April 6, 2018
In the past few months, we all have been reading news about Bitcoin crashing and surging. While analysts are busy to put sell or buy call to Bitcoin, many people made millions of dollars from recent fluctuations and some lost millions of dollars as usual.
However, despite the difference of opinion on future of cryptocurrency, the technology has debuted in the financial sector and will likely to remain in near future at least. The financial sector has always been welcoming to the new technologies, which helps the sector to grow—also making it more complex.
Cryptocurrency, which is generally defined as a digital currency, designed to accept as legal tender of exchange using cryptography to secure the transaction, to control the generation of currency and to verify the transactions, has become popular among masses.
Cryptocurrency uses blockchain technology, which is defined as a digital recording of all transactions carried out in bitcoin or another cryptocurrency in chronological order and making it available to the public.
However, blockchain is a decentralized system or ledger, which records data from each of the connected nodes i.e. computers. Originally, the technology was developed for accounting purposes, but now it is also being used for verifying the transactions.
On the other hand, AI, which is known as “Artificial Intelligence” is a field of computer science that put emphases to develop intelligent systems, which can act like a human brain. AI usually uses a large volume of data to act like a human.
Undeniably, AI has taken the world by storm as nobody has reached its depth and tech junkies are assuming the extent to which AI can go. The technology is efficient and effective in terms of getting real time results.
However, contrary to blockchain system, AI is a centralized system, which uses data from different sources and types to forecast the need. All data collected by AI is put into the centralized system in a systematic way.
Blockchain and AI are two of the major technologies, which not only put innovation on the fast track but also helps users to earn millions of dollars whether in financial sector or technology sector.
However, both have their own degree of complexity and business implication. Joining both may redesign technology from scratch.
But, joining them is not easy as it sounds owing to their different technology. AI is centralized system while blockchain is a decentralized system. Despite their technological edge, each technology has limitations.
Blockchain has been proved the energy inefficient technology as it requires tons of energy to operate, while AI has proved to be energy efficient as it consumes less energy. But, joining them both may help each other to become energy efficient.
Easy to Crack
Although, blockchain is not easy to crack, however, its further application is not so secured. On the other hand, AI is very secure and not easy to infiltrate into the system. AI and blockchain may help each other to become secure and safe.
However, it is too early to predict the marriage of the two-technology due to the extreme side of two technology. One uses a centralized system to become intelligent using close data platform while the other one is promoting decentralized system using open data platform.
But, if we find an intelligent way to combine these two technologies, we may be able to improve the usage of the technology that eventually helps us to build such system, which may have the capacity to replace human brain.
Now the question arises, how the marriage of blockchain and AI is possible? To get the answer of this question we need to wait for the scientist to find a way to combine the technology with their limitations to make it more usable for masses and take benefit from it without compromising on their strength.