Blockchain and artificial intelligence (AI) are some of the most cutting-edge technologies available today, and both are having a significant impact on the way companies are run.
Many blockchain companies now integrate the use of artificial intelligence (AI) in their day to day processes owning to some benefits. This article lists the top 10 blockchain companies using AI, however, let us first look individually at the concept of blockchain and AI.
What is blockchain?
A blockchain is a decentralized and distributed ledger that provides a transparent exchange of encrypted data to multiple parties or businesses initiating and completing financial transactions.
This assists these parties or businesses with tracking orders, accounts, payments, and production. Blockchains are also used to verify the authenticity of cryptocurrency transactions.
Also it is a decentralized technological system in which the transactions conducted in digital currency are recorded and preserved in numerous computers that are linked together. It is also a growing list of a record called blocks, which is linked with cryptography and functions as a distributed ledger. It is administered by a peer-to-peer network and is linked to a protocol for inter-node communication and generating new blocks.
The blockchain is responsible for recording and maintaining a record of all the data exchanges. This record is referred to as a ledger, and the data pertaining to the data exchanges that are recorded in this ledger are referred to as transactions.
A distributed system is used to verify a peer-to-peer network of nodes. When a transaction is validated, it is added to the ledger in the form of a block. When a new transaction is validated, it is uploaded to the blockchain, where it cannot be changed under any circumstances.
Each block contains a reference to the one before it, and these all come together to form the blockchain. The blockchain automatically performs updates once every ten minutes.
To this point, we have discussed what blockchain is, how it came to be, how it operates, etc. Next, we will investigate what artificial intelligence is.
What is artificial intelligence (AI)
The term “artificial intelligence” refers to the capacity of computers to learn behaviors and responsibilities that formerly needed the intelligence of humans.
For the purpose of providing the problem-solving and decision-making capabilities of the human mind, artificial intelligence makes use of computers, data, and, on occasion, neural networks that imitate human intelligence and the human nervous system through the process of machine learning.
It enables artificial intelligence to progress over time and produce algorithms with intelligent behavior. It also incorporates the subfields of machine learning and deep learning, both of which make use of AI algorithms that are trained on data in order to make predictions or classifications, and which become wiser over the course of their use.
The automation of jobs that are repetitive, improvements in decision-making, and enhanced quality of service for customers are some of the benefits of artificial intelligence. There are three subfields that go under the umbrella term of “artificial intelligence,” and they are machine learning, deep learning, and artificial neural networks.
A person’s life has elements of all of these different domains. We never go a day without using our computers, our phones, or our software. Our lives now would be unimaginable without the presence of artificial intelligence.
Artificial intelligence is able to read, comprehend, and correlate data at amazing speeds, adding a new level of intelligence to blockchain-based business networks. AI can read data quickly and completely.
Blockchain and artificial intelligence (AI) interaction
Enterprises are rapidly adopting these technologies (Blockchain and artificial intelligence) in order to establish new forms of business as well as unique products and services for customers of the next generation. AI and blockchain are collaborating to improve a wide range of processes, including the logistics of food supply chains, the exchange of medical records, media royalties, and financial security.
AI helps increase blockchain efficiency in better ways than traditional computing, while blockchain makes AI more intelligible and coherent for organizations, which helps enterprises construct smarter, more secure, and cost-efficient business automation and data storage systems.
In the field of financial services, blockchain technology and artificial intelligence are automating corporate processes by increasing the speed of transaction processing, simplifying data review, and optimizing consumer experiences. On the other hand, technologies are rapidly digitizing the supply chain industry by automating transactional data transfer and management procedures and increasing decarbonization initiatives.
Top 10 blockchain companies using AI
Various blockchain companies use AI in their operation, however, this list only covers 10 of such below
- Peculium
- AlphaNetworks
- Bext360
- Core Scientific Inc.
- NeuroChain Tech
- Fetch.ai
- BurstIQ
- Synapse AI
- Token Metrics
- CertiK
Peculium
Peculium is a platform for managing cryptocurrency-based savings and investments that makes use of artificial intelligence, big data, and machine learning to make the management of cryptocurrency assets more secure and efficient.
The purpose of the project is to provide users with assistance in overcoming the numerous threats and difficulties that are prevalent in the modern investment business.
AlphaNetworks
The future generation of media and entertainment is being created by AlphaNetworks, a major blockchain-powered entertainment platform. For a better and more seamless user experience, the platform combines targeted advertising, subscription VOD, and pay-per-view business, models.
