Point Roberts, WA and Delta, BC - November 27, 2018 (Investorideas.com Newswire) Investorideas.com a global investor news source covering Artificial Intelligence (AI) and blockchain issues a sector snapshot of how the two technologies are synergistically building momentum.
As the Artificial Intelligence and blockchain technology markets independently garner much attention and hype, they are complimenting and accelerating each other's already rapid growth.
An article from Forbes titled: Can AI Bank On Blockchain To Power Science & Medicine's Future Progress? makes the case that as the application and reach of Artificial Intelligence in the healthcare and medicine field grows, it puts excessive demands on current resources. Blockchain technology can make the use of resources more efficient to reduce a potential "ceiling on innovation".
...blockchain or Distributed Ledger Technologies (DLT) are touted and looking to offer a solution with more effective resource-consolidation and dissemination, which can help AI do more by being a reliable source of power to draw from.
The article quotes COO of blockchain and crypto marketing company Savii Digital, Siim Õunap on how crypto was devised in part to address the resource-consolidation problem encountered with AI:
"One of the little-known reasons behind the creation of the Bitcoin protocol was to get enough computing power to solve complex mathematical problems that no one computer could by itself," he said. "As the process went on, it evolved and virtual currency was born. Even though computing power was used for something else, it created an ideal solution to combine hardware efforts to power among other things, AI and IoT. Now, almost a decade since it first started, it can be seen being used widely by many companies and I believe that this is just the beginning."
This point is echoed by Professor Andrew K. Hacker of Harrisburg University, and founder of Thought AI.
"Blockchain technologies hold the promise of adding structure and accountability to AI algorithms and the quality and usefulness of the intelligence they produce," he said.
This is borne out in a report from Accenture (NYSE:ACN) titled: Powered by Blockchain: Realizing AI's Full Potential. The report claims that blockchain is the "perfect partner for AI data", arguing that the former expands the latter's access to data.
The combination of AI and blockchain is fueling the onset of the "Fourth Industrial Revolution "by reinventing economics and information exchange. The potent combination of AI and blockchain is slowly but surely transforming industries and institutions worldwide, including: smart energy, smart buildings, public science, supply chain, smart devices, ID and healthcare.
The relationship between the two rapidly-growing tech fields is shown to be symbiotic in a recent research report from Technavio titled: Global Blockchain Technology Market 2017-2021. The report projects a compound annual growth rate in the global blockchain market of "close to 56%" over the forecast period.
AI provides several features to manage decentralized monetary systems. AI algorithms can be used to predict the value of bitcoins, which can help bitcoin traders manage bitcoin transactions. Moreover, FinTech companies are analyzing the implementation of AI in financial transactions. A growing number of financial businesses are trying to investigate the different implications of machine learning and AI for their businesses. Robotics is also playing a role of consultants and is automating the processes of FinTech solutions by avoiding disruptions. These robots help in reducing the financial transactions, thereby bringing in great transparency, so companies can know the real profitability that is achieved on a day-to-day basis. This will help the customers with easy access to comparative information and will allow investors to be better informed before making decisions about their financial plans.
An example of this is IoT and AI technology developer Gopher Protocol, Inc., (OTCQB:GOPH), whose Avant! AI engine powers Wise Network S.A.'s Enigma Chip. The Enigma Chip is designed to deploy a radio wave based blockchain system, enabling distributed ledger, robust security and real-time and vast data handling for IoT and mobile domains. Douglas Davis, Gopher's Interim CEO, illustrated shared benefits of utilizing AI and blockchain technology:
"We are excited to see implementation of our technology platform into the Blockchain space in partnership with GBT [Genesis Blockchain Technologies] and Wise," he said. "As we have stated before, Gopher is not a crypto currency or blockchain company, but is a supplier of Asset Tracking IoT and Global Mesh Network technology that licensees can use to enhance their blockchain-based offerings. It is impressive to see how the talented folks at GBT and Wise are taking our IoT and AI technologies and implementing them into their Blockchain, creating value and use to the public."
This was foreshadowed at the Blockchain Futurist Conference in San Diego this August when Gopher CTO Danny Rittman, who now also serves as CTO for Wise, spoke about the potential role of AI in the blockchain space.
"We believe our AI system could be utilized in this industry as it can be integrated within each transaction (blockchain) formation resulting in an accurate history and audit trail and increasing integrity," he said. "We also believe the AI system can provide additional cyber security through monitoring in a decentralized fashion. Once integrated into an exchange, we expect that the AI system would be able to manage and supervise all activities along with learning user's exchange patterns."
While it is far from clear how either market will look, even a few years from now, the interpenetration of both AI and blockchain technologies is already observably having considerable impact in the present.
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