Convergence of Blockchain to Artificial Intelligence Applications

Introduction

Blockchain is a system in which a curriculum vitae of proceedings that are made in Bitcoin, Ethereum, or other cryptocurrencies are maintained across multitudinous computers that are bracketed in a peer-to-peer network. Blockchain technology is the fastest-growing network in the field of digitalizing sector, due to its purveying of secure data and sharing services with detectability, non-repudiation, and well established than other platforms. The blockchain method has undergone various changes in operational management, identifying impuissant codes, poor ascendable, and the detection of evil-intentioned behavior in the system of blockchain data. Blockchain is earning ample attention due to its reliability and dispersed resource-sharing manner.

The modern development of Artificial Intelligence has played a major role in the burgeoning of blockchain technology (Dinh & Thai, 2018). Now, these technologies are used for business, banking, and so on. Blockchain and AI tend to adequately through which affiliates both the innovative systems (Panarello et al., 2018; Marwala & Xing, 2018). Blockchain technology is one of the secure methods for protecting data, in which there is no single point of failure. Hacking into one part of the system won’t affect the other parts of the system, because one of the particular data is stored in many systems. As a result, proactive and autonomic actions can be made to prevent blockchain from disruptive or illicit actions. Blockchain is entirely a chain-like data structure, in which proceedings are verified by a majority of vertex throughout the entire network (Landa, 1994).

Blockchain works with the peer-to-peer transfer of digital assets without intermediates (Aste et al., 2017). The focus of this blockchain technology is to safeguard and prop up the cryptocurrency (Bitcoin). Bitcoin was organized in the year 2008. Then in January 2009, Satoshi Nakamoto implemented the bitcoin software as open-source code. On 3^rd January 2002, the bitcoin network was created when Satoshi Nakamoto mined the starting block of the chain, known as the genesis block (Wolff-Mann, 2018). In recent times the world is only looking around the global businesses, the finance sectors, and many sectors are trying to implement their business in their start-ups without depending on other third parties for their privacy contents. As Alcazar (2017) perceived, “Blockchain as a technology continues to evolve, yielding new types and potential uses” (Alcazar 2017), and now the refinement in the technology is not long ago leading the construction sector too (Ramage, 2018). A blockchain is a chain of blocks that stores all the transactions that are made, using a public ledger (Salah et al., 2019). These chains grow rapidly when new blocks conjoin them. Blockchain works in a decentralized environment that is enabled by legion core technologies, such as cryptographic hash, digital signatures, encrypted documents, and distributed consensus algorithms. Every transaction is monitored in a decentralized manner that demands the requirements for any intermediates to validate and verify the transactions if the transaction arises any queries (Litke et al., 2019).