The digital world is growing fast, with the ever-increasing adoption of smartphones, smart homes, internet banking, automated vehicles and much more. It seems that the goal is not to have these all as separate entities but for them all to link together seamlessly.
There are two digital technologies that will be integral when moving forward in the digital decade that is upon us.
Blockchain and Artificial Intelligence (AI)
Two earth-shattering technologies collide. Blockchain and Artificial Intelligence (AI).
In simple English terms,
1. Blockchain is an unchangeable record of transactions chained together, transactions that are made by a cryptocurrency (digital token) and maintained by a peer to peer network of computers to eliminate a central point of failure. Blockchain is essentially a technology that allows for the encrypted storage of data on a distributed ledger.
2. Artificial Intelligence is a software that is designed to mimic human intelligence and behaviour, that learns and can complete actions quickly and accurately. AI receives information about the world and things happening on it and is able to continuously improve itself.
What happens when you put them together?
You get an unchangeable record of information that can engage with a whole range of different human behaviours and can run in a fraction of the time, with a fraction of the mistakes that it takes humans to do the same task. For example;
1. Smart Computing Power
Think of a machine learning code that would upgrade and retrain when given the right data. That is exactly what AI affords the users to tackle tasks more efficiently and intelligently. In terms of the Finance world, this can be implemented to fix government stimulus payout mistakes, tax calculations, loan estimates, and more.
2. Data Protection
It doesn’t matter if data is medical or financial. Certain data types are too sensitive to be handled by a single company and their database. Storing such data on a blockchain and accessed through AI would give its users a huge advantage of personalized recommendations, suggestions, and notifications while securely storing data.
3. Storing the AI decision pathways on the blockchain
Blockchain can help companies track, understand and explain decisions made by AI. There are obviously mixed opinions about AI. I'm not here to discuss the ethics of it, that is a whole different series of blog posts. Right now I'm just sharing with you some of the opportunities.
The applications of this are endless, and at the bottom of this post, I will explain one simple way to diversify your investments into this new technology fusion.
So are any companies actually doing this?
5 Companies Rocking the AI and Blockchain fusion
BURSTIQ combines AI, blockchain and big data to holistically manage a patient's data. The Burst IQ wallet gives a patient’s team of healthcare professionals access to his or her health records and wellness plans. The healthcare professionals can then choose to buy, sell or trade anonymously and confidential patient data for different scientific studies or to learn more about a specific disease. BurstIQ is using its technology to combat the opioid crisis.
VIA was accepted into 'Plug and Play’s Energy and Sustainability Accelerator Program' to secure an energy company’s data, anonymously culling it from multiple locations and companies and uses smart contracts to give businesses better overall insights into the energy industry. This is part of the world's shift towards sustainable electricity.
FIGURE is a San Francisco based start-up using blockchain and artificial intelligence to streamline the home loan process by finding new access points for consumer credit products, including home equity lines of credit, home improvement loans and even home buy-lease offerings for retirement.
VERISART is a London based company that uses blockchain and AI to certify and verify works of art in real-time. The company’s blockchain allows artists to create tamper-proof certificates of work that ensure credit and immutability. The blockchain-backed certificates feature encryption and time-stamping that instantly stop fraudulent copies from being sold as originals. Verisart’s technology is currently available only for new works of art.
MOBS is a blockchain-based video marketplace for the selling and buying of smartphone videos. Once a user puts his or her video up for sale, potential buyers can scroll through the app and find what they need. At the time of purchase, a smart contract is created automatically that directly allocates money to the content creator based on engagement rates and views.
How to Invest in Artificial Intelligence focused cryptocurrencies?
Well firstly, let me explain why you would want to, then I'll explain how you can.
When investing in any asset class, the key is diversification.
The digital asset class is no different. There are many types of tokens with different use cases like;
Cross-border Payments (XRP),
Logistic Supply Chain (VET),
Artifical Intelligence cryptocurrencies is just another sub-category to diversify your portfolio within the crypto asset class.
How to get in on the action?
The easiest way to buy AI-focused cryptocurrencies is through CoinSpot's AI Bundle.
Simply create a free CoinSpot account by following this link, and you'll be able to diversify into this growing industry.
So, What Happens When You Chain a Robot to a Block?
Well, crazy things start to happen. Good crazy things.
Imagine a world where Elon Musk's Star Link is able to run cryptocurrency nodes from space that acts as a global wifi network and a global decentralised financial system, that helps the poorest of the poor in the most desolate parts of the world have access to a low fee instant financial system from their mobile. A world where they level the playing field for different social classes. A world where automated vehicles can talk to one another, and where the cars own themselves. Automated vehicles that can run 24/7 pay their own car insurance and registration fees through the use of a smart contract and lower the cost of you getting to where you need to be. But I think I'll save that for another blog post! It sounds crazy, right? Well, the internet sounded crazy in 1980. We know how that turned out.
Until next time,