At present times, Blockchain technology is gaining more ground with each passing day, as it keeps revolutionizing traditional trade thanks to its distributed ledger feature. This rapid growth naturally led to the diversification of the fields Blockchain technology can and has impacted. It goes to show that primarily associating Blockchain with cryptocurrencies is an idea of yester years.
With its ledger secured by rules of cryptography – which makes it more secure and tamper free, – it has emerged as a feasible idea in areas such as healthcare, FinTech, eCommerce, supply chain, real estate, among others. Let’s dive into what makes Blockchain beat the odds in a highly competitive tech realm.
Blockchain’s Unique Features
The goal of Blockchain is to allow digital information to be recorded and distributed without any edits. This is why the technology is referred to as the foundation of immutable ledgers or records of transactions that cannot be altered, deleted, or destroyed. Once you step out of the cryptocurrency cocoon that most people associate Blockchain tech with, you get to realize that companies out there truly appreciate Blockchain as their go-to tech since it ensures data reliability, provides unquestionable protection, and makes it easier to optimize internal workflows.
These are some of the features that make Blockchain stand out:
Data Stored is Immutable
Immutability is undoubtedly among the top features that make Blockchain exceptional. Immutable means unalterable or unchangeable and unlike a centralized database that calls for a level of trust among third parties, with blockchain the ledger remains in a never-ending state of forwarding momentum and keeps the database secure.
Blockchain provides a digital ledger to its users which helps them view every information of the transactions made. The open ledger technology when applied to other fields, helps keep track of processes in a seamless manner. Those transacting on the Blockchain have the power to check and verify the transactions since they get an authentic copy of the ledger to countercheck the finer details.
The concept of a centralized system which has a single authority controlling everything and everyone is unknown in the world of Blockchain technology. You as the owner of a digital asset, have the power to transfer the asset to anyone you want in a secure and decentralized way. Decentralization makes the technology great for digital money and other applications such as fraud detection through a group of nodes run by different individuals in a network.
The transparency of data has to be Blockchain’s main selling feature in recent times where ‘Big Data’ is no longer a myth but a reality. Blockchain is transparent and through its authentic ledger, users can keep track of actions and transactions in all aspects. Blockchain stores information in such a manner that it is impossible to cheat the network and the data is available to everyone, which inspires confidence and forges new paths for efficiency. This feature is applicable in industries such as supply chain and cybersecurity which require the working of their systems to be more accountable.
In as much as Blockchain technology is positively taking over various fields, the pace at which it is venturing into Artificial Intelligence (AI) does not meet the expectations of many in the tech industry. It’s not that Blockchain companies are not aggressive in venturing into AI, its that there are tech giants trying to monopolize this field, thereby making it difficult for worthy AI-Blockchain solutions to get to the masses.
Which Tech Companies are Monopolizing AI?
Big Tech – Google, Apple, Facebook, Microsoft, Amazon, China’s Baidu, Alibaba, and Tencent – are undoubtedly forcing a stranglehold on Artificial intelligence (AI) and this ought to be regulated either through policy or a Blockchain takeover.
Yes, consolidation in any market is expected, but looking at how Silicon Valley giants are consolidating AI raises eyebrows. Data and computing power are two of the main features associated with good quality AI algorithm and big tech must hold onto their dominance in these two. Advanced algorithms to these monopolizing companies mean better user experience and an array of features, thereby attracting more customers. More customers mean the companies can generate more data to tweak their AI algorithms even further to make the company’s products appeal to a wider audience base.
As the big tech companies swallow up upcoming AI companies to weed out competition, it seems a working means of developing long term trustworthy AI systems is to build them with Blockchain tech in mind like AIWORK is doing and building them bespoke while at it.
AIWORK’s Role in Breaking this Big Tech Monopoly
AIWORK is merging Blockchain tech with artificial intelligence by facilitating a marketplace of crowdsourced AI Human Experts to help create, verify and validate AI data sets that make AI smarter. The company focuses on the video content realm since video is becoming a standard component in most websites, indistinguishable from text and graphics.
AIWORK wants to rid the video content space of the hold that companies like YouTube have on it. Their argument is that in as much as these companies have dominated the space, video is not indexed in any meaningful way. To avoid this issue, through the combined efforts of AI and Blockchain the project will come up with an Open Video Search Engine that will offer a transparent and ubiquitous index and search engine for online video curated and maintained by the community.
To sum up what AIWORK are doing to stay ahead of the big techs, they will:
- Apply AI computer vision, such as facial recognition, to video indexing
- Ensure video metadata accessible to their search engine is applicable to specific scenes, i.e., indexing at scene level
- Use Blockchain technology to improve on content safety for viewers and advertisers
- Make use of their community of human experts for better transcription and translation of the content to aid in content globalization and localization
- Always make use of s human intelligence for verification, validation and correction as well as training to teach it patterns of faces, objects, scenes, and more.
AI’s potential is both large and widespread and as AIWORK reveals, when combined with Blockchain technology, AI-enabled efficiency gains can be felt across different fields, helping rid big tech’s AI dominance.