Blockchain and AI

Blockchain is a decentralised, distributed ledger that records transactions on multiple computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.

AI, or artificial intelligence, refers to the ability of a computer or machine to perform tasks that typically require human-like intelligence, such as learning, problem-solving, and decision-making.

The link between blockchain and AI lies in the potential for AI to be used in the development and implementation of blockchain technology. For example, AI can be used to analyse blockchain data and identify patterns or anomalies that may be indicative of fraudulent activity. AI can also be used to optimise the performance of a blockchain network by identifying bottlenecks and suggesting solutions.

In addition to these practical applications, there is also the potential for the combination of blockchain and AI to enable new and innovative use cases. For example, AI could be used to facilitate smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The use of AI in the development and execution of smart contracts could enable the automation of complex business processes, potentially increasing efficiency and reducing the risk of errors or fraud.

Overall, the integration of AI and blockchain has the potential to improve the efficiency and security of a wide range of applications, from financial transactions to supply chain management.

Here’s how it works:

This process ensures the integrity and security of the blockchain, as it is virtually impossible to alter past transactions without the consensus of the network. It also allows for transparency, as all transactions on the blockchain are publicly available for anyone to see.

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