AI x Blockchain: Why Their Convergence Matters More Than Ever

ArXiv, 2019

Blockchain is gaining extensive attention due to its provision of secure and decentralized resource sharing manner. However, the incumbent blockchain systems also suffer from a number of challenges in operational maintenance, quality assurance of smart contracts and malicious behaviour detection of blockchain data. The recent advances in artificial intelligence bring the opportunities in overcoming the above challenges. The integration of blockchain with artificial intelligence can be beneficial to enhance current blockchain systems. This article presents an introduction of the convergence of blockchain and artificial intelligence (namely blockchain intelligence). This article also gives a case study to further demonstrate the feasibility of blockchain intelligence and point out the future directions.

Gabema Academy, 2024

This essay provides an overview of blockchain and artificial intelligence as breakthrough technologies powering the digital future. It explores how combining blockchain's security and decentralized trust with AI's predictive analytics and optimization abilities can enable innovative solutions across industries. The essay first introduces blockchain as an emerging distributed ledger technology that enables peer-to-peer transfer of value and data with enhanced transparency, immutability and automation. It outlines blockchain's origins in Bitcoin, architecture involving distributed networks and cryptographic validation, different configurations like public and private, as well as diverse applications from finance to supply chains. It also discusses associated advantages around cost efficiencies, security, speed and disintermediation. However, challenges remain around scalability, interoperability, regulation and adoption. It then profiles the evolution of artificial intelligence from early rule-based expert systems to today's proliferation of machine learning and neural networks fueled by big data and cloud computing. Key AI capabilities around computer vision, natural language processing, robotic systems and predictive analytics are highlighted along with transformational potential. But concerns persist around transparency, bias, security risks and displacement of jobs. Next, the synergies unlocked by converging blockchain and AI are explored. Integrating the decentralized, trusted nature of blockchain ledgers with AI's automation and analytical abilities can strengthen security, combat fraud, enable smart contracts, offer transparency around AI models, democratize access and generate trusted insights from combined data. Example use cases across financial services, healthcare, government, supply chains and cybersecurity are presented. However, realizing the combined potential of blockchain-AI faces challenges around technical integration maturity, talent shortages, privacy risks, opacity concerns, liability gaps, AI bias, cost incentives and infrastructure needs. Responsible development and governance is required to navigate these multidimensional hurdles. Finally, the outlook presents measured optimism around blockchain and AI's long-term transformative impact but cautions against hype while underscoring the importance of inclusively aligning innovation with human values and ethics. If thoughtfully harnessed, these technologies hold revolutionary potential to problems across industries and society. But pragmatic patience is advised to develop hybrid systems incrementally rather than displace existing architectures overnight. With sound policies and collective wisdom, our digital future looks promising.

It is undeniable that artificial intelligence (AI) and blockchain concepts are spreading at a phenomenal rate. Both technologies have distinct degree of technological complexity and multi-dimensional business implications. However, a common misunderstanding about blockchain concept, in particular, is that "a blockchain is decentralized and therefore no one controls it". But the underlying development of a blockchain system is still attributed to a cluster of core developers. Take smart contract as an example, it is essentially a collection of codes (or functions) and data (or states) that are programmed and deployed on a blockchain (say, Ethereum) by different human programmers. It is thus, unfortunately, less likely to be free of loopholes and flaws. In this article, through a brief overview about how artificial intelligence could be used to deliver bug-free smart contract so as to achieve the goal of blockchain 2.0, we to emphasize that the blockchain implementation can be assisted or enhanced via various AI techniques. The alliance of AI and blockchain is expected to create numerous possibilities.

Integration of two or more technologies is not a new phenomenon. Robots are created by integrating four technologies collectively called mechatronics and then made intelligent by adding AI tools. However, the fusionistic convergence of the two titans of the digital world, viz., Blockchain and AI, is not a reality in many cases. New opportunities to maximise value creation and minimise value destruction can be created with the collaborative fusion of the two technologies under the strict drive and supervision of the Smart Contract embedded in any blockchain platform's digital systems. The author has tried to ideate and narrate several such probable application use cases that can be experimented to generate more value with a total focus on ESG and DEI. Speci c ndings, conclusions, and recommendations of research scholars have also been cited in support of the ideated propositions.

IRJET, 2021

Fintech is a fast-growing industry in the digital world and it has become an essential part of all human lives to perform seamless digital transactions and various financial operations. Also, various innovative measures are being applied in the finance industry in the recent years to stimulate growth to provide efficient solutions. Blockchain and Artificial Intelligence being the pillars of innovation have proved n number of times that the solutions they offer present signs of progress which has paved way for various applications in the financial industry as well. This paper aims to bridge the gap between Blockchain, Artificial Intelligence and the Fintech industry and how these emerging technologies actually interact with each other on a high level and how these technologies are on road to becoming an integral part of both the consumer and corporate world. This review would help in understanding the fundamentals of the emerging technologies and how they are implemented in the Financial World and how Fintech can disrupt the traditional system.

