Both Artificial Intelligence and Blockchain are known as technology that will lead our future. But here’s the problem: They are like oil and water. Despite being innovative in itself, there is a notable lack of interconnectedness – projects that tightly combine AI and blockchain, both highlighting the full potential of emerging technologies.
Much of this has been attributed to technical constraints. It is practically impossible to integrate AI into the smart contracts that exist today. Both often rely on completely different programming paradigms – and while smart contracts use data to reduce transaction fees, many AI models use large amounts of data as well as large amounts of computing resources to make decisions. Let’s process it.
Smart contracts are also incredibly strict, meaning that an outcome can only be achieved when several strict criteria are met. As a result, they may be unsuitable for the AI world, where 100% accuracy is difficult to achieve, especially when it comes to image and audio recognition. This demand for flexibility has led to the need for new generation smart contracts, which are capable of handling highly accurate (albeit incomplete) inputs and achieving a perfect output.
As noted in a recent report by the EU Blockchain Forum, combining these two technologies is not just desirable… it is a requirement. The authors wrote: “In the real world, especially in large-scale use cases, blockchain, AI, and IoT are likely to work in concert. In a smart city, blockchain has to do with IoT and AI at the infrastructure level Can be linked together to manage critical systems dependent on cities, as well as improving the quality of life of residents through safer and better-designed urban environments.
But what exactly would it mean to bring blockchain and artificial intelligence together? What are the tangible applications that end users have to look forward to?
Projects involved in the space argue that decentralized apps have the opportunity to become far more advanced than they are now. Trading strategies can be informed by AI – and smart contracts can be infinitely more flexible. Blockchain platforms have the chance to offer a more convenient alternative to private keys – which can often be cumbersome to remember and securely store – with users gaining access to balance through facial recognition .
Together, AI and blockchain can also be leveraged in many other areas such as big data and IoT, insurance, construction, healthcare, logistics, and many other areas. In all cases, AI plays an important role in automating human tasks to process data or feed information into the blockchain.
Experts have argued that AI can be as effective as people are in many tasks – and better still, they can work 24/7 without suffering fatigue or being vulnerable to human error. Similarly, blockchain is increasingly being deployed to provide transparency transactions and data to consumers. As long as there is a way for blockchain developers to implement AI in their platforms, the possibilities are endless.
AI and blockchain ecosystem ecosystem in Oraichain
Oraichain One of those companies is making a concerted effort to bring AI into the blockchain – unlocking compelling use cases in the process.
The data oracle platform states that it enables smart contracts to safely access AI through APIs – unlocking reliable data in the process. With the launch of Oraichain Mainnet, more than 100 of these APIs are already open to the public in February.
A developer platform called Oraichain Studio Smart Contracts, launched in April 2021, helps integrate those APIs – verifying the correctness of AI outputs, and then distributing data generated across multiple blockchains without centralized control. Over time, it can broaden access to highly trained AI models, allowing more and more people to benefit from this technology offering.
Oraichain has created a marketplace where specialists can sell their services – from AI-enhanced yield farming to price forecasting and face authentication tools. Along with enabling experts to monetize their work, officials argue that this allows smaller firms to enjoy a more level playing field with industry veterans who dominate the space.
Business is about to start a new system, A right. Described as the world’s first all-in-one NXT creation and copyright management platform, it offers a complete set of services for the irreplaceable token marketplace – including generating NXT with AI and securing copyright on-chain . AI services also allow users to easily verify the uniqueness and authenticity of NXT.
The company was launched by Dr. Chung Dao, who has a PhD in computer science and lectures at Hanoi University of Science and Technology. Over the past six months, Oraichain announced that it had formed several strategic partnerships with Rikisoft, Cardiachan, VAIOT and Ocean Protocol.
RikkiSoft is a Vietnam-based IT firm with more than 1,000 employees, which will provide the necessary human resources to scale up some of Oraichain’s key projects – including Defy-focused service YAI Finance, And its AI market, A right, More to come.
RikkiSoft CEO and co-founder Phan the Dung said at the time: “At Rikkei, we’ve been tracking Oraichain’s development from the beginning. We found it unique because it blends the untapped potential of AI and blockchain technologies.”
Overall, it is hoped that these partnerships will serve as a step to grow the business, and help Orachin gain greater presence in the US and Japan with its AI and blockchain technology.
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