“Blockchain and Artificial Intelligence (AI) are the two extreme sides of the technology spectrum: one fostering centralized intelligence on close data platforms, the other promoting decentralized applications in an open-data environment. If we find an intelligent way to make them working together, the total positive externalities could be amplified in a blink”.
PART 1 – HOW AI CAN AFFECT BLOCKCHAIN AND HOW BLOCKCHAIN CAN CHANGE AI
AI can affect Blockchain in: 1) Energy consumption: AI is efficient in optimizing energy consumption, resulting in lower investments in mining hardware. 2) Scalability: AI can introduce new decentralized learning systems such as federated learning, or new data sharding techniques. 3) Security: AI is a fantastic ally for the Blockchain to guarantee a secure applications deployment, especially given the fixed structure of the system. 4) Privacy: privacy issue of owning personal data raises regulatory and strategic concerns for competitive advantages. 5) Efficiency: a better efficiency and a lower energy consumption may reduce the network latency, allowing faster transactions. 6) Hardware: if the system becomes efficient, some piece of hardware can be converted for neural nets use. 7) Lack of talent: it would be great to create virtual agents that can create new ledgers themselves. 8) Data gates: where all data will be available on a Blockchain and companies will be able to buy them, it is needed help to grant access and track data usage. Blockchain can: 1) Help AI explaining itself: having a clear audit trail, providing a clear route to trace back the machine decision process. 2) Increase AI effectiveness: a secure data sharing means more data, and then better models, better result, and better new data. 3) Lower the market barriers to entry: easy data-sharing and new marketplaces, jointly with Blockchain data verification, will provide a wider data access and a more efficient data monetization mechanism. 4) Increase artificial trust: every machine-to-machine interaction and transaction is increased, providing a secure way to share data and coordinate decisions, as well as a robust mechanism to reach a quorum. 5) Reduce catastrophic risks scenario.
[TAGs: Blockchain, Artificial Intelligence (AI), technology spectrum, open-data, mining hardware, data, scalability, machine decision process, data-sharing, marketplaces]
PART 2 - COMPANIES WORKING AT THE INTERSECTION (OR THE CONVERGENCE) OF AI AND BLOCKCHAIN
The joint use of AI and Blockchain may be able to redesign the entire technological paradigm from scratch. The companies working at the convergence of AI and Blockchain are categorized as follows: 1) Decentralized Intelligence: TraneAI (training AI in a decentralized way), Neureal (peer-to-peer AI supercomputing), Singularity NET (AI marketplace), AI Blockchain (multi-application intelligence), BurstIQ (healthcare data marketplace). 2) Conversational Platform: Green Running (home energy virtual assistant), Talla (chatbot). 3) Prediction Platform: Augur (collective intelligence), Sharpe Capital (crowd-source sentiment predictions). 4) Intellectual Property: Loci.io (IP discovery and mining). 5) Data provenance: KapeIQ (fraud detection on healthcare entities), Data Quarka (facts checking), Priops (data compliance), Signzy (KYC). 6) Trading: Euklid (bitcoin investments), EthVentures (investments on digital tokens). 7) Insurance: Mutual.life (P2P insurance), Inari (general). 8) Miscellaneous: Social Coin (citizens’ reward systems), HealthyTail (pet analytics), Crowdz (e-commerce). Those companies are incredibly hard to evaluate. Technology requires a high tech-education to be fully assessed. Cutting through the hype is a demanding task and this makes it very easy to be fooled. Those exponential technologies are fantastic and can advance mankind, but as much as the benefits increase also the potential “negative convergence” increases exponentially. Keep experimenting, but keep your eyes open.