30 Sep 2022| ONPASSIVE
How Blockchain and IoT Revolutionizing Business Using Artificial Intelligence?
Blockchain accelerates the adoption of emerging technologies, including Artificial Intelligence, Cloud, and IoT, by bringing in the missing element of trust required for a business to embrace these technologies at scale fully. In the next side, blockchain business networks benefit from integrating these technologies into modern blockchain platforms and applications.
Blockchain and Artificial Intelligence
Blockchain and Artificial Intelligence will stand in reshaping industries. Both technologies came with immense benefits and brought their challenges for adoption. It is also fair that the hype surrounding these technologies may be unprecedented, so some may view the thought of getting these two ingredients together as brewing a modern-day version of IT pixie dust. Simultaneously, there is a logical way to think about this mash-up that is both sensible and pragmatic.
Artificial Intelligence is for all intents and purposes of a centralized process. An end-user has extreme faith in the central authority to produce a trusted business outcome.
By decentralizing the three critical elements of Artificial Intelligence:
Blockchain can deliver trust and confidence often needed for end-users to adopt and rely on AI-based business processes entirely. Blockchain poised enriching AI by bringing trust to data, models and analytics.
Wonders of Blending Blockchain with Artificial Intelligence
Many of the world’s most exceptional AI technology services are centralized. All these challenges are establishing trust among their cautious users.
How does a business assure users that AI overstepped boundaries?
These Artificial Intelligence services produce a “forensic report,” verified by a third party, to prove, beyond a reasonable doubt, how and when businesses are using your data once ingested.
A blockchain ledger is used as a Digital Rights Management System, allowing licensing to AI provider under terms, conditions and duration. The catalogue will act as an access management system storing the proofs and permissions by which a business can access users’ data.
Trusted AI models
Consider the example of using blockchain technology to provide trusted data and provenance of training models for machine learning.
This question-answering system builds a model, and this model created through a process called training. It makes an accurate model by answering questions. A model trained by collecting data needed for training.
With blockchain, the training data’s provenance can be tracked and reveals an audit trail of evidence leading to prediction.
Decision-making with AI
A law requiring any machine decision be readily explainable on adequate penalties that cost companies billions of dollars.
General Data Protection Regulation came existed in 2018, includes a right to explain decisions made by algorithms and a right to opt-out of some algorithmic decisions.
Massive data produced every second and more data than humans can assess and use as the basis for concluding. However, AI applications can determine large data sets and many variables while learning about or connecting those variables relevant to their tasks and objectives. For this very reason, AI continues to adopt in various industries and applications, and we are relying more and more on their outcomes. However, any decision verified for accuracy.
Blockchain helps to clarify the provenance, transparency, understanding, and explanations of those outcomes and decisions. If decisions and associated data points recorded via transactions on a blockchain, the inherent attributes of blockchain will make auditing them. Blockchain is a crucial technology that brings trust to transactions in a network.
Therefore, infusing blockchain into AI decision-making process could be the element needed to achieve the transparency necessary to trust the decisions and outcomes derived from AI entirely.
Blockchain and IoT
Billions of intelligent systems of connected devices are a part of IoT. The expected proliferation of hundreds of billions placed at the threshold of a transformation sweeping across the electronics industry and many other areas.
With advancements in IoT, industries enabled to capture data, gaining insights and make decisions based on inputs.
Hence, there is much trust in the information obtained. But the real truth is, where the data came from and making decisions and transactions based on data validating?
IoT with blockchain brings real trust to capture data. The underlying idea is at the time of their creation, and identity is validated and verified throughout the lifecycle.
IoT systems in blockchain technology capabilities rely on device identity protocols and reputation systems. With this, each device has blockchain public key sending an encrypted challenge and response messages to other devices; thereby, a device remains in control of its identity.
Smart contracts represented a blockchain network’s business logic when a transaction proposed, these intelligent contracts executed autonomously within guidelines set by a network.
In IoT networks, smart contracts play a significant role by providing automated coordination and authorization for transactions and interaction. The original idea behind IoT is to surface data and gain actionable insights.
Blockchain is used to record solar energy production and enables the purchase of excess renewable energy credits. The device has an identity and builds a reputation through its history of records and exchange. These people quickly aggregate their purchasing power, share the burden of maintenance, and trusts that devices are recording actual solar production.
As IoT continues to evolve its adoption that continues to grow, machines’ ability to manage devices and actions taken by machines is essential. Blockchain and smart contracts positioned well integrating such capability for IoT.
Blockchain is a nexus of technologies like IoT, AI and Cloud. It has a means of bringing the missing element of trust currently lacking from these technologies. This trust gained diversified users.
Unlike a database that has a single administrator, a blockchain enables a set of diverse administrators to referee a data, such that no single admin can maliciously or accidentally change or delete data.
When AI, IoT and Cloud use blockchain to track provenance, proofs and permissions associated with data used and emanating from these systems, the data’s trust increased radically. This trust will allow IoT, AI and Cloud to be adopted without fear of compromise, ushering in a new era of application and adopting these technologies to change everyday life for the better.
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