What is Blockchain ?
Blockchain is a decentralized, distributed public network that allows anyone to record transactions across many systems on the network which cannot be altered.
For Example : Consider a Google Doc. When we create a document and share it with a group of people, the document is distributed instead of copied or transferred.
This creates a decentralized distribution chain that gives
everyone access to the document at the same time. No one
is locked out awaiting changes from another party, while
all modifications to the doc are being recorded in real-time, making changes completely transparent. Of course,
blockchain is more complicated than a Google Doc.
The data is stored in "blocks" of information and
then linked together in a permanent "chain."
When a new block is added to the chain, it makes
the previous blocks even harder to modify, which
helps each block become more and more secure
over time.
Advantages of Blockchain :
- Trust
- Efficiency
- Immutable or un-corruptable record of data
- Decentralization
- No central authority
- Transparency
- No transaction cost
Disadvantages of Blockchain :
- 51% Attacks
- Difficulty in data modification
- Losing Private keys
- Permissioned Blockchains
- Scaling
- Upfront Costs
- Storage
AI and Blockchain :
- Al can be used to optimize energy consumption
- Ledger data scalability
- Real-time flagging of Fraudulent transactions
- Al bot networks
- Decentralized Al marketplaces
- Secure accumulation of Data
- Security and Privacy
Blockchain and AI :
- Increase Al effectiveness
- Increase artificial trust
- Decentralized computing to train models
- Data protection and monetization
- Trustworthiness
Applications :
- Decentralized & Collaborative Al
- Improved business data models
- Globalized verification systems
- Smart Computing Power
- Smarter finance
- Creating Diverse Data Sets
- Data Monetization and Protection
- Intelligent predictive analysis
- Digital Intellectual Property Rights
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