Convergence of AI and Blockchain Technology
The two prominent technologies, artificial intelligence and blockchain technology have revolutionized our lives with innovations and advanced tech-based solutions. The fusion of Blockchain technology and Artificial Intelligence is a product of a gradual convergence process over the last five years. The first converging process was introduced back in 2018.
Both technologies have made the lives of human beings easy due to the dynamic features which serve in various fields with enhanced efficiencies, accuracies and potential to carry out difficult tasks. AI and blockchain have the ability to manage and create opportunities, services and products.
The Hype Behind AI And Blockchain
These two technologies i.e., AI and blockchain are expected to reshape the lives of human beings and our perspective about different things. Now these robust technologies are being utilized in every industry, sector and field to boost work efficiencies. More innovations are introduced in the tech field, humans are becoming comfortable.
These converging technologies are expected to navigate the challenges are success in financial and other fields even in medicine. The crypto industry is now greatly influenced by these technologies are decentralized finance (DeFi) is being developed on the blockchain which is considered to be secure and reliable. Moreover, revolutions are expected in changing trends and future prospects mainly in the crypto industry.
AI Assisting Blockchain to Work Better
Although Blockchain technology is the advanced form of technology for storing and processing data and is considered to be most secure and reliable it isn’t built for efficiency for a larger scale. As the size of data increases, there comes a point when a massive amount of energy, processing, storage and efficiency is required to deal with such chains. Some look for ML approaches for efficiencies in the area of optimizations in blockchain technology.
We can use AI-powered cybersecurity to watch over the blockchain for any strange or potential fraudulent actions, like a “cybersecurity for Blockchain.” This is compatible with ML because it’s good at detecting patterns and unusual things. When AI learns how a blockchain usually behaves, it can step in if it sees something uncommon by using smart contracts. This helps make both AI and blockchain more reliable and secure.
AI-Powered Crypto Projects
Only a few big companies control AI and blockchain. The biggest ones are worth over $100 million. Only three out of 100 crypto projects are using AI technology for a better and advanced future. Some of AI-powered crypto projects are given below;
- The Graph (GRT)
The Graph is the biggest AI crypto project by market value. It collects data from various blockchains using AI, and makes it faster for future DApps.
- SingularityNET (AGIX)
This combines blockchain and AI technology. It is a decentralized platform for AI services. AI developers and businesses can earn money from their models and can access AI in a secure way.
- Fetch.AI (FET)
Fetch AI is known for combining AI and blockchain. Fetch.AI uses both technologies to create self-reliant agents to boost multiple industries. Their goal is to make a network where data and services are easily shared and monetized.
- Ocean Protocol
Ocean Protocol is a decentralized platform that lets data exchange safely for AI and ML. It uses blockchain and smart contracts. Data providers can make money and keep control over their data.
Current Trends and Future Prospects
2023 is evidence of AI making progress in the tech field and changing market trends. This is because traditional AI tools like GPT-3, Midjourney, and ChatGPT are becoming widely used for the interest of big tech companies. But, some see this growth as more hype than real value. Many AI projects are still in progress so be cautious and careful before investing in them.
Blockchain and AI are considered to be the game-changing technologies. They are transforming our daily lives by enhancing efficiency, generating new income, and automating tasks. People are exploring how blockchain and AI can work together to create innovative products and services.
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