Human imagination and the strive to turn science fiction into science fact

goes back to ancient times, but has only truly begun to manifest itself in the last 50 years. Though mostly unseen by average users, artificial intelligence (AI) is already deeply embedded in the basic processes people have become accustomed to. Blockchain technology has come to the forefront in much the same way AI had, through a long development process full of trials, tribulations, ignorance and triumphs over skeptics and critics alike.

The application potential for blockchain is no less extensive than it is for AI — and today, these technologies are more complementary than competitive in their natures. Both AI and blockchain work on the principle of analyzing vast amounts of data and solving the issues of specific industries. Just as AI found its applications in the fintech sector as a data aggregator and automated solution determiner, so began blockchain in its permeation into areas of application where its properties can be of most use.

Into the unknown

Society is now entering what is known as the Fourth Industrial Revolution. But unlike the first three, which were based on the application of machinery for streamlining of the means of mass production through digital information accessibility, the new wave of technological progress promises to be a revolution of automation, rather than an involvement of masses of people needed for maintaining industrial processes.

AI and blockchain may become the leaders of the Fourth Industrial Revolution, as they can allow artificial constructs and programs to perform a vast number of tasks that had previously required human labor and entailed high risks of error. According to a study carried out by researchers from PwC in 2018, 30 percent of jobs may become automated by the 2030s, with 44 percent of workers with a low level of education being at particular risk. At the same time, as the report showed that automation could help the United States’ gross domestic product (GDP) reach $15 trillion by 2030.

The background underpinning the modern world is big data, the factor uniting blockchain and AI in their applications. The modern world produces a staggering amount of information that needs to be processed. Since the information being produced is of an endless variety of topics, there is physically no human workforce capable of analyzing such vast amounts of data. The AI can analyze large amounts of data and blockchain can serve as the immutable foundation for securely storing the records for use by various industries, since the Fourth Industrial Revolution is more of a breakthrough in data analysis.

Complementing each other

To read further on this and other Articles, please click the following link..