With the advent of web3, there has been a demand for machine learning experts giving rise to more learning institutions adding artificial intelligence to their curriculum. In this article, we will find out the roles artificial intelligence and Blockchain play in web3 by looking at their definitions, background histories, and how they work hand in hand with each other.
I will begin with these points:
Definition of Artificial intelligence
Definition of Blockchain
Brief History of Artificial Intelligence and BlockChain
How The BlockChain and Artificial Intelligence Will Work Together on Web3
Artificial Intelligence, also known as AI, is a branch of computer science that deals with the study of machines trained with data, making them able to mimic animal or human intelligence. These machines can exceed human capacity in rendering services effectively.
Examples of such AI applications include Recommendation systems used by Netflix, YouTube, and Amazon. Self-driving cars like Tesla. Virtual assistants like Apple's Siri, and Amazon's Alexa.
A Blockchain, also known as a digital ledger, is a transparent, secure, immutable, distributed, and decentralized structure, making it possible for people to use it for business transactions, money laundering detection, real estate, etc.
Examples are cryptocurrency apps,
Decentralized finance apps (called Defi) and Decentralized Apps (also called Dapps).
Blockchain was only a theory until 2008 when an unknown identity (or identities) with the name Satoshi Nakamoto built the first application of Blockchain, which is the Bitcoin. Since then, organizations have built other applications using Blockchain technology like Ethereum, Dogecoin, etc.
There have been hints of artificial intelligence since the days of Aristotle. Artificial intelligence started gaining ground in the science world in the 1950s. This was after World War II when Alan Turing, a mathematician, had created a revolutionary phrase 'Can machines think?'.
There were periods in the last century when the government-funded research on artificial intelligence and there were periods when it got no funding at all, known as "AI Winter".
As more companies launched innovations in AI. Then, it attracted more investors in this century. But the relevance of AI became more prevalent now, as the world is yearning for innovations. This includes innovations on the blockchain, innovations on IoT, and, of course, innovations on the much-expected web 3.
The web3 running on the Blockchain structure which is guaranteed to be transparent, secure, immutable, decentralized would require the processes of artificial intelligence, where it would read data, process data, store information, carry out all the work, integrate it and ensure efficient delivery of services on the web.
In the Blockchain, there could be AI predictions for business transactions, ensuring a guarantee for the stable operation of Blockchain systems. In Decentralized Finance (DeFi), AI models could apply intelligent logic that could improve financial operations.
For instance, an online community shop that belongs to the community, where everyone can sell and buy what they want with cryptocurrency and earn some money for their activity, would require artificial intelligence to automate processes and render services efficiently.
The AI- Blockchain combination is already happening in Decentralized Apps(Dapps) with automated NFTs that generate art and make transactions while living on the Blockchain. Also, AI models that write programs are being produced. These machines write better code than humans.
Possible suggestions on how to improve the web3 technology :
With AI working in hand with Blockchain, the pair could correct some errors they present. For instance, Blockchain runs slowly or slows down any process it is a part of. Artificial intelligence can build models that would be in place to checkmate that.
Some issues that make people not too trusting of the web3 are the lack of regulation. With the application of AI, web3 can be regulated. An example of a company that is doing this already is Anchain.AI
Another instance is an AI that lives on the Blockchain could become too strong to abide by the Blockchain structure. We could put measures in place to prevent that from happening as well.
Web3 is still growing with potential that could change the world entirely. Some instances mentioned earlier are yet to be implemented as that kind of technology is not yet around and would require more years of research and studying especially in AI. AI is a new field of technology that is still growing that could build more innovations in the future.
The combination of AI and Blockchain in Web3 would yield positive results that would make the idea of web3 to become a reality.