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How Blockchain and AI Are Driving Fourth Industrial Revolution?

GGTS Blockchain Development Company

GGTS | Global Green Tech Solutions

The Fourth Industrial Revolution outlines the fundamental changes in the way we work, live and relate due to technology advancement.

DUBAI, UNITED ARAB EMIRATES , January 16, 2020 /EINPresswire.com/ -- The Fourth Industrial Revolution was introduced in a 2015 article published in Foreign Affairs by Klaus Schwab, Executive Chairman of the World Economic Forum. The Fourth Industrial Revolution outlines the fundamental changes in the way we work, live and relate due to technology advancement. This industrial revolution is influencing all disciplines, industries, and economics and creating huge impact in a non-linear way at unrivalled speed.

Blockchain, Cloud, IoT, and AI are leading the way towards the 4th Industrial revolution. Although, blockchain and ai have their own ideals to accomplish; AI is used to develop machines with human intelligence abilities, whereas, blockchain offers decentralization benefits. Despite the differences, integrating them together will unleash their true potential for this next industrial revolution.

Blockchain and AI are quite complex and new. Building a Blockchain AI project demands extensive experience and groundwork. With substantial experience of developing blockchain, virtual/ augmented reality, and ai projects, GGTS have tailored its process to cope up with current blockchain industry changes. Before we proceed towards the wonders blockchain and ai integration can bring to the industries, let's explore these two converging technologies, first.

Blockchain explained:

Blockchain is a growing list of records, usually referred to as blocks. Every block contains cryptographic hash, transaction information, and timestamp from the previous block, thus forming a chain. Every industry that includes massive amounts of data, acquired by several stakeholders can benefit from blockchain. It delivers improved transparency, traceability, and streamline processes. For example, Blockchain is bringing revolution in the healthcare industry by decentralizing a patient’s health history and tracing their pharmaceuticals.

Artificial Intelligence:

Artificial Intelligence is an intelligence demonstrated by computers, in comparison to the natural human intelligence. AI utilizes machine learning and works with neural networks that mimic the functions and structure of the human mind.
Artificial Intelligence comprises of three different stages, build upon the level of intelligence, accomplished by the system.

1. Artificial Narrow Intelligence:

Artificial Narrow Intelligence also known as Weak AI performs single or specific tasks for which it is pre-coded. Examples of Narrow AI include Google Assistance, Google Translate, and Siri.

2. Artificial General Intelligence:

Artificial General Intelligence involves the cognitive abilities of machine to demonstrate human intelligence. In easy words, machines can easily exhibit any task that a human mind can.
Experts predicted that artificial general intelligence will be achieved by 2030. Recently, a study by AI top researchers predicted the emergence of AGI by the year 2060.

3. Artificial Super Intelligence:

Artificial Super Intelligence is the last level which surpass human intelligence in every regard. Machines will have the power to display intelligence than anyone we have ever seen. Stephen Hawking, Elon Musk, and many others fear that artificial super intelligence will lead to final existential challenge the human race will ever face.

Al offers to automate everyday repetitive jobs of professionals. Due to the latest development of neural networks and deep learning, AI provides unbelievable accuracy.

Blockchain and AI Integration - A perfect match

Let’s explore how these two technologies, AI and Blockchain simultaneously, will serve as the backbone for the fourth Industrial revolution.

Data Privacy and Security:

The accuracy of AI-based systems mainly depends on the vast amount of data, fed into the system. Nowadays, many industries are adopting AI for better management and decision-making processes. This requires access to even larger confidential, medical and behavior datasets. In most cases, there is a single-point-access to the data, which is vulnerable to fraud and theft. Being a modern privacy enhancing technology, blockchain offers to store data on various systems globally in a safe and transparent way. It also enhances user data protection and gives them full ownership of their data.

AI Decision Making Accuracy and Tracking:

AI possess the abilities to access data independently and understand the fundamental variables required for an overall task.

In banking and financial services industry, AI is rapidly being adopted to determine the authenticity of financial transactions. Moreover, Walmart utilized AI to decide when and where to restock products, based on months’ worth of transactional data. This in turn, helps customers to know if an item is in stock or not.

As AI algorithms and techniques continue to enrich decision-making processes, it can be difficult for data scientists to learn how these systems determined specific conclusions and decisions. Blockchain can help in this regard, if these processes are stored on a blockchain, humans can inspect the entire process easily, as there are immutable records of all the data. This increased transparency will boost people's interest and trust in AI-based systems, as they will be confident that they can count on the information provided by AI systems.

Data Monetization:

Large corporations monetize collected user data; they sell our data to earn revenue which means the data is being weaponized against us. This problem can be avoided via blockchain as it provides full control to users over their data, concerning granting or denying access. This data can then be used to develop AI-based systems. These systems will operate in a decentralized environment where users and corporations can connect with each other directly.

Live Blockchain and AI Projects:

Finalze:

Finalze is a software platform, leveraging blockchain and machine learning to develop applications which improve civil infrastructures. This company is located in Golden, Colo and aims to increase RIO in an industry whose revenues are expected to reach $15.5 trillion by 2028. It uses its tools to automate and accelerate construction industry workflow, management, and verification process.


Core Scientific:

Core Scientific merges personalized blockchain and AI, with everything from existing business networks, business infrastructure processes, supply chain monitoring serves to real-time data reporting software. Core Scientific ensures that company-controlled data centers and blockchain and AI infrastructures always run at optimal efficiency because blockchain and AI infrastructures always run at optimal efficiency because blockchain and AI take up massive amounts of computer processing and power.


If you require more information on whether using blockchain and AI will provide efficiency and sustainability for businesses, consult experts at GGTS without any cost.

GGTS
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