Ian Grigg on how blockchain fosters AI growth

Artificial intelligence and blockchain are some the two emerging technologies with the most impact currently. According to one financial cryptographer, the two are perfect for each other. In his presentation at CoinGeek London Conference, Ian Grigg delved into how blockchain can foster the growth of AI.

AI has already made great leaps forward in the past decade. However, AI systems are limited to just a single task which they learn to perfect. It’s time to move on to the next step, Gregg believes.

Speaking to CoinGeek’s Johanna Botta on the sidelines of the conference, Gregg explained, “We’re looking for the AI that can start to compete with the human mind on all things. It’s a bit scary, but it’s also very helpful if we can do it without losing control.”

While steps are being made in this field, it has mostly been the preserve of the tech giants such as Google and Amazon. “The problem is they are doing it for their purposes, and trying it out on us,” the world-famous financial cryptographer stated.

The solution is putting AI on the blockchain, he believes.

He continued, “One notion that we’re suggesting is if we can put this thing on to the blockchain, that’s publicly available. If we can get the quality of an AI up and running on the blockchain, it’s up to everybody to use and share and grow.”

Grigg, who developed the Ricardian contract, believes that we’re still far off. He estimates that it will take at least two decades before this dream becomes a reality.

In his presentation, Grigg broke down some of the advantages of applying AI on the blockchain. For one, AI requires a lot of data to work with. Scalable blockchains, such as Bitcoin SV, can easily provide this data for the machines.

Blockchain is based on timestamping, a quality that makes it perfect for use in machine learning.

“They [blockchains] also have an ability to do consensus, to create group truths, and we can do this whole triple entry thing for free on a blockchain. Blockchain is in itself a triple entry system,” he stated.

In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.