AI for blockchain
N. Nasurudeen Ahamed, Sinchan J. Shetty, B. Ravi Prakash · 2024
We live in an era where the world is driven by technology and where almost everything is smart and automated. We have unlocked the higher potential of a machine to perform better than an average human being ever can. The Internet has opened many doors to such innovation and AI (Artificial Intelligence) is one such dynamic technology that is rapidly evolving and transforming lives. Blockchain didn’t take much time to prove its potential from just being restricted to finance to being able to build metaverses where people are acquiring virtual assets, we have seen it all. Blockchain is a disruptive technology itself, and if integrated with AI it is going to unlock limitless use cases and opportunities that can transform and give a new meaning to the “INTERNET.” The Internet which earlier could just exchange and transfer information is now able to not only information but also exchange of value. Tokenization of real-world assets from artworks to luxuries we have come a long way. But blockchain still needs to evolve as technology and AI can be the major contributor to achieve this. AI can contribute to enhancing the capabilities of a smart contract enabling it to interact with external data. In blockchain data analytics, it helps in extracting insights from a vast amount of data that helps us get clean and precise data for better performance. Consensus mechanisms play a crucial role in blockchain networks; AI can help in optimizing the consensus mechanism by analyzing various factors like energy efficiency, transaction throughput performance, and many more by providing us with the most optimal and efficient consensus protocol. Scalability is the major challenge of blockchain; AI can help maximize the scalability through analysis of network congestion, resource allocation, and transaction throughput to enhance scalability. Blockchain gaming, a major use case of the coming time, can unleash limitless potential by improving the gaming experience by working on non-player characters (NPC), personalized gaming experience, to quality testing and assurance. These are just a few examples but the list goes on and on. Tokenization and economics being the earliest off-spring of blockchain can be seen transforming with AI integration, energy efficiency, game theory, enterprise-graded blockchains, development, design, optimization, and the list never ends. The convergence of AI and blockchain comes with new synergies and opportunities where blockchain provides all its key factors like immutability, transparency, security, and uniqueness; AI, on the other hand, will enhance the experience of blockchain in endless ways, but this combination comes with its risks and challenges. Limitations go hand in hand with all the advantages of AI for blockchain due to a few contrasting factors of both worlds. Data protection, regulations and legal factors ethical implications, and complexity in their integrations can make it hard but not impossible to adapt. The research continues to make two ends meet to make the best out of the existing and future innovations which unlock the greater potential of blockchain for a better world.