Two key drivers in 2022: artificial intelligence and blockchain
Technological changes have dramatically changed the way humans work, learn, live and even think over the past few decades. Due to global lockdowns during the pandemic, many people and businesses have rushed to develop new forms of virtual experiences and digital interactions.
As technology continues to be one of the biggest differentiators between modern businesses, new technology trends have started to emerge for the new year 2022. These emerging trends are just the beginning of the major shift to Web3 .0.
Blockchain as a Service, or Baas, is a new trend in the blockchain space that many companies and businesses have already started to take advantage of. Blockchain as a Service is a cloud-based solution that allows companies to collaborate on blockchain-based digital products, such as smart contracts, decentralized applications (dApps), etc. Since these types of products do not require the full blockchain infrastructure to function properly, they can be integrated much more easily by large-scale enterprises.
Many companies have already started developing their own blockchains and providing Blockchain as a Service to a wide range of businesses, which will ultimately impact the future of blockchain-based applications for years to come.
The rise of artificial intelligence has been one of the greatest technological advancements of our generation and shows absolutely no signs of slowing down. Many companies have started integrating AI into their businesses in different ways, from AI chatbots for customer service to Netflix using AI to recommend movies you might be interested in.
Machine learning is embedded in everything from Tesla’s new vehicles using AI to improve self-driving capabilities, to Amazon’s Alexa voice assistant using machine learning to interpret user queries and execute stain.
Decentralized Artificial Intelligence on the Blockchain
Many of the difficulties associated with blockchain and AI technologies can be solved by merging the two ecosystems. When combined, these systems can create an immutable, secure, and decentralized system.
This interconnection of artificial intelligence and blockchain technology is important to keep a reliable record of every AI algorithm recording made during the machine learning process.
Combining these ecosystems has resulted in massive advancements in information and data security across a variety of industries, including healthcare, personal banking, and others.
Storing large files or documents on the blockchain can be extremely expensive due to factors such as the Bitcoin network’s file size limit of 1 megabyte per block. To circumvent this problem, the data is stored on a decentralized storage medium and the hashes of the data are tied to the blockchain or implemented in smart contract code.
A recent report by MarketWatch estimated that the Asia-Pacific blockchain artificial intelligence market will grow at an annual rate of 31.1%. With major driving factors such as progress in the cryptocurrency space and a growing number of investments in AI blockchain projects, this would place the segment near a total addressable market capitalization of US$3,650 million.