By Steven Krohn · November 7, 2018
Digital technology has rapidly advanced in a very short period of time. Since the creation of the World Wide Web, greater communication and cooperation globally led to rapid advancement in business methods and practices. Blockchain trends have thus become apparent.
The progress brought on by the age of discovery in Europe is a very good comparison.
Exploration voyages were the driving force for progress five hundred years ago. Today, internet-based business ventures are the trailblazers of new ideas.
Blockchain is one of the most talked about technologies right now.
Hundreds of new businesses have been built on blockchain over the last five years, raising billions of dollars of investments. Experts believe that this is just the beginning with the best yet to come.
We take a look at some exciting projects built on blockchain that may alter the world:
Ideas about Artificial Intelligence have been around for more than 50 years. Developers and businesses have been fascinated about creating robots and processing systems that are better than humans at making decisions and determining patterns.
The progress in A.I. was slow until the 1990s. The internet offered a way for A.I. developers worldwide to collaborate together. That said, algorithm testing was still limited until recently.
Blockchain is a powerful medium for testing A.I. algorithms and creating sophisticated databases of test results that are revolutionary. Why?
Blockchain trends and technology have many similarities to how A.I. systems function.
Blockchain can track all transactions made between people on specific networks. Blocks are added to the decentralized ledger after powerful processors search for the lowest sized hash-rate within a set time.
This involves testing millions of possible combinations using thousands of server nodes worldwide.
Also, A.I. developers use algorithms and model calculations to determine the best possible solution for a given problem. An A.I. development platform built on P2P networks can drastically improve the speed of true A.I. development.
Blockchain trends offer the best possibility for creating A.I. marketplaces. These are proposed markets that will have complex A.I. modules for sale.
This will allow independent contractors and small businesses to purchase and utilize the A.I. modules.
Experts in both domains believe that there is a probability that the two technologies merge in the near future.
Internet of Things (IoT) is a relatively new idea that has gained a great deal of popularity among technical experts and businesses. The idea is quite simple when you break it down. Yet another blockchain trend to look for.
Billions of devices around the world are now connected to the internet.
These include computers, ATMs, mobile devices, home appliances, machinery, automobiles and anything else with an internal computer processing unit.
Theoretically, Internet of Things would allow people at one location to operate and control devices located at different locations. Thus, it is possible to connect devices such as a simple alarm clock, coffee machine or even an airplane into the Internet of Things.
The problem with Internet of Things has been authentication while keeping unauthorized personnel out. You may theoretically connect your car to your mobile device which allows you to drive by using your smart phone.
That said, people probably won’t be willing to connect any device to the IoT while it’s vulnerable to unauthorized access. Picture someone hacking into your device taking control of your car.
So how does Blockchain improve things?
Blockchain is considered a relatively safe technology. The built-in P2P authentication protocol ensures that all transactions pass verification by a majority of nodes on the platform.
While it may be easy for a hacker to tap into a central processing system, a decentralized network requires majority consensus prior to commands being executed.
Another major feature of Blockchain is scalable technology. As more devices are added to a blockchain platform, the number of nodes required for authentication also increases.
This makes it more difficult to tamper with individual devices on the platform.
The future looks quite promising for blockchain technology. We expect to see a great deal of innovation far into the future.
Blockchain began as a decentralized ledger system to record financial transactions. It would not be surprising to witness the most useful implementation in fields as diverse as A.I. and IoT.
Immutability, speed, security and processing power of Blockchain will be integral in the development of associated technologies.