How it works?

Combined Values of blockchain and AI

Authenticity, Privacy, Security and Scalability of Data

Autonomous Agents such as: sensors, cars, machines, trucks, cameras, and other IoT devices) typically collect large amounts of data. This data is often stored on a centralized server, where the data format is not standardized. Companies use different legacy systems that make it difficult to extract and interpret data cross-platform.

Off-chain storage offers an alternative that stores the actual data off-chain and only keeps aggregated metadata on-chain. This alternative has the benefit of being considerably more scalable than the on-chain solution but decreases data transparency.

The architecture of blockchain systems also allows for full encryption of stored and transmitted data such that only the device itself can read and write its own data through private/public key infrastructure

Machines and devices store a large amount of sensitive data. It is essential to ensure privacy and security of this data. The blockchain is operationally resilient and has a low risk of hacks. This high level of security arises from the combination of cryptography and the consensus mechanisms used.

Augmentation

AI can rapidly and comprehensively read, understand and correlate data at incredible speed, bringing a new level of intelligence to blockchain-based business networks. By providing access to large volumes of data from within and outside of the organization, blockchain helps AI scale to provide more actionable insights, manage data usage and model sharing, and create a trustworthy and transparent data economy.

Automation

Aside from data and identity management purposes, the convergence of the three innovations by applying blockchain, IoT, and AI jointly can be very promising for the automatization of business processes. One crucial component of connecting these three innovations is the use of smart contracts.

AI, automation and blockchain can bring new value to business processes that span multiple parties, removing friction, adding, speed and increasing efficiency.