International Journal for Multidisciplinary Research (IJFMR)
E-ISSN: 2582-2160
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Website: www.ijfmr.com
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Email: editor@ijfmr.com
Volume 5, Issue 6, November-December 2023
AI and blockchain combo supports almost all company where they are used. The Dartmouth
Society developed the notion of artificial intelligence technology in 1956. As a significant field of
computer science, artificial intelligence technology is a new innovative technology which mimics,
expand, and improve intellectual capacities. A blockchain network provides a commercial settlement
layer that is visible, peer-to-peer, and free of restrictions, allowing for immutable data storage and
permission-less, trustless digital transactions. Cyber security is another field which has impact on
integration of AI with block chain. AI and blockchain will act as a twofold defense against cyber threats.
Blockchain technology as decentralized databases gives access to users on database of records,
data transactions, and information through a decentralized, secure, and transparent system. Smart
contracts on blockchain technology may not require a central authority to govern interactions with users.
AI, enhances the ability of boosting to reasoning and making decisions. However, merging these two
technologies could result in a significant shift in the market. Both technologies are cutting-edge, but by
integrating them, tasks might be accomplished faster and with less effort. This realization prompted an
inquiry into a systematic evaluation of blockchain and AI combo papers published between 2012 and
2022.
A comprehensive survey of integrating blockchain applications in AI has been completed. The
literature was studied, and the blockchain apps, systems, and mechanisms under development explicitly
directed at the AI domain were tabulated and summarized. In addition, open research concerns related to
the application of blockchain technologies for AI are addressed.
Blockchains could benefit from AI as well. For example, AI could boost the intelligence of
blockchain-based business networks and provide them a competitive advantage since it can read,
analyze, and find links between data fast and completely.
AI models incorporated in blockchain-enabled smart contracts might employ predefined
thresholds and events to conduct transactions like reorders, payments, or inventory purchases, as well as
urge expired products to be recalled. Furthermore, AI systems may be useful in detecting fraudulent
behavior on the blockchain. As a result, AI and blockchain can collaborate to expand and automate
transaction evaluation steps.
With AI-driven smart contracts, the combined technologies has the potential to create entirely
new business models, strengthen organizational structure operational efficiencies, assist individuals in
automating repetitive tasks, enable more secure and improved decision-making processes, and increase
overall confidence and Transparency in key structure and systems of commerce is essential. The
Integration of AI with blockchain has the potential to provide various benefits rather than business
applications.
This technology could be applied to areas such as health care, educational institutions, energy,
social effects, the farming industry, urban development, and others by combining AI's powerful ability
to analyze with the secure, decentralized nature of blockchains to enable decision-making based on data
and more efficient management of resources.