AI meets blockchain: 5 industrial examples
The team at NMKR recently tuned into a chat with the Godfather of Artificial Intelligence (AI), Ben Goertzel. He has a background as an experienced Haskell programmer, and after the introduction of smart contract functionality last year, he switched his projects over to Cardano.
Goertzel is the mastermind behind the award-winning SingularityNET, a Cardano-powered platform that enables buying, sharing, and monetizing of AI-based services while progressing toward Artificial General Intelligence (AGI).
Moreover, he co-founded Jam Galaxy, an AI-driven decentralized music sharing platform that plans to deploy NFTs for managing distribution, storage, and trading to support musicians and develop a music ecosystem, based on those tokens.
AGI essentially describes the ability of a machine to perform cognitive tasks and solve problems similar to the way a human being can. That means a machine can have the ability to do more than what they are programmed to do. Arguably it could potentially go beyond having cognitive abilities as humans and also apply these abilities in ways we might not expect.
Here are 5 examples of how AI is being used in the world of blockchains:
#1 Security: AI is being used to power tools that secure blockchain applications, smart contracts, and Web3 technologies. With AI, you can identify security risks in your data insights or visualize where cryptocurrency funds are going, so it's easier for users to manage their finances.
#2 Personal finance: There are AI tools that can analyze market data of thousands of cryptocurrencies and extract market insights and updates to help users make investment decisions.
#3 Healthcare: AI and blockchain are coming together to create a new way of managing health data. With a health wallet, healthcare professionals have easy access to their patient's records and wellness plans. They can buy or sell data while ensuring that personal information stays private.
#4 Automotive: Autonomous vehicles deploying AI and blockchain could be able to process data collected from sensors and make decisions based on the current conditions of the road. The data collected by detecting patterns based on human behavior like jaywalking or speeding can be used to improve traffic flow and make roads safer for everyone in a more cost-efficient way.
#5 Mortgage: AI-powered virtual robots can provide users to gauge their affordability, view local homes, calculate their monthly mortgage payments, and compare rates from different lenders. AI robots then store user data on a decentralized ledger for security purposes.
Fraud prevention, data processing efficiency, and security are just a few of the many benefits that can be seen when using this type of application. While the full potential of AGI and AI is still unknown, it is clear that the technology has the potential to greatly enrich the blockchain industry in a number of ways. As the field of AI develops, we can expect to see even more exciting and innovative applications for this technology in the world of blockchain.