Will Generative AI fuel the growth of Blockchain and other distributed ledger technologies?

Blockchain offers a decentralized and highly secure method for storing and exchanging data, while Generative AI enables machines to learn and be creative on their own. By integrating these two technologies, we can create advanced systems that are both secure and capable of intelligence and adaptability. Many organizations are turning to these systems to prevent data breaches, boost productivity, and cut down on expenses. The combination of these technologies has the potential to bring even greater benefits to various industries and businesses.

What about Blockchain?

The core idea of Blockchain is to provide a tamper-proof distributed ledger which can offer secured and reliable data, transparent and traceable, through decentralized peer-to-peer networks, eliminating the need for intermediaries in transactions.

Blockchain has gained some momentum in banking, financials, artworks, intellectual properties, assets transfers, registrations, smart contracts, supply chain monitoring, etc. but the overall adoption is still very slow given its complexity. Growth of Blockchain-as-a-Service and Interoperability across blockchain networks and outside systems can be a gamechanger combined with Generative AI technology. Blockchain's distributed ledger technology provides an ideal solution for safeguarding the data used in Generative AI models.

Businesses are exploring alternative technologies with better performance to reduce costs and simplify development and integration challenges, regardless of blockchain involvement. Promising alternatives include centralized databases, centralized ledgers, cloud storage, decentralized storage, decentralized databases, and other distributed ledger technologies. In either case, Blockchain is here to stay and grow along with its potential alternate options.

How Generative AI is converging with Blockchain?

There is a greater need for Blockchain like trusted ledger technologies to help ensure that companies get attribution for their IPs when it’s incorporated into Generative AI output and perhaps even receive royalties for its reuse, and to potentially avoid the frauds and lawsuits. To avoid creating inaccurate output from Generative AI, businesses should proceed with caution to make sure they don’t compromise their own IP or infringe on the rights of others. One of the best ways to avoid early missteps with Generative AI is to use private LLMs.

Generative AI can make blockchain better by doing smart contracts automatically, which saves time and effort for transactions. This means contracts get done faster, are more accurate, and everyone can see what's happening. AI can help prevent fraudulent activities within a blockchain network and mitigate the risks of security breaches by providing a robust surveillance system that detects vulnerabilities and responds swiftly to cyber threats.

Use Cases:

• Secure intellectual property rights
• Smart blockchain contracts
• Secured handing of sensitive data
• Enhanced data privacy and security
• Secured legal contracts and agreements

It will be exciting to see how the combined solutions of two technologies evolve and benefit the businesses.

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