Blockchain Platforms Can Be Enhanced By Artificial Intelligence

Although AI and blockchain are not often used together, combining them could open up a multitude of applications.

Both artificial intelligence and blockchain have been touted as technologies that can lead our future. Here's the problem with both: They are like oil and water. Although they are innovative, there is a lack of interconnectedness. Projects that combine AI and Blockchain will unlock the full potential of these emerging technologies.

This is largely due to technical hurdles. It is almost impossible to integrate AI into smart contracts. Both rely on completely different programming paradigms. Smart contracts reduce transaction fees by using data sparingly, but many AI models process large amounts of data and use large numbers of computing resources to make decisions.

Smart contracts can also be very strict. This means that the outcome can only happen if a set of parameters is met. Smart contracts can also be difficult to adapt to AI where it is not possible to attain 100% accuracy, especially in the area of image and audio recognition. The need for greater flexibility has led to the creation of a new generation of smart contracts that can handle extremely accurate input (although imperfect) and produce flawless output.

The EU Blockchain Forum recently noted that combining these technologies is not only desirable but a necessity. According to the authors, "In real life, particularly in large-scale cases, blockchain, AI, and IoT will likely work together." Blockchain could be used in conjunction with IoT or AI to improve the quality of life for residents by creating safer, more efficient urban environments.

Use cases

What does combining blockchain and artificial intelligence actually mean? What tangible benefits can end-users look forward to?

Space is being dominated by projects that argue that decentralized apps offer the potential to be far more advanced than they currently are. Smart contracts and AI could help to inform trading strategies. Blockchain platforms offer an alternative to private keys, which can be difficult to remember and store securely. Users gain access to balances via facial recognition.

AI and blockchain can be combined in many other areas such as insurance, big data, IoT, manufacturing, healthcare, and logistics. AI is essential in all of these cases. It automates human tasks and processes data to feed the blockchain.

Experts argue that AI can perform as well as humans at many tasks. Better yet, they can work 24/7 without becoming fatigued or susceptible to human error. Blockchains are being used to facilitate transparent transactions and provide data to consumers. There are many possibilities, provided that blockchain developers have the ability to integrate AI into their platforms.

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Oraichain offers AI and Blockchain ecosystems

Oraichain is one of the companies that has been making a concerted effort to bring AI into the blockchain -- unlocking compelling use cases in the process.

Data oracle platform claims it improves smart contracts by enabling them securely to access AI through APIs -- unlocking reliable information in the process. More than 100 APIs were launched in February by Oraichain Mainnet.

A developers platform called Oraichain Studio helps integrate those APIs into smart contracts was launched in April 2021 -- verifying the correctness of AI output, and then distributing the data generated across multiple blockchains without centralized control. This could allow more people to access highly-trained AI models and make it easier to use this technology.

Oraichain created a marketplace for experts to sell their services. These services can range from AI-enhanced yield farms to price prediction and face authenticating tools. Executives argue that this marketplace allows specialists to monetize and gives smaller companies a chance to compete with industry giants.

The business is about to launch a new system, alright. It is described as the first global all-in-one NFT creation platform and copyright management system. Users can also verify the authenticity and uniqueness of NFTs with AI services.

Dr. Chung Dao, a doctor in computer science and lecturer at Hanoi University of Science and Technology, launched the company. Oraichain has announced that it has formed a variety of strategic partnerships with Rikkeisoft and KardiaChain as well as VAIOT and OCEAN Protocol in the past six months.

Rikkeisoft, a Vietnamese IT company with over 1,000 employees, would supply Oraichain the necessary human resources to improve some of its flagship projects, including yAI.finance and its AI marketplace, alright.

Phan The Dung, Rikkeisoft CEO, and co-founder, said that the company had been following the development of Oraichain from its inception. It combines the untapped potentials of AI and Blockchain technologies, which we found unique.

It is hoped that these partnerships will be a steppingstone to scaling the business and help Oraichain gain a greater presence in Japan and the U.S. with its AI- and blockchain technology.