Blockchain, Artificial Intelligence, Internet of Things, Cloud Computing/Storage, Machine Learning – Just to name a few of the technologies leading the next big technological revolution, one might call it the “Fourth Industrial Revolution.” As standalone technologies, their impact is not wide reaching. However, when used in parallel to one another, say a combination of Blockchain and Artificial Intelligence, then their true potential can be unleashed.
Both Blockchain and Artificial Intelligence (AI) are new to the tech scene but different industries across the board are feeling their impact from entertainment, to healthcare, to finance, among others. Developing a relevant Blockchain AI project requires expertise and thorough research. Let’s dive into how these two technologies complement each other in their journey towards driving the Fourth Industrial Revolution.
Blockchain-AI as the driving forces of the 4th Industrial Revolution, 4IR
Blockchain – Redefining Trustless Technology
Skipping past Blockchain’s features such as a distributed ledger and peer-to-peer networks that validate each transaction, we get to the main point of our discussion on how any industry involving large amounts of data, accessed by multiple users, can benefit from Blockchain implementation. In the current business world where taking approvals or arriving at consensus are bottlenecks, Blockchain enables streamlined processes and secure sharing and storage of data.
Artificial Intelligence (AI) – Automating Technology
With the advent of AI, the daily routine jobs performed by professionals that are repetitive in nature get automated, so long as they fall within a sector that does not require much decision making. To make the AI algorithm perform as expected, large volumes of critical data are fed into the systems, which raises a few concerns on the security of this data. This is where the Blockchain-AI merger comes into play.
Blockchain and AI – A Complementary Affair
By using Blockchain and AI in parallel, projects can eliminate their respective limitations that hinder their adoption and scalability. For Blockchain technology, upscaling becomes cumbersome due to the massive energy consumption associated with its Proof of Work consensus mechanism involving a validation process known as mining. At the moment, projects have been exploring alternative consensus mechanisms such as Proof of Stake that require intelligent task handling to work progressively. AI can come in here to help provide smarter alternatives for handling tasks and replace the present energy-consuming consensus mechanisms.
When it comes to AI’s growth trajectory, the seamless management and security of its large data sets remains a fundamental element of concern. At the moment, existing AI-based projects store their data on centralized servers or the cloud that present a single-point-access to the data, which is more vulnerable to security attacks. By taking advantage of Blockchain’s decentralized system, AI-based systems can store their data on multiple systems spread across the globe while still having seamless access to their data. Blockchain’s cryptographic encryption is essential for ensuring complete data protection. Only the rightful owners of cryptographic keys have access to the data.
Entertainment is one industry that Blockchain-AI is exploring due to its need for enhanced security, improved efficiency for viewers and content creators, and provide the industry with new revenue streams and business models.
How is Blockchain-AI entering the video content industry?
The entertainment sector, especially the video content scene, is a global industry bringing in billions of dollars every year to platform owners, content creators, governments, advertisers, and many other industry stakeholders. Video is increasingly common on websites, on par with text and graphics, but lacks meaningful indexing. This makes video content opaque, and not searchable. According to AIWORK, an upcoming Blockchain-AI project focused on the video content space:
“What is needed for working with the opaque content of video is the application of AI computer vision, such as facial recognition, to video indexing. Once the AI understands what a face is, a human can further guide the AI by teaching it to recognize specific faces. Once a dataset of faces is built, the AI can then compare video images with this dataset and identify specific faces, such as a popular celebrity or a known criminal. This same method can be used to recognize objects, landmarks, and action scenes.”
Blockchain tech also has a role to play in the video content scene with different use cases that AIWORK is using to reshape the industry, which include:
- Enabling different payment methods with the help of automated settlements.
- Piracy and fraud prevention by hindering the production of counterfeit copies of video content through encryption of said content.
- Newer and improved advertising engagement models.
- Micropayments as income for artists.
- Peer-to-peer sales by improving contracts, payments, and licensing
By playing an active and transformative role in the Video Content space, Blockchain-AI is forging a path towards achieving the Fourth Industrial Revolution which describes the fundamental changes influencing the way we work, relate, and live with one another. Projects such as AIWORK that touch on both technological advancements also are examples of how the 4IR is slowly merging the digital world with our business and social interactions.
The possibilities for blockchain and AI to coalesce are still widely unexplored. Despite the considerable amount of scholarly interest in the fusion of these two technologies, there are still few ideas being developed with the aim of utilizing the union. By combining them, unprecedented services may be generated, leading to an industrial revolution.
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