- June 2, 2021
- By Joshua Reid
- Blockchain Technology , Technology , What is...?
- ai , application , artificial intelligence , blockchain , blockchain network , blockchain networks , blockchain technology , programs , technology
What’s the difference between blockchain and AI?
Blockchain technology and AI: two similar programs that have very different applications.
Blockchain technology focuses on creating a digital ledger where an organization or company can keep track of their tangible and intangible assets, from cars and houses to property and copyrights. AI, on the other hand, focuses largely on demographics, accessing unprocessed business data, sales information, and CRM software, according to an article from Change the Company titled “Making AI a Part of your Company Culture.”
A 2019 article from Open Access Government titled “Blockchain vs Artificial Intelligence: how are they shaping the future?” writes that, since their inception, blockchain technology and artificial intelligence have fascinated people, and how, in recent years, blockchain technology in particular has helped shape many areas of life, including finances and data protection. However, there are some areas where AI and blockchain technology are better suited.
For instance, take healthcare benefits.
According to the article, blockchain technology does have its benefits but the controversies surrounding financial investments have stalled production.
“Although blockchain technology has proven that its interchangeable nature can be adapted to solve particular issues, in the long run, it has quite a long way to go until it is accepted universally as a safe method of data sharing.”
However, blockchain technology does well when it comes to finances. The Hypothekarbank Lenzburg, a bank in Switzerland, has become the world’s first bank to adopt blockchain technology in order to better utilize cryptocurrencies. “The ground-breaking technology combines NFC chips and a mobile app to allow government institutions and custom agencies to verify product authenticity.”
Artificial Intelligence, on the other hand, although not focusing on finances, has a much better track record than blockchain tech when helping doctors understand what’s wrong with their patients. Open Access Government notes that the AI technology has allowed doctors to “cross-examine people’s genetics, habits and medical records against national data to delineate early warning signs of cancer in patients who may not have even expected it. This would allow doctors to refer their patients to oncologists sooner, potentially saving thousands of lives as a result.”
The potential medical benefits of AI technology can’t be understated. With the COVID-19 pandemic, this is even more imperative as new strains of the virus are discovered. which could cause further damage to society if not treated correctly.
Outside of healthcare, AI technology has also found its way into the government sphere. For instance, the Home Office of the United Kingdom benefits from the use of AI technology. The UK has “already created its own AI system to track down extremist content on the internet. The technology removes the need for staff to manually trawl through page upon page which could take a human hours to find the explicit content”(Add citation here please: just the author’s last name in parentheses)
The ability of a government to cut down on the amount of time needed to locate extremist content through utilizing AI technology allows for governments to allocate their resources better.
Despite these great things that AI and blockchain technology bring to a society, Pavan Vadapalli takes a different approach to the topic in his article for UpGrad titled “Blockchain vs AI: Difference Between Blockchain and AI” Pavan argues that “blockchain has many issues related to security, scalability and efficiency. AI has issues of its own such as explainability, trustworthiness, and privacy.”
As a solution, Pavan proposes that if blockchain and AI technology were combined, it would circumvent many of the flaws that he sees within each of the technological marvels. AI would provide security and efficiency while blockchain tech would provide trustworthiness and privacy.
Blockchain “can enable better distribution of computing power which is essential for machine learning and training in AI.”
Pavan concludes by stating that “the bonding of blockchain and AI will evoke unlimited innovations and revolutions for companies.” However, in order for blockchain and AI technology to merge, I feel that both blockchain and AI technologies must gain a better understanding of their own flaws .
“Blockchain vs Artificial Intelligence: how are they shaping the future?” Open Access Government¸ 31 March 2021, https://www.openaccessgovernment.org/blockchain-vs-artificial-intelligence-how-are-they-shaping-the-future/48497/ .
Vadapalli, Pavan. “Blockchain vs AI: Difference Between Blockchain and AI” upGrad, https://www.upgrad.com/blog/blockchain-vs-ai/#:~:text=Artificial%20Intelligence%20Vs%20Blockchain%20First%2C%20blockchain%20has%20many,its%20own%20such%20as%20explainability%2C%20trustworthiness%2C%20and%20privacy. Accessed 31 March 2021.