With a lot of technologies emerging today, it is difficult to differentiate between hype and reality. Acknowledging this scenario, we researched a lot about Blockchain and felt that this revolutionary technology can actually re-define established businesses and take them to skyrocketing heights. Now, following something just because it’s trending can never be an answer for the long run and LALA World trusts Blockchain for a reason, i.e. to build a world-class solution for the unbanked and migrant population.
Read more on our last blog: LALA World to Utilize Blockchain for Addressing Social Issues
Every human on earth has sometimes or the other has imagined a robot extending help in household activities – a smart companion who knows about what and when you want. We can easily say that general public is intrigued by Artificial Intelligence and its no brainer that why the investors across the globe have already poured in $15.2 billion in AI start-ups across industries in 2017 alone (Source – Livemint.com/technology). The commoditization of AI has begun.
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As we know now that Blockchain is a network of distributed databases in which data gets recorded securely and immutably. It is best used in a distributed system where nodes are not necessarily trustworthy and need to store a lot of data securely. The businesses put large amounts of money to meet the standard expectations in terms of data security and Blockchain has a massive potential in terms of security as hacking can be ruled out because of encryption, keeping documents safe from the infiltrators.
Blockchain can Record and Track Decisions Made by AI
Decisions made by AI can be tricky to understand. It is capable of assessing a large number of variables independent of each other and studying the patterns, generating favorable results after analysis.
As an example, it is expected that AI algorithms can increase the efficiency of decision making in a financial transaction. When doubt arises about fraudulent transaction it blocks or marks it for the investigation.
Down the line, auditing the decisions would become a complex task as it would be required to process large data-sets. Therefore it will become difficult for humans to achieve a high level of accuracy. For Eg: Walmart is currently feeding all the transactional data from all stores into AI systems to make decisions on segregation of products.
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If decisions are recorded, on a data point by data point basis on Blockchain, the user can gain confidence on the authenticity of the record as no tampering can occur between the time when the information was recorded and the beginning of audit process. Recording the decision-making process on Blockchain could increase transparency and level up the insight into AI programs that will be needed in order to gain public trust.
AI is Capable of Managing Blockchain more Efficiently than Humans
Computers are considered very fast but without explicit instructions, they cannot perform the tasks. Due to the encrypted nature, operating with Blockchain data on computers requires huge processing power. For example, the approach of “Brute Force” is adopted in BITCOIN BLOCKCHAIN to effectively try every combination of characters until they find one to fit for the verification of the transaction.
AI is an attempt to move away from these kinds of approaches, and manage tasks in a more intelligent manner. A machine with such a powerful algorithm can be sharpened into a highly skilled expert instantly.
Blockchain and AI are two technologies which can produce ground-breaking results when put together. Both technologies can serve mankind in remarkable ways and this is the reason LALA World wants to move along with emerging technologies to make the lives of the unbanked and migrant population convenient and more meaningful.