Both artificial intelligence and blockchain are touted as technologies that will shape our future. But here’s the problem: they are like oil and water. While they are innovative in their own right, there is a noticeable lack of connectivity – projects that closely combine AI and blockchain, unleashing the full potential of both new technologies.
Technical hurdles are largely to blame. It is nearly impossible to integrate AI into smart contracts that exist today. These two models often rely on vastly different programming models – and while smart contracts use data in moderation to lower transaction fees, many AI models process huge amounts of data as well as large amounts of computing power to make decisions.
Smart contracts are also incredibly strict, which means that results can only be achieved if a set of strict criteria are met. As a result, it may not be suitable for the artificial intelligence world, where it is difficult to achieve 100% accuracy, especially when it comes to image and voice recognition. This need for flexibility has created the need for next-generation smart contracts that can handle highly accurate (albeit imperfect) inputs and enable optimal production.
As the EU Blockchain Forum noted in a recent report, the combination of the two is not only desirable but necessary. The authors write: “In the real world, especially with large-scale use, blockchain, AI and the Internet of Things are likely to work in harmony. In a smart city, blockchain can be combined with IoT and AI at the infrastructure level to manage the critical systems that depend on it. cities, as well as improving the quality of life of their inhabitants through safer and better designed urban environments. ”
But what does the combination of blockchain and artificial intelligence actually mean in practice? What real-world applications are end users looking forward to?
Space projects claim that decentralized applications have a chance to become much more advanced than they are now. Trading strategies can be driven by artificial intelligence – and smart contracts can become infinitely more flexible. Blockchain platforms may offer a more convenient alternative to private keys, which are often difficult to remember and store securely, with users accessing credit through facial recognition.
AI and blockchain can be used together in many other fields, such as big data, the Internet of Things, insurance, manufacturing, healthcare, logistics and many others. In all cases, AI plays an important role in processing data or automating human tasks to transfer information to the blockchain.
Experts argue that AI can be as effective as humans in many tasks – and even better, it can work 24/7 without suffering from fatigue or human error. Likewise, blockchain is increasingly being proliferated to provide transactional and data transparency for consumers. The possibilities are endless as long as blockchain developers have a way to implement artificial intelligence on their platforms.
Artificial Intelligence Systems and Blockchain at Oraichain
Orachain is one of the companies making a concerted effort to bring AI to blockchain and uncovering compelling examples of utility in the process.
The data oracle platform claims to improve smart contracts by allowing them to securely access artificial intelligence through APIs and unlock trusted data in the process. In addition to the launch of the Oraichain Mainnet, over 100 of these APIs were already open to the public in February.
A developer platform called Oraichain Studio that helps integrate APIs into smart contracts launched in April 2021 – to validate AI output and then distribute the generated data across multiple blockchains without centralized control. Over time, this could expand access to well-trained AI models so that more people can take advantage of this technology.
Oraichain has created a marketplace where experts can sell their services – from AI-optimized breeding to price prediction and face authentication tools. Executives argue that this not only gives professionals the opportunity to monetize their jobs, but also allows small businesses to enjoy a more equal opportunity for the industry giants that dominate the industry.
Work is underway to launch a new aiRight system. Described as the world’s first platform for NFT creation and copyright management, it offers a full range of services for the imperishable token market, including the creation of NFTs using artificial intelligence and insurance.