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In a world where the distinction between hype and innovation is becoming increasingly blurred, blockchain and artificial intelligence (AI) stand out as the most significant technological advancements.
Clearly, these technologies provide a great deal of room for the disruption of existing systems, and the number of potential applications is increasing every day.
Some believe that venture capitalists have switched from crypto to artificial intelligence, looking for the next big thing.
Meanwhile, the crypto industry resorted to creating AI-powered blockchain solutions so that venture capitalists (VCs) could have the best of both worlds.
It is estimated that the global blockchain market will be worth more than $94 billion by 2027, with a CAGR (compound annual growth rate) of 66.2%.
Meanwhile, the blockchain AI market is forecast to reach $980.7 million by 2030, at a CAGR of 24.1%.
As blockchain and AI continue to become more integrated, their impact on the global market is expected to intensify.
While some fear we’re on the verge of a Frankenstein moment with two powerful technologies mingling to build a revolutionary monster, companies around the world are already leveraging the blockchain and AI combination for transformative solutions.
Autonomous agents
AI-powered autonomous agents can be used to automate a variety of tasks such as scheduling, monitoring, predicting and optimizing.
These agents can be programmed to identify patterns in data and make decisions without the need for human supervision.
Through the use of three disruptive technologies, AEAs (autonomous economic agents) can search, negotiate and execute transactions in many industries, including manufacturing, transportation and even in consumer goods like self-driving cars and smart homes.
In the crypto world, there are ambitious projects that blend AI, blockchain and Internet of Things (IoT).
Blockchain, with its data supply, provides an ideal environment for intelligent agents, due to the constant availability and logical connection of the data, coupled with robustness and low transaction costs.
Blockchain technology enables value transfer and acts as a coordination mechanism for autonomous agents.
Blockchain is also used to record the agreements between these agents, ensuring that transactions are immutable and transparent.
AI and finance
Financial modeling and investment strategies can be improved by using AI and blockchain technologies.
A number of hedge funds use AI for identifying patterns in financial data to forecast future market trends and make informed investment decisions, as well as blockchain technology to keep data secure and accurate.
Using these technologies allowed certain funds to earn 20% gains last year, according to reports.
There are also decentralized platforms that use AI and machine learning to analyze data to improve business decisions. In real time, users can ask predictive questions and receive answers.
Also on this list are crypto projects that use blockchain data to train AI on managing assets, improving farming yields and lending.
Data sharing for AI training
Since AI algorithms need large datasets to learn from, big tech companies like Google, Meta and Amazon profit vastly from monetizing them.
The data is collected from unsuspecting users and is then used to fuel AI algorithms.
There are crypto projects that use blockchain for artificial intelligence development, creating a new economy where users are rewarded for their data.
Data is only accessible to authorized users and AI development requests using zero-knowledge proof protocol, giving users complete control over their data and enabling them to price it accordingly.
Similarly, there are decentralized data marketplaces that allow users to securely share their data for AI model training.
By monetizing their data while still maintaining control over its use, users can address the data imbalance and privacy concerns associated with artificial intelligence development.
As AI and blockchain potential is increasingly realized, we can expect to see more of these types of projects in the coming year and beyond.
AI-powered blockchain development
AI can be used to secure data, detect and respond to threats and automate tasks that would otherwise require manual effort.
Using AI, developers can detect bugs, vulnerabilities and malicious behavior in networks and applications more quickly, allowing them to make repairs before they become a problem.
Additionally, AI can be used to optimize blockchain networks for speed and efficiency.
In general, AI-driven development of blockchain technology can lead to greater transparency, efficiency and security in the crypto space.
There are platforms that allow developers to build and deploy AI models on blockchain.
They execute on-chain machine learning models by using GPU (graphics processing unit) instead of CPU (central processing unit) power and quantization and integer-only inference known as MRT.
So, if you are a coder and you don’t want to be replaced by AI, it is time to brush up on your coding skills because the AI takeover is fast approaching.
Conclusion
We can create a future in which AI and blockchain can coexist, bringing about a revolutionary shift in innovation through the use of these two disruptive technologies.
The combination of the two is like a rocket, with the power of blockchain providing the fuel and AI providing the precision guidance, expanding our reach beyond imagination.
Taras Dovgal is a serial entrepreneur with over 10 years of experience in systems development. With a passion for crypto since 2017, he has co-founded several crypto-related companies and is currently developing a crypto-fiat platform. As a lifelong startup and web development enthusiast, Taras’ goal is to make crypto products accessible to mainstream consumers not just techies.
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Source: https://dailyhodl.com/2023/06/16/the-synergistic-potential-of-blockchain-and-artificial-intelligence/