Artificial intelligence and blockchain are among the technologies that will shape our future. But the problem is, these two technologies are like oil and water. While innovative in their own right, there is a noticeable lack of connectivity between projects that seek to combine AI and blockchain and seek to unlock the true potential of both technologies.
Technical deficiencies were generally blamed for this problem. Because it is almost impossible to integrate artificial intelligence into smart contracts that exist today. The two are often based on completely different programming paradigms, and while smart contracts use data sparingly to reduce transaction fees, many AI models require large amounts of data and large amounts of computing resources to make decisions.
Smart contracts have a very rigid structure. Due to their inflexible nature, they can only be accessed through certain parameters. As a result, they may not be suitable for the AI ecosystem where 100 percent accuracy is difficult to achieve, especially when it comes to image and voice recognition. This need for flexibility has led to the development of a new generation of smart contracts that can function correctly and output flawlessly, even if the input is imperfect.
As stated in a recent report by the EU Blockchain Forum, combining these two technologies is not only desirable, but imperative. The authors say: “In the real world, especially in large-scale use cases, blockchain, AI and IoT are likely to work together. In a smart city, blockchain can help manage the critical systems on which cities depend, improving the quality of life of residents through safer and better designed urban environments. It can be integrated into the infrastructure together with IoT and AI technology.”
So what exactly does combining blockchain and artificial intelligence mean in practice? What are the concrete solutions that directly concern the end users and make them impatient?
Current projects argue that decentralized applications contain an opportunity to become much more advanced than they are now. Trading strategies can be achieved by artificial intelligence and smart contracts can become much more flexible. Blockchain platforms can offer their users the ability to access their accounts via facial recognition. It may be possible to offer more suitable alternatives to private keys, which can be difficult to store or remember securely.
When artificial intelligence and blockchain are integrated; It can be used in big data, internet of things, insurance, manufacturing, health, logistics and many more. In each of the aforementioned alternatives, artificial intelligence gives the opportunity to automate the tasks that humans have to do in terms of processing data or feeding data via blockchain.
Experts say AI can be as effective at many tasks as humans, and better yet, they can work 24/7 without fatigue or human error. Likewise, more and more blockchain solutions are being used every day to transfer data to consumers more transparently. The possibilities are endless when blockchain developers get the chance to add artificial intelligence applications to the platforms they implement.
Artificial intelligence and blockchain ecosystems on Oraichain
Oraichain is one of the companies that work to integrate artificial intelligence into blockchain networks and produces alternatives for the solutions of the problems encountered in this process.
The data “oracle” platform explains that it has developed smart contracts that provide secure access to artificial intelligence through API applications and securely transfer data throughout the entire process. With the release of Oraichain Mainnet, more than 100 of these my APIs became publicly available in February.
In April 2021, a developer platform called Oraichain Studio went live, which helps integrate APIs into smart contracts. It offered the ability to verify the accuracy of AI data and then distribute the generated data across multiple blockchain networks without the need for central control. Over time, this technology may offer access to advanced artificial intelligence models, as well as making it possible for many more people to benefit from the features offered by this technology.
Thanks to oraichain; There is also a marketplace where many software can be sold, from yield farming price estimation and facial recognition to authentication tools developed with artificial intelligence. Managers; He argues that experts in their fields can earn money from the projects they implement, and that small companies have the opportunity to compete in a fairer environment with giant companies that have taken over the sector.
The company is about to launch its newly developed system called aiRight. The world’s first all-in-one NFT creation and copyright management platform, it offers a full set of services for the non-fungible token market, including creating NFT with artificial intelligence and securing copyrights on the blockchain. AI services also enable users to easily verify the uniqueness and authenticity of NFTs.
D., who holds a PhD in computer science and teaches at Hanoi University of Science and Technology. It was brought to life by Chung Dao. Oraichain in the last six months; Rikkeisoft has announced a series of strategic partnerships with KardiaChain, VAIOT and OCEAN Protocol.
Rikkeisoft, a Vietnam-based information technology company with more than a thousand employees; It will provide Oraichain with the necessary resources to develop some of Oraichain’s leading projects, including DeFi-focused service provider yAI.finance and artificial intelligence marketplace aiRight and more.
Phan The Dung, CEO and co-founder of Rikkeisoft, said: “At Rikkei, we have been following developments in Oraichain from the very beginning. We think it is unique as it brings together the untapped potential of artificial intelligence and blockchain technologies.”
Overall, it is hoped that these partnerships will be milestones in scaling and help Oraichain dominate AI and blockchain technology in a larger space in the US and Japan.
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