Blockchain and Artificial Intelligence Will Bolster National Growth and Economic Revolution

Presently, AI is one of the most talked about concepts among emerging technologies. It generally refers to the theory and process of creating machines that exhibit intelligence at a level beyond that of conventional computers. The concept of AI was introduced in the 1950s, and the introduction of innovative technologies over the years have helped fast-track its implementation.

On the other and, blockchain is basically a distributed, encrypted, and tamper-proof digital database. Blockchain alongside cryptocurrency became popular in the last decade with the creation of Bitcoin. However, not until 2016 that the technology became heavily researched and adopted. Hence, recent studies and research have hinted that the combination of these two powerful technologies has the potential of fueling groundbreaking innovations.

As a result, many nations are allocating more funds and resources to the realization and implementation of AI/blockchain based systems. The question is: How will these countries benefit from this endeavor?

Creating Intelligent Public Systems/Infrastructure

On its own, blockchain secures data by encrypting it through a cryptographic process. Unlike traditional storage systems that must dedicate a lot of resources to secure its database, blockchain users are only required to secure a private key. Therefore, the technology is regarded as one of the best and cheapest ways to store sensitive data. As such, the technology can be incorporated as a data storage system in different sectors of an economy.

However, introducing AI to blockchain-based storage systems will take data security and accessibility to another level. AI that is programmed to process and operate encrypted data can intelligently and automatically provide users with information stored on the blockchain. This will effectively automate face recognition systems, medical diagnosis systems, identity verification systems, and food supply chain verification systems. Therefore, a nation that can implement Blockchain/AI-backed systems would have immensely reduced the cost of performing basic tasks.

Tracking and Auditing Public Systems

The decision-making process of AI is very complex because it accesses all the probable outcomes of an event before arriving at a conclusion. A report revealed that Walmart enters sales data into AI systems in order to know which and where products should be stocked. Systems like this can be implemented on a larger scale by governments. Imagine the possibility of an AI-powered energy or fund allocation system.

However, how does a government convince its citizens that AI-based public systems are effective since the data and processes an AI utilizes to make decisions are enormous? Blockchain technology can be used to record these processes and data so that they can be audited. This will help create a sense of transparency and inclusion among stakeholders.

Final Thoughts

It is evident that both blockchain and AI are positioned to be revolutionary tools for the future. However, harnessing and combining these concepts can cancel out the flaws that each possesses. Therefore, countries that are able to implement AI and blockchain powered systems and infrastructures are likely bound to be witnessing an unprecedented economic growth.

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