- Bitcoin mining company Marathon Digital aims to diversify its operations in technology and location amidst the ongoing hype around artificial intelligence (AI).
- Thiel believes that blockchain technology and artificial intelligence will become increasingly linked. Marathon Digital also considers expanding into Latin America, Africa, and Asia, where it sees attractive opportunities.
- Thiel remarked that the company’s footprint may eventually be split evenly between the United States and the rest of the world.
Blockchain technology and artificial intelligence (AI) are two significant inventions. Blockchain is similar to a secure digital record, whereas AI is about computers doing intelligent things.
Blockchain and AI bring enormous benefits, from efficient functionality to lower costs and speedier services.
Combining the two results in a competent system with higher functionality, improving data quality, security, and automation even more.
When these two technologies are combined, intelligent augmentation devices and a human-machine interface are created, allowing direct interaction with the human brain to enhance extensive information acquisition.
Deep machine learning operations on Blockchain can access data from ordinary transactions, smart contracts, IoT, and weather trends.
This mix is transforming industries and generating new ideas.
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How Can Blockchain Technology and AI Work Together to Solve Problems?
When these two inventive fields come together, they can work together to solve problems and create new opportunities:
- Upgrade Data Security and Privacy
Blockchain’s inherent security features, such as encryption and decentralized storage, can safeguard sensitive data that AI algorithms use.
This ensures that personal and confidential information remains secure, addressing growing concerns about data breaches and privacy violations.
- Improved Data Quality
Blockchain’s transparent and immutable ledger can help enhance the quality of data fed into AI models.
By verifying the authenticity of data sources and recording data changes, blockchain reduces the risk of input errors, inaccuracies, and fraudulent data.
Thereby improving AI model accuracy.
- Trust and Transparency
Blockchain’s transparency enables users to trace and verify the origin of data used by AI systems.
This transparency fosters trust among users, as they can validate the integrity and fairness of AI algorithms.
In industries like supply chain management and healthcare, this trust is crucial.
- Decentralized AI Marketplaces
Blockchain facilitates the creation of decentralized AI marketplaces where individuals and organizations can buy and sell AI algorithms and services.
This disintermediation empowers smaller AI developers and democratizes access to AI resources.
- Immutable AI Model Provenance
Blockchain can record the entire lifecycle of AI models, from development to deployment.
This ensures the integrity and traceability of AI models, making them auditable and compliant with regulatory requirements.
- Smart Contracts for AI Agreements
Smart contracts, self-executing contracts with predefined rules, can automate AI agreements. Ensuring that AI services are delivered and compensated as agreed upon.
This reduces disputes and streamlines AI collaborations.
- Optimized Supply Chain Management
The combination of blockchain and AI can revolutionize supply chain management.
AI can analyze data from IoT devices, while blockchain ensures the authenticity and transparency of this data, enabling real-time tracking and traceability.
- Fraud Detection and Prevention
AI-powered fraud detection systems can benefit from blockchain’s ability to secure transaction data.
AI can identify suspicious patterns and prevent fraud by analyzing transaction histories on an immutable ledger.
The integration of AI and Blockchain enables us to ensure dataset integrity. Because the information is not permeable, it enables increased security and early detection of intrusions.
Because of openness, we can better comprehend AI functionality and run faster processes while saving money.