blockchain and AI have several use cases. As these technologies become mainstream, more companies and industries look to incorporate them to improve scalability, efficiency, and security. This is evident in healthcare, finance, and supply chain industries, thanks to AIWORK, the online video space. The problems which the platform is targeting are unique.