Human imagination and the strive to turn science fiction into science fact

goes back to ancient times, but has only truly begun to manifest itself in the last 50 years. Though mostly unseen by average users, artificial intelligence (AI) is already deeply embedded in the basic processes people have become accustomed to. Blockchain technology has come to the forefront in much the same way AI had, through a long development process full of trials, tribulations, ignorance and triumphs over skeptics and critics alike. The application potential for blockchain is no less extensive than it is for AI — and today, these technologies are more complementary than competitive in their natures. Both AI and blockchain work on the principle of analyzing vast amounts of data and solving the issues of specific industries. Just as AI found its applications in the fintech sector as a data aggregator and automated solution determiner, so began blockchain in its permeation into areas of application where its properties can be of most use.

Into the unknown

Society is now entering what is known as the Fourth Industrial Revolution. But unlike the first three, which were based on the application of machinery for streamlining of the means of mass production through digital information accessibility, the new wave of technological progress promises to be a revolution of automation, rather than an involvement of masses of people needed for maintaining industrial processes.

AI and blockchain may become the leaders of the Fourth Industrial Revolution, as they can allow artificial constructs and programs to perform a vast number of tasks that had previously required human labor and entailed high risks of error. According to a study carried out by researchers from PwC in 2018, 30 percent of jobs may become automated by the 2030s, with 44 percent of workers with a low level of education being at particular risk. At the same time, as the report showed that automation could help the United States’ gross domestic product (GDP) reach $15 trillion by 2030.

The background underpinning the modern world is big data, the factor uniting blockchain and AI in their applications. The modern world produces a staggering amount of information that needs to be processed. Since the information being produced is of an endless variety of topics, there is physically no human workforce capable of analyzing such vast amounts of data. The AI can analyze large amounts of data and blockchain can serve as the immutable foundation for securely storing the records for use by various industries, since the Fourth Industrial Revolution is more of a breakthrough in data analysis.

Complementing each other

By being able to continuously analyze data under a strict protocol required for achieving desired results, AI leads the way by allowing data to be properly stratified and shared. This essential attribute automates a mundane process and brings to the forefront one of the main qualities of AI in the form of efficiency. Blockchain, on the other hand, is the vital component that lends its characteristics to make sure the data is handled in an environment that is safe from external interference, as well as tampering of data ownership and sequence. This is what may complement AI and solve the problem of trust many people face. Take, for example, the recent scandal engulfing Facebook, when personal data from over 50 million social network users were harvested by Cambridge Analytica via an algorithm that targeted voters during the U.S. election. Paul Lee, co-founder and CEO of Mind AI, an AI-powered platform, believes that blockchain plays an essential role in the process of making data

management decentralized:

“We don’t see AI and blockchain as two separate, incompatible technologies, but rather as two technologies that can complement each other very nicely. The world of AI is an arms race, with large internet giants leading the progress with their seemingly unlimited resources, specifically data. These corporations collect data from their users in a centralized database. The data is owned and utilized by these companies for their own self-interests, while the users who provided the data are left empty handed. This also creates an uneven playing field in the advancement of AI technology, since data is the primary fuel that powers most modern AI systems. This can be detrimental to humanity, as AI technology is extremely powerful.”

And although the use of AI to collect personal information has become the most common way to use this technology, blockchain can help change the reputation of AI by storing the AI ??mechanisms that process data on a distributed registry. At the same time, using private and public keys, users themselves determine who should be given access to their personal data. And for those who want to further protect personal information from third parties, AI-powered blockchains may provide decentralized identification.

US, UAE and Malta lead revolution

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