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Blockchain and AI integration could help ‘tackle privacy issues’

Rakshitha Narasimhan

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Bitcoin and AI integration could be monumental says blockchain researcher
Source: Unsplash

Artificial Intelligence [AI] and blockchain are two technologies that could reshape the way the world works in a few years. The question of ‘what might happen if the two technologies are merged’, is something that has intrigued people for a long time now.

The two technologies, however, do have their share of demerits. While blockchain has issues like scalability, efficiency, and security, AI has its privacy and trust issues. But several research articles have revealed that merging the two could help each other face the shortcomings.

In a recent interview, Konstantinos Sgantzos, Artificial Intelligence, Blockchain Researcher and Lecturer, spoke about the potential of pairing blockchain (bitcoin) with AI.

Talking about the advantages of the integration of the two technologies, Sgantzos noted that the integration of these two technologies could lay the path for “something monumental”.

He stated,

“AI might be that global expansion. We don’t know. But we know the fact that bitcoin itself as technology is global expansion. So imagine that you have these two unique set of axioms and put them together, this will expand all the fields of science. It will be monumental.”

Regarding the two technologies, Sgantzos highlighted how the integration of AI with blockchain could play an important role in providing privacy and confidentiality to users. With that being the focus, Sgantzos was asked if AI-based technologies would be able to use bitcoin for malevolent purposes, as this is something that bothers everyone interested in the space.

Responding to this, Sgantzos noted that it could be used for illicit purposes but that would be very expensive. Plus, since it is on the blockchain, it could be easily traced back to the person committing the action.

He further stated,

“It will be expensive because you need to train it and provide data so that you can do whatever you want to do with it. Using a blockchain to do fraudulent things simply is not economic in a short or long time, there will be consequences.”

Though talks about merging blockchain and AI are making rounds, the larger implications are still being debated over.  That said, the combination of the two technologies could be revolutionary but there is still scope for innovation.

A Psychology and Journalism graduate, Rakshitha focuses on UK and Indian markets. As a crypto-journalist, her interests lie in blockchain technology adoption across emerging economies.

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