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Will Blockchain Integrate Well with AI and Machine Learning?

We’ve seen a lot of technologies that work better when integrating with other technologies. This is the typical scenario in many cases to make a particular technology more powerful than it was before.

Blockchain is already the most talked about technology in the world in bringing more transparency and security to networks. The use of blockchain is virtually limitless in all industries. However, integrating it with AI could make it all the more important in bringing a foundation for protecting data.

Considering AI and machine learning works with data every day, how will blockchain protect it from being compromised?

Protecting Data in Various Industries

Numerous blockchain analysts are looking at the possibilities of what it could do in securing AI data used in fields from healthcare to financial industries.

Since blockchain provides an encrypted private network, the implications are significant in how AI processes data and sends data to others. Many companies are going to start placing more reliance on AI and machine learning to gather or send data. Unfortunately, it’s not always smart enough to protect the data from being compromised by hackers or inside data thieves.

Blockchain promises full protection for heavily regulated industries like healthcare mentioned above. While data protection is already a major initiative of the healthcare and financial industries (as just starters), they’ll soon use blockchain as a foundation for their increasing reliance on machine learning.

Even more important is being able to track when AI transfers data from one place to the other.

Clearer Audit Trails

Recently, an article on Medium took on the subject of AI and blockchain working together. The piece (written by data strategist Francesco Corea) offered a lengthy explanation of how blockchain can provide an audit trail for all data compiled by AI.

It’s impossible for humans to compile or send reams of data manually to different sources. Companies are starting to rely more and more on AI to send data without really having a data trail to ensure compliance or if the data is accurate.

Thanks to blockchain already providing transparency in all transactions, it’ll provide a similar data trail in AI and machine learning applications.

In other words, when data is sent between two parties who don’t know one another, they’ll have a new AI data record of trust to eliminate second thoughts about what’s sent.

Data Marketplaces

Being able to gather data through AI and sell it to companies for profit isn’t always feasible because of lack of trust on where the data came from. Having blockchain involved in data compiled by machine learning provides a stronger level of trust, leading to more data marketplaces.

We’ll likely see smaller companies previously staying away from buying data find more trust in data acquisition because they’ll know it’s safe to use.

Ultimately, this brings a stronger competitive advantage in the corporate world. A company called SingularityNET is already working on this by allowing easy sharing of AI services. They’ve created a blockchain-powered AI helping those looking for open-source AI platforms. It’s going to bring more trust in using these sources to save money and gain data advantageous to company growth.

More Powerful Big Data Analytics

Other companies like Neureal are using blockchain to create more powerful data networks. In fact, this company says their data network is more powerful than anything in the world, even more than Google.

This might sound like hyperbole, yet it’s become possible thanks to blockchain building larger big data analytics. It’s another example in how blockchain creates more trust and power in transactions of data to help companies scale.

Contact us at Concepts Rise to learn about how we can apply blockchain through our expertise in everything from predictive analytics to AI.

Majid Abai – July 2018 – Los Angeles

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About The Author:

Majid Abai is Managing Director of Concepts Rise, LLC. (www.ConceptsRise.com), a High-Technology and Innovation Consultancy based in Los Angeles, CA, USA. With over 30 years of experience in supporting US and global organizations, Mr. Abai focuses on strategic and tactical approach to use of innovation and technology to increase revenues and reduce costs for organizations. Majid could be reached at 424-320-0524 or via email at majid.abai@ConceptsRise.com.

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Three Industries That Are Adopting Blockchain Technology & Changing The World

You’ve no doubt heard about blockchain technology as it pertains to Bitcoin and other cryptocurrencies. It is, by definition, a digitized, decentralized ledger used to log cryptocurrency transactions as they occur. It’s unalterable, permanent, and nearly impossible to hack, meaning it’s more secure than traditional record keeping. The financial industry has quickly adopted this tech, however, it is also making its way into other industries as a means of securing data, sharing information and improving communications. Three major industries where it is being employed are health care, human resources and even the music industry for many of the same reasons that financial organizations find it useful.

Blockchain In Health Care

Doctors and other health care providers are required by the Affordable Care Act to implement electronic health records (EHRs) for their patients. However, EHRs are not designed to manage the complexities of sharing medical records across multiple institutions throughout a patient’s lifetime. Oftentimes, patients change doctors, or use different clinics and hospitals for their care. When data is scattered in this way, it is difficult for patients to have control over their records and for providers to access them. Blockchain offers an elegant solution, allowing data to be shared across institutions quickly and accurately. One company currently using blockchain in this way is Medrec. While they do not store medical records directly, encoded metadata allows records to be accessed securely, thus unifying access to data across many providers while ensuring the integrity and security of the data.

Blockchain In Human Resources

Performing background checks, verifying information on resumes and checking references take up a lot of time for human resource professionals. Without these verification steps, however, companies find themselves hiring people based on inaccurate or false information. Blockchain technology, however, allows employers a more accurate view of an individual’s credentials, work history and other relevant information, making it easier to determine whether a candidate is qualified. What’s more, it simplifies payroll processes, eliminates costs associated with third-party financial institutions and ensures faster payments to employees. It also enables payments to be converted from cryptocurrency, such as Bitcoin, into the preferred local currency of the recipient without the cost of currency conversion. The time, energy, and resources saved allow human resource departments to focus on more pressing matters.

Blockchain In Music

Not so long ago, streaming music services and peer-to-peer music sharing applications were all the rage. Music fans were able to download songs, and even entire albums by their favorite artists, oftentimes for free. The industry cracked down on these illegal download services in an attempt to ensure they, and the artists they work with, are compensated appropriately. However, many artists are bucking the system, choosing instead to create music without the bureaucracy and oversight associated with working with record labels. Mycelia for Music, is a blockchain based platform specifically created for musicians. It allows them to use smart contracts to share free-trade music and sell directly to consumers, circumventing labels, lawyers and accountants. Using this system means that royalties are not delayed, but rather paid out automatically to the artist whenever a purchase is made.

Blockchain technology, while still in its infancy, certainly has the potential to disrupt many aspects of our lives, beyond cryptocurrency. The way health care records are managed and shared, employees are hired and paid, and how music and other entertainment is produced and sold will all be affected. That said, these are only three of the industries that are currently working to incorporate it into their business’s operations. If you would like to learn more about blockchain technology and how it applies to your industry, please contact us. We will be happy to show you how to take advantage of this innovative technology to increase your revenues and grow your organization.

Majid Abai – May 2018 – Los Angeles

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About The Author:

Majid Abai is Managing Director of Concepts Rise, LLC. (www.ConceptsRise.com), a High-Technology and Innovation Consultancy based in Los Angeles, CA, USA. With over 30 years of experience in supporting US and global organizations, Mr. Abai focuses on strategic and tactical approach to use of innovation and technology to increase revenues and reduce costs for organizations. Majid could be reached at 424-320-0524 or via email at majid.abai@ConceptsRise.com.

 

Tags: BitCoin, Blockchain, CryptoCurrency, HealthCare, Music, Concepts Rise.