If you search for the definition of blockchain and artificial intelligence on the internet, the chances are high that Google throws back results which are not similar in their description. And that’s because these technological innovations are indeed different from each other and should be taken in their specific contexts. It will be a mistake on our part to club them together although one can always argue that technical excellence and competence remain at the heart of both these technologies.
If we take a look at any of the initial coin offerings (ICOs) floated between 2017 and 2018, one thing becomes very much apparent is the way the companies promote the blockchain and artificial intelligence in an integrated manner. The promotion brags ICOs as some kind of miraculous project marrying artificial intelligence with blockchain for providing a one-stop solution for all business needs of clients. Some companies have gone one step further and projected images of robots, astronauts, and other fine prints related to artificial intelligence on their offerings.
Different Domain Areas
It is sad to witness the obsession of many organizations to club together artificial intelligence and blockchain technology. Artificial intelligence is a term which is used to encompass a wide variety of technological innovations which are aimed to make computers work in a smart manner. It will include all the tools and technologies that will help to enhance efficiency while effectively contributing to achieving objectives of the organization. Blockchain technology, on the other hand, is a term related to cryptocurrency and open ledger technique, primarily dealing in the domain of financial technology firms. Of late, the blockchain has entered into many fields including the supply chain, distribution management, energy, and power distribution, agro-export business, etc., although the technology is more known in the domain of financial transactions. The adoption of blockchain makes the transactions more safe and secure, in addition to saving cost and time and this is the primary benefit associated with this open ledger technology. Chances of having any kind of fraud are greatly reduced by blockchain adoption, and although it makes things more efficient, it is not necessarily aiming to make computers and equipment smarter like artificial intelligence.
The question of whether blockchain technology and artificial intelligence will ever come together in a manner that is being wrongly touted by many organizations today remains a contentious issue of debate. There is a strong possibility of these technologies merging together for some kind of for interface or application but for that to happen; we require close coordination between these advancements in terms of conceptual integration, technological advances, synching of objectives, and unanimity towards achieving a common end-goal. Regulation in both of these emerging areas of technology is also going to play an important part. In an ideal situation, regulatory bodies and governments must come up with a legislative framework for cryptocurrency and artificial intelligence and implement it in a manner that should encourage both of these industries to grow in a desirable manner. The regulatory framework should not be too harsh else it will dampen the innovative spirit, but at the same time, it should be effective enough to discourage any mala fide intent to cheat or pulling a fast one on the intended users. In fact, in the case of blockchain technology and cryptocurrency, we have witnessed a growth in some countries which have a proper crypto framework in place than the places where the regulations are loosely defined, giving a window of opportunity for fraudsters to deceive investors. The concerns related to regulating artificial intelligence is still in the nascent stage and need to be worked upon to arrive at a common ground of understanding.
Technological experts and influencers feel that the possible area of amalgamation where blockchain and artificial intelligence come together could be an example of a robot scanning chips embedded in human bodies to confirm the transactions done by them on their private blockchain. Of course, arriving at such a scenario will take some time though going by the breakneck speed of technological revolutions, it can be safely assumed that we will witness such scenes at airports or banks sooner than we can actually imagine.