If you keep up with IT industry trends, you are aware that blockchain technology and artificial intelligence (AI) are growing closer and closer.
AI has broad applications, while the blockchain is tied primarily to the cryptocurrency industry.
However, many companies are trying to bind these technologies, in the hope they will create more value.
The Benefits of Combining AI and Blockchain
The main advantage of using AI is its ability to process information quickly, which would allow blockchain networks to scale up the amount of data such organizations can gather.
AI can provide more actionable information while creating a trustworthy and transparent environment.
Undoubtedly, automation is an advantage that both AI and blockchain bring to the table. With the help of smart contracts, many processes, from payments to identity verification, could become even more streamlined.
Integrating AI models in blockchain-powered smart contracts can bring additional benefits, like recommendations and automation based on previous behavior.
Let’s look at five projects that are successfully combining these two technologies.
1. DeepBrain Chain
DeepBrain Chain is a blockchain-powered decentralized neural network. The project team comprises AI and blockchain experts from prestigious IT companies. It was founded by Da Hong Fei, the founder of the NEO cryptocurrency.
The ultimate goal of the DeepBrain Chain project is to build a secure infrastructure for AI development. Any business that needs to increase its computing power will benefit from DeepBrain Chain, and it has already found its purpose in video rendering, cloud games, the biopharmaceutical industry, and various simulations.
The project was initially using NEO’s blockchain, but now has managed to launch its own computing platform that uses smart contracts and uses DBC as a resource.
2. SingularityNET
SingularityNET is another blockchain-based full-stack AI solution. The project was founded by Dr. Ben Goertzel, the chief scientist of Hanson Robotics (the company behind Sophia, the world’s first robot citizen).
The SingularityNET project aims to create a decentralized marketplace for AI services. With its token, called AGI, the team behind it plans to create an environment where AI services can be bought and sold in a trustless manner, i.e., without worrying about your transaction data getting compromised.
SingulartyNET’s marketplace aims to become integral for assisting companies and developers dealing with AI projects while enabling them to sell services, algorithms, and data. Furthermore, it’s also supposed to unify researchers and businesses on a single platform. This will make it easier to cooperate and further speed up the progress of AI technology.
3. IOTA
IOTA is a platform that uses a unique data structure called Tangle. The project was founded by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Serguei Popov.
IOTA is designed to be the “backbone” of the Internet of Things (IoT). They plan to offer scalable and feeless transactions with their unique data structure. The IOTA project is also working on a decentralized marketplace called the Data Marketplace.
It might be interesting to see how IOTA plans to implement its tech in multiple industries. The tech is meant to find applications in the automotive sector, global trade, healthcare, and smart cities. The project already has resources for developers to innovate and participate in a sustainable environment. How far it will get with these lofty ideas remains to be seen.
4. NeuroChain
NeuroChain is a blockchain-powered platform that uses AI to improve transaction efficiency. The project was founded by Billal Chouli and Frédéric Goujon.
The NeuroChain platform uses a unique AI-based consensus algorithm, which is meant to enable more efficient transactions. The NeuroChain project is also working on a decentralized application platform powered by its own token, called NCC.
The network uses more sustainable consensus mechanisms than the resource-intensive proof of work. This use of alternative methods such as proof of involvement and integrity and proof of workflow is an attempt to change the cryptocurrency market, as is the use of bots and machine learning.
5. Thought AI
Thought AI is a blockchain-powered platform that uses AI to create predictive models.
Thought AI plans to offer a decentralized marketplace for predictive models. With their own token, called THT, they aim to change data transfer – in what the company is calling a “Nuance,” the data is now meant to flow freely through a blockchain-powered network. Whether it will succeed is still uncertain, however.
The Future of Blockchain and AI
AI is almost certainly the future, as it’s already a massive part of our present. It’s used in various industries, from healthcare to finance, and the incorporation of blockchain technology is one attempt to take AI to the next level.
The key advantage of blockchain is its decentralized nature. This allows data to be securely stored and shared without needing a central authority. For AI, this could mean improved data security and privacy and greater transparency in decision-making.
The potential for blockchain and AI working together might be enormous, but it’s still anyone’s guess whether we can expect to see more projects successfully combining these two technologies.
Daniel Korolija can be reached via daniel@cryptobloke.com
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