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AI, Blockchain, Featured

Collaboration Between AI and Blockchain Technology in 2024

ThCollaboration between Artificial Intelligence and Blockchain Technology is going to enrich the cryptocurrency sector. The AI cryptocurrency is one such initiative. The governance structure of AI cryptocurrencies is a noteworthy departure from different conventional models. The combination of these two technologies can also be beneficial for humankind.

Benefits of Combining AI and Blockchain

In the present world, both AI and Blockchain technology often remain in the headlines. The simple reason behind this is their untapped potential. It is estimated that both these technologies can have many applications in almost every field relevant to the economy. The merger of these two technologies can lead to many intelligent augmentation gadgets. It may permit direct interaction with the human brain to procure extensive information. Deep machine learning is an integral part of AI. By combining blockchain technology and AI, information can be obtained from everyday transactions, IoT, weather patterns on Blockchain, and smart contracts. 

Reasonable Pricing and Operational Efficiency

Blockchain technology can increase transparency in the field of information storage and retrieval. This is because the technology can store a lot of data ranging from news, and literature to program codes. The programs are easy and free to read. Agora, for example, can ensure on-chain applications are browsable. Programmers can enjoy many independent markets in permitting payments without the need for intermediaries. Operations dealing with music composition, artwork, financial speculations, and generating weather reports can gain substantially from reduced costs. 

Blockchain technology is primarily associated with cryptocurrencies nowadays. Cryptocurrencies require a substantial amount of data mining. Google ensures energy efficiency and its AI programs may lower it by 40%. Deep MinAI has many sensors in a data center. There are similar principles that are applicable for minimizing hardware costs.

Better Credibility

The collaboration between Blockchain and Artificial Intelligence can boost the credibility of many internet stores. The major challenge of data science is to collect a genuine dedicated dataset. Some individuals dish out fake information because of a lack of any controlling authority. However, companies like Facebook and Google use many computational techniques from AI to minimize the flow of misleading information. Therefore, Blockchain technology along with Artificial Intelligence can enhance reliability by addressing faults such as security, triple entry, and origins.

Improves Problem-Solving Abilities

A combination of Artificial Intelligence and Blockchain technology can solve some of the most challenging problems of computing. The neural networks in AI can also determine important features such as video forecasting and speech recognition. Neural networks function and sometimes the extraction process can be challenging. The implementation of neural networks on blockchain can improve computational abilities drastically. 

Smart Cities and Mega Economies

Blockchain technology along with Artificial Intelligence Agents (AIAs) can be very useful for developing smart cities and building mega economies. Smart cities can use electronic IoT sensors for data collection for better asset management and efficient utilization of resources. With the help of blockchain, the cities can also maintain a transparent and elaborate record ledger. Furthermore, AI can facilitate deep learning too. 

In mega economies, data storage is of paramount importance. Fortunately, blockchain technology can facilitate better code storage. It can also streamline programming in several ways. Some integral processes like the generation of new algorithms, code documentation, confirmation essentials, and matching patterns can improve through this collaboration. 

AI Cryptocurrency Landscape

Artificial intelligence and blockchain technology are playing an important role in AI cryptocurrency. These are some notable projects of collaboration between the two.

Singularity

SingularityNET’s AGIX token can carry out transactions on a crypto platform, thereby, enabling users to access AI services and purchase cryptos. AGIX is also a governance token and can permit token holders to take part in decision-making processes. AGIX acts as a fuel that incentivizes developers to create innovative AI applications. 

Ocean Protocol

Ocean Protocol is a monetization platform that uses the power of AI to improve data privacy, sharing, and security. Therefore, it can enable organizations and individuals to safely share their data assets and simultaneously maintain data control. It can utilize AI-powered algorithms to make data tokens. These tokens are digital representations of data assets.  Therefore, it can offer secure transactions between data consumers and providers. 

Fetch.ai (FETCH)

Native token FET is powering Fetch.ai and is a decentralized autonomous organization. It can harness the power of AI to ensure an open-source machine learning ecosystem for practical applications. Fetch can also deploy and develop intelligent agents to perform tasks and communicate with each other. Additionally, it can carry out transactions on a decentralized network. Such agents can automate several tasks across industries, ranging from logistics, energy optimization, supply chain management, and financial trading. It can empower businesses to improve efficiency, gain competitive advantage, and streamline operations.

Graph (GRT)

The Graph can revolutionize blockchain data access for efficient indexing and organizing. It can leverage AI, and extract appropriate data with the help of blockchain technology. AI-powered approaches can receive information from blockchain data. Furthermore, it can strengthen developers to have advanced applications without the need to manage complicated data infrastructure. 

Factors That Need To Be Checked Before Collaboration

It is a fact that collaboration between Blockchain Technology and Artificial Intelligence can work wonders. However, it is also true that certain factors must be considered before integrating the two useful technologies.

Risk Management

Cryptocurrencies are not free from risks. It is very unlikely that Artificial Intelligence and Blockchain Technology will mitigate these risks entirely. Therefore, users must exercise caution, and diversify their portfolios.

Market Analysis

AI cryptos will not be immune from market forces. Therefore, it is vital to understand the competitive landscape and analyze market trends. It is necessary to make proper investment decisions.

Viability of Projects

The project viability may or may not improve because of collaboration between the two technologies. Therefore, it is necessary to assess team expertise, the project’s whitepaper, and the long-term viability of the project. 

Also Read- How are Blockchain and AI Integration Revolutionizing Financial Planning and Portfolio Construction?

Final Words

Artificial Intelligence and Blockchain Technology are certainly going to change the world as we see it today. There is no doubt that these two technologies will permanently impact many sectors. Thus, AI cryptocurrencies for instance can be one of the most prominent products in the future. This can reshape the current ecosystem of cryptocurrencies. It may also change the financial sector significantly. However, the users must exercise some degree of caution and assess the factors before investing their money. 

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