Well, it’s actually helpful to remove the buzzwords and talk about a new decentralized data value ecosystem in which data is produced, distributed and consumed. Using that framing, the Internet of Things produces data, blockchains and other authentication technologies to distribute it, and then the data needs to be processed, analyzed and automated. This is where so-called smart contracts, decentralized computer, and decentralized machine learning can be used on data in decentralized databases, document stores, and blockchains.
Innovations in the blockchain and artificial intelligence communities are having great impact and it becomes clear they are intertwined and interconnected. Blockchain, though powerful on it’s own, becomes enhanced to a whole new level when coupled with AI technology. New features and capabilities become unlocked, enhanced, and more secure through the convergence.
The two technologies are disruptive of their own and when put together, they complement and enhance each other. We all know that Blockchain is ideal for storing highly sensitive and personal data and the introduction of AI in Blockchain will unlock so much value and convenience in our lives.
AI and blockchain involve technical complexity and there seems to be a sense of agreement among experts that these technologies will have serious business implications in the next five to ten years. The combined use of the two technologies might alter the tech and business paradigm significantly enough for business leaders to take more notice of developments in this space.
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