Artificial Intelligence (AI) and blockchain are two of the hottest technologies that are garnering the most new developments. Although they may seem to be two completely separate fields, in reality, the two technologies complement each other and have certain points of convergence.
The blockchain can play a very important role in monetizing and commercializing the data packages that AI developers need to feed their models.
The blockchain, thanks to its decentralized and transparent nature, provides an infrastructure upon which AI developers can improve the algorithm creation processes.because they can trace the origin of the data completely unambiguously. At the same time, the blockchain records all data and variables that influence the algorithms’ decision making.
AI, for its part, positively influences the blockchain by improving its processing power, something that is vital for scaling new blockchains.
AI use cases in blockchain.
-Forensic analysis of blockchain data: Some companies are using AI to offer on-chain data traceability and forensic data analysis services. Machine learning algorithms simplify the process of tracking transactions on the blockchain. Companies such as Blocktrace use this technology to identify trends and anomalies in transactions.
-On-chain analytics: Recently, DeFi Llama one of the most widely used DeFi browsers, has implemented Chat-GPT via a plugin. In this case, the AI tool makes it easier for users to find the information they are looking for and facilitates the creation of dashboards and graphs, since it is enough to give ChatGPT the instructions of what we want to analyze so that it builds us a customized data dashboard.
-Automate the economy: Tools such as Fetch.ai use AI and machine learning to develop “autonomous economic agents.” These automatic agents (programmed bots) perform various tasks for the user, such as data analysis, market prediction or even supply chain management.
-Data markets: AI applied to blockchain enables the creation of decentralized data marketplaces. An example would be Artificial Liquid Intelligence, which has established a decentralized marketplace where users can monetize their data, while retaining ownership over the data and their privacy. This data is used to feed machine learning models.
-Computing power: AI also improve the computational power of blockchains, vital for improving scalability and the speed at which transactions are processed. Platforms such as iExec, use AI to provide platforms on which to run decentralized applications (DApps) that require high computational power. These platforms offer a decentralized alternative to cloud computing services, while allowing developers to monetize computing resources.
-Algorithm Marketplace: Algorithms are the basis of artificial intelligences and the blockchain, as an infrastructure on which to share value, allows developers to monetize their algorithms. An example would be SingularityNET, a decentralized marketplace on blockchain that allows developers to sell their algorithms, facilitating the creation of new applications for sectors such as finance, transportation or healthcare.