International Journal of Advanced Research in Computer and Communication Engineering, 2024

Blockchain technology and artificial intelligence (AI) have been gaining much interest in the finance industry due to their potential to democratize access to financial services, especially in impoverished areas lacking traditional banking infrastructure. The current study adopts a research strategy that thoroughly examines and integrates existing literature on the convergence of AI and blockchain technologies within the banking sector. The strategy combines qualitative and quantitative methods to deliver a holistic understanding of the integration's advantages and limitations of blockchain technology and AI in banking. The data is subjected to qualitative content analysis to identify recurring themes, trends, and linkages in the literature. Blockchain technology offers inherent security features, such as encryption and cryptographic hashing, but also introduces new privacy challenges. Security and privacy issues necessitate the deployment of strong encryption protocols, access controls, and data anonymization techniques that protect sensitive data and ensure regulatory compliance. Integrating blockchain and AI offers significant opportunities for enhancing the risk management processes in supply chain finance, enabling real-time tracking, transparency, and optimization of supply chain processes. AI-driven algorithms improve fraud detection and risk management, allowing financial institutions to spot unusual trends and proactively reduce risks. This paper attempts to promote discussion on possible applications and help readers make well-informed decisions on the future of finance in a blockchain-enabled, artificial intelligence-driven world by looking at real-life instances.

Kamaludin Azhari, 2024

Blockchain technology has become an important concept in the field of Information Technology (IT) by offering many advantages in security, transparency, and efficiency. The integration of blockchain into AI systems has the potential to change the way data is managed and secured through an immutable decentralized ledger, increasing system trust and reliability (Nakamoto, 2008). This article discusses the importance of utilizing blockchain to advance AI. One of the main benefits of blockchain in AI is increased security and privacy. Blockchain operates on a decentralized network made up of various nodes that work together to validate and record transactions. This distributed nature makes it extremely difficult for unauthorized parties to alter the data, thus ensuring the integrity and confidentiality of the information (Mougayar, 2016). Amid the increasing risk of data breaches and cyberattacks, blockchain can significantly improve the security of AI systems. In addition, blockchain increases transparency and accountability in AI. The public nature of blockchain ledgers allows for real- time verification of data, making it easier to track and audit transactions (Tapscott & Tapscott, 2016). This transparency not only builds trust among stakeholders, but also facilitates regulatory compliance. With blockchain, IT professionals can create a more open and accountable environment. Blockchain also offers efficiency and cost savings in AI operations. Through smart contracts-agreements that are automatically executed and programmed on the blockchain-processes can be automated, reducing the need for intermediaries (Buterin, 2013). This reduces operational costs and speeds up transactions, thereby increasing organizational efficiency. With blockchain, IT departments can optimize resources and increase productivity. In addition, blockchain's decentralization avoids single points of failure in AI systems, increasing their resilience and reliability. Unlike centralized databases that are vulnerable to system failures and cyberattacks, blockchain networks ensure data redundancy and operational continuity despite disruptions (Kshetri, 2017). This resilience is essential to maintain the availability and continuity of AI services in the interconnected digital age. In conclusion, the vii integration of blockchain into AI is an important step to improve the security, transparency, efficiency, and resilience of AI systems. By leveraging blockchain advantages such as decentralization, immutability, and transparency, organizations can build a robust and reliable AI infrastructure. As blockchain adoption grows, it is important for IT professionals and organizations to understand and explore its potential applications in managing and processing information. Key words: IT (Information Technology), BLOCKCHAIN, DATA MANAGEMENT, AUTOMATIZATION

2017

Recent advancements in artificial intelligence systems can be justified by the success in the field of machine learning. This is due to increase in knowledge (data) which leads to increase in intelligence. Similarly, the blockchain has a power to transform the artificial intelligence systems. The blockchain can be defined as a peer-to-peer transaction database which maintains the integrity of information through the distributed open ledger. It is a decentralized way to store value transactions across the nodes in the network. Every node in the network has access to the ledger. The blockchain has a wide range of applications including digital currency or crypto-currencies, smart assets, contracts, voting, etc. When it comes to artificial intelligence, the smart contract can be used to create an artificial intelligence system or it can be helpful in reaching a consensus during a dilemma through voting. A peer-to-peer model training can also be implemented using a blockchain network. T...

1ST INTERNATIONAL CONFERENCE ON COMPUTING AND MACHINE INTELLIGENCE, 2021

This work looks at the literature on the interaction and possible collaboration areas between the blockchain technology and artificial intelligence (AI) that can benefit both. Blockchain has gained considerable popularity because of cryptocurrencies and has been one of the centers of interest and research recently. Like any other technology, it brings its own buzzwords such as smart contracts, proof of work, and consensus algorithm together with their shortcomings which AI can help with. Similarly, blockchain technology can provide the reliable and quality data that AI algorithms need for more accurate results.

Journal of Engineering Research and Reports

Artificial intelligence (AI) and blockchain are two disruptive technologies that have emerged from the Fourth Industrial Revolution (IR4.0) and have brought about significant transformations in the industry. The convergence of artificial intelligence (AI) with blockchain technology presents significant opportunities for the development of novel business models facilitated by digitalization. The current body of research pertaining to the integration of artificial intelligence (AI) with blockchain technology is available, although there is a lack of comprehensive understanding of the practicality and effectiveness of this integration within the business context. In order to bridge this existing knowledge gap, the primary objective of this research endeavor is to comprehensively analyze and delineate the various applications and advantages of integrated artificial intelligence (AI) and blockchain platforms within diverse sectors of the business industry.