The Blockchain is a new technology development that is expected to move towards its implementation in 2017. It is the technology underlying Bitcoins, a digital cryptocurrency. But it is a whole lot more than bitcoins; it has the ability to manage almost any type of transaction imaginable. The goal towards developing blockchain was to speed up and simplify the way transactions are recorded. It also has the ability to carry forward with any transaction in an entirely decentralised system that is kept secured by powerful encrypted algorithms.
Blockchain has introduced three new characteristics- Decentralised control that encourages data sharing which leads to better and qualitatively new models. Another feature is Immutability that leads to provenance on testing data and models and Native assets have also enhanced the control for upstream usage and data. AI with Blockchain also has the possibility for AI DAO's (Decentralised Autonomous Organization).
The joining of Blockchain and Artificial Intelligence has the ability to accelerate analysis of massive amount of data and it could mark the beginning of new paradigm. It can enhance security as well as along with AI it governs the chain. State Street is using similar concept by issuing blockchain based indices. They use blockchain to secure stored data and AI to analyse it. IBM Watson is also collaborating blockchain with AI through Watson IOT for parties to join and collectively agree on the state of the device and take decisions based on language.
The technology is so disruptive that it may in time bring new changes in how companies and even government works. Though technology involves risk regarding security, environmental impact and expense. There also lies an impact on the environment due to the energy needed to run such huge networks. But in Future, almost every transaction could be running on blockchain technology by looking after the risk involved. Blockchain offers great promise for data science but it might take time until blockchain becomes more mainstream.
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