The issue of computing power has also arisen in the crypto mining industry. DeepBrain Chain, an AI platform for cryptocurrency mining built on the NEO blockchain, seeks to solve that issue. It wants to create a global network where miners share computing power. As such, when more people join, the computational power goes up. People on the platform solve deep learning tasks, and the AI component allocates computing power accordingly depending on the needs of each one.
Applying AI and Blockchain to Medicine
Doctors increasingly use AI to diagnose patients. A recent finding showed that AI was better than doctors at detecting incidences of skin cancer. Also, one of the advantages of blockchain technology is that it stores data in distributed chunks, thereby making it harder for hackers to obtain and use. In the future, patients may grant physicians access to data via a blockchain-powered portal through smart contracts.
AI and blockchain have potential in emergency medicine too. Corti is an AI system that helps medical dispatchers pinpoint cases of cardiac arrest by analyzing the words a caller uses to describe an event, the type of background noise and more. Walmart recently won a patent for using blockchain technology so that first responders could get health information when patients couldn’t communicate.
How Blockchain and AI Could Benefit the Finance Sector
There are understandable challenges related to combining AI and blockchain into a unified platform. But Numerai, the world’s first AI-based hedge fund that uses blockchain technology, has done just that. It allows people from all over the world to submit market predictions gleaned from machine learning models.
Those individuals can show confidence in their predictions by backing them with cryptocurrency stakes. Then, if those predictions perform well after a month, the people who gave them get rewarded with more cryptocurrency. Hedge funds involve high-risk methods, but AI and the blockchain could help investors feel better equipped to make smart decisions.
AI and the blockchain are also expected to improve banking by making it more relevant to the modern age. The blockchain could improve security and transparency while AI is continually used to spot trends and unusual activities. A bank in South Korea recently signed an agreement with a company that provides AI and blockchain technologies. It wants to increase efficiency and cut costs by implementing both.
As the technologies progress, the potential ways to use them in the financial arena should become more apparent.
Two Exciting Technologies That Could Have Even More Capabilities When Combined
All of the companies, projects and possibilities mentioned here are still in the early stages, so it’s reasonable that unforeseen difficulties may arise that must be dealt with accordingly.
Even though it’s impossible to know precisely what’s in store for the future, the horizon seems bright and full of options that could forever change some of the industries that are most familiar to society at large.