The Proof of Engagement (POE) algorithm and audience analytics driven by AI is used by AlphaNetworks to precisely track user interaction with content producers and carry out a direct reward proportional to its total viewership. The technology also provides content producers with greater price independence and increased monetization.
Bext360
In the coffee, lumber, fisheries, and mineral industries, Bext360 employs AI and blockchain to increase supply chain efficiency and transparency.
Blockchain enables the documentation of a product’s supply chain from seed to the final product, while the company’s artificial intelligence studies crops and forecasts growing patterns.
In order to establish a more transparent and ethical path from bean to cup, Bext360 has implemented mobile apps, bots, and blockchain into the coffee supply chain.
The blockchain immutably records the farm from whence the beans originated and the precise specs of a coffee shipment, while the company’s AI evaluates coffee bean quality and forecasts weather and growing patterns. To guarantee prompt and equitable payment to all parties, it even serves as a payment ledger.
Core Scientific Inc.
Core Scientific Inc. upgrades a company’s infrastructure, servers, and software by providing best-in-class blockchain and AI infrastructure with current business networks.
The business specializes in hosting, application development, and transaction processing based on blockchain and artificial intelligence, and it is becoming known globally for its innovative solutions for building blockchain infrastructure.
Additionally, Core Scientific is North America’s biggest vertically integrated miner of digital assets. For decentralized financial systems, its digital assets, including Bitcoin, provide an immutable ledger.
Core Scientific makes sure that company-controlled data centers and blockchain and AI infrastructures always operate at maximum efficiency because blockchain and AI consume enormous quantities of computer processing and power.
NeuroChain Tech
NeuroChain Tech is a prominent provider of business solutions powered by blockchain, artificial intelligence, machine learning, and Internet of Things (IoT) technologies.
The brand-new enhanced blockchain technology from NeuroChain is based on rational decision-making processes and is supported by an ecosystem of smart, secure Bots that grow via interaction and activity and resolve problems on their own.
Blockchain’s Proof of Work and Proof of Stake protocols are replaced with NeuroChain’s strong consensus, which is based on relevance, involvement, and integrity.
Fetch.ai
A leading platform with a high throughput shared ledger is Fetch.ai. The Cambridge-based business provides AI and machine learning technologies for group learning and distributed problem-solving.
Users are able to create various ecosystem infrastructures and take advantage of new business models thanks to Fetch.ai’s open-source tools.
The business has unveiled the first iteration of its DeFi Agents app and is integrating its AI-powered solutions into the DeFi (decentralized finance) sector. Through the app, users can automatically remove funds from any PancakeSwap V2 or Uniswap V2 pool.
BurstIQ
In order to manage patient data holistically, BurstIQ developed a “Health Wallet” in 2019. It integrates AI, blockchain, and big data. Healthcare practitioners get access to their patient’s health information and wellness programs through the Burst IQ wallet.
They can buy, sell, or trade patient data while still guaranteeing that patients’ personal identifying information is kept confidential and only the overall health data is shared. This allows them to conduct various scientific studies or learn more about a particular ailment.
BurstIQ is tackling the opioid issue with its technologies. BurstIQ can make recommendations for various therapies, medical professionals, or programs that can lessen opioid dependence by keeping track of a patient’s drug usage history.
Synapse AI
Synapse AI is a 2017-founded decentralized blockchain and artificial intelligence firm with headquarters in Palo Alto, California.
The data science and artificial intelligence company assist companies and organizations in streamlining their processes, boosting productivity, and enhancing performance.
The Synapse AI platform establishes a network to power equipment and allows AI data agents to expand and advance globally. Furthermore, it creates an economy among participants and aids these agents in tokenizing their labor utilizing SYN utility tokens.
Token Metrics
Token Metrics is a platform for assessing bitcoin trends for individualized investment needs using AI technology.
To assist users in making investment decisions, the system examines the data of more than 6,000 coins and collects market insights and updates. Numerous significant corporations, including Coinbase, Amazon, and Facebook, have adopted Token Metrics.
CertiK
For the security of blockchain, smart contract, and Web3 apps, CertiK offers tools driven by AI and formal verification.
The CertiK system, which has four solutions available, aids in identifying security issues, monitoring data insights, and visualizing the movement of cryptocurrency funds. Additionally, the business provides SkyTrace, a digital wallet that enables customers to store and share security information about their cryptocurrency.
Conclusion
More blockchain companies are adopting the use of AI in their day to day activities.According to Emergen Research estimates that the worldwide market size for blockchain AI would increase to USD 1,414.1 billion by 2028 from its current level of USD 226.9 billion in 2020.
