Blockchain and Artificial Intelligence as technologies has seen a shift in observation by critics, investors, miners, users, and the cyber population, in the past two years. With words in support like a revolutionary bend in banking–Crypto Banking, automation of services–Artificial Intelligence and the capabilities of eliminating regulatory hurdles of managing/securing/creating data–Blockchain; the last 5 years has been interesting, controversial, and worth a mention in cyber history.
The power of networking fused with programming tricks is what Blockchain can be called at present and imagination empowered by technology is what Artificial Intelligence can be entitled to. But the real question is that all this necessary and smart drift in technology capable of being called as the Fourth Industrial Revolution in spite of the controversial infrastructure attached to it by the governments who are scared of a “little change”?
“Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly”–Vitalik Buterin
Since Blockchain earned its reputation by an entirely successful community, Artificial Intelligence is backed by Tech Titans like Google and Facebook. “Artificial intelligence would be the ultimate version of Google”–Larry Page. Let’s go deeper into the relevance of these prevalent technologies and the actual and necessary use they are bringing in the field gawked by the governments.
AI, Blockchain, Crypto Banking ready for industry dominance in 2019
Since I have shared a small trailer like a piece for Blockchain and Artificial Intelligence above, I would like to throw some thunder on the most active, necessary and revolutionary implementation of the techs in a little detail.
The much-required Blockchain Implementation: Crypto Banking
The best edge given by Blockchain to us is Crypto Banking, apart from the undercurrents of several crypto coins. The future of payments is backed with security and security, as it is uniquely suited to improve verification of account balances, replace expensive and exaggerating middle process of validating transactions.
Blockchain backed crypto networks and Crypto Banks like Quorums–Ethereum based blockchain network by JP Morgan Chase, FotonBank–Decentralized virtual crypto banking system empowered for instant payments, and Crypto Bank are leading the mentions in the crypto world.
Since many in the finance arena isn’t quickly sold on crypto as they belong to the organized business sector, the viability of crypto backed banking is questioned and in few cases dismissed. Despite the record investor profits gained from the GOD coin, Bitcoin saw 1,300 percent rise last year i.e. 2017, most banks have chosen to stay away. However, Goldman Sachs is reportedly betraying the herd mentality developed for Blockchain and plans to establish the first bitcoin trading operation at a Wall Street bank according to CNBC.
More, JPMorgan’s Former Blockchain Head, Amber Baldet, comments about the entry of JP Morgan into Blockchain as: “It’s an open-sourced project, it’s completely agnostic and industry agnostic as well.”
The Banking Revolution
Initiated by Andrey Pashkevich, CEO and Co-founder of FotonBank, explains: “With the ambition of providing immediate transactions, we focussed on forging a decentralized wallet that would have a capability of maintaining anonymity, ability to get instant payments, along with an ease of cryptocurrency-to-fiat transactions, smart integration with external wallets PayPal, Visa, WeChat, etc, and compliments of cashback programs; all done to implement the best of blockchain.” In short, the mainstream finance arena can be easily displaced with the relevance of blockchain and its security promise.
AI and its “Quantum” debate
The intention of Artificial Intelligence is to change the existing social and work boundaries with the assistance of man-made observer and follower of trained commandments, i.e. a robot or superficial algorithm. Artificial Intelligence, since the years, has gained polarized opinions coming from technical, legal, government and academic practitioners. But the technology has indeed proved every headline it has in its name, with many well-thought of and implemented examples like:
Quantum Computing: Quantum computers or supercomputers in simple terms are known for their own inherent risks. Quantum Computing is different from traditional computers as they are based on mechanical phenomena like entanglement and superposition, unlike regular computing systems which are based entirely on binary systems. Nigel Smart who is the founder of Dyadic Security comments on Quantum Computing:
“…all of the world’s digital security is essentially broken. The internet will not be secure, as we rely on algorithms which are broken by quantum computers to secure our connections to websites, download emails and everything else. Even updates to phones and downloading applications from App stores will be broken and unreliable. Banking transactions via chip-and-PIN could [also] be rendered insecure (depending on exactly how the system is implemented in each country).”
To close the argument on Quantum Computing, I will feature the most debated definition of the invention, which clearly explains it’s feared capability–“The genius of Artificial Intelligence basically explains the behavior and nature of matter and energy on the atomic and subatomic level.”
Steering towards to the GOD coin, that started all the hype, Bitcoin deceased in its popularity and price, both, this year, and might continue to fall, but this will finally give Blockchain the chance it deserves as it will come out of the undercurrent of several cryptocurrencies.
In Spite of several opinions, predictions, and thoughts on Blockchain, the tech will continue to breed in inventions. Evidently, Fintech and Blockchain Tsunami is triggered by Crypto Networks, Exchanges, ICOs, and Wallets, like Coinbase and Xapo, all existing with millions of dollars bid under their name by smart investors. More, companies like FotonBank are bidding in contributing towards the Fourth Industrial Revolution through its legitimate implementation of Blockchain. All of this is done on the promise of “created trust” that Blockchain provides.
The Verdict: AI and Blockchain
It is no news that AI and Blockchain have experienced a little overlap in the past few years all due to the emergence of Big Data, that has proved to be a catalyst in between Blockchain and AI relationship. The organization of data for businesses through Big Data, created especially for AI and the advancement of Blockchain triggered through the distributed ledger, further promoting secure and automated storage; the novel combination is a part of the reason for the flagging of Fourth Industrial Revolution.