There has been considerable attention paid to artificial intelligence (AI) as it offers the power to change how we look at and use data. A cynic may argue that there is little actual ‘intelligence’ present in current AI but AI is, instead, giving the user ‘access to information’. That is as it may be, but there is no denying we are faced with more and more data in our business and personal lives and AI can certainly help to organise and interpret, and so help make better decisions. LCX.com describes generative AI as “a subset of artificial intelligence, [is] transforming the way we analyze and interact with data.” Deep learning algorithms and neural networks which both need a definition and a source have made it possible for generative AI to be even more creative, so opening up a world of unique possibilities. One of the most exciting ways that generative AI could be used is in data processing since it can sort vast amounts of data and find helpful information using complicated algorithms. With this ability, computers can hopefully make more informed decisions without human bias, and also discover trends and patterns that historically may have been missed. With creative AI, businesses can improve processes, encourage new ideas and gain a competitive edge. For example, the healthcare sector can determine new treatments and identify earlier diagnoses and courses of treatment for patients that may represent higher risk characteristics.
Understanding blockchain technology
On the other hand, blockchain technology strengthens security whilst enabling personal data to be shared and trusted in a decentralized setting. Blockchain technology allows the creation of digital ledgers that cannot be changed — these ledgers record events and data and are checked by a network of participant nodes. Blockchain is now a significant player in the field of managing data in a wide variety of industries and jurisdictions globally. It uses cryptographic algorithms and distributed consensus processes to ensure real and correct data. Furthermore, this level of trust can often remove the need for intermediaries, lower the risk of fraud and make data sharing more efficient and faster.
Generative AI and blockchain collaboration
When generative AI and blockchain technology come together, they create a powerful synergy that strengthens both technologies whereby offering incredible possibilities in many areas, such as…