Blockchain and AI: Leading the Way to the Fourth Industrial Revolution Against the Odds

Blockchain technology has come to the forefront in much the same way AI had, through a long development process full of trials, tribulations, ignorance and triumphs over skeptics and critics alike.

Just as AI found its applications in the fintech sector as a data aggregator and automated solution determiner, so began blockchain in its permeation into areas of application where its properties can be of most use.

AI and blockchain may become the leaders of the Fourth Industrial Revolution, as they can allow artificial constructs and programs to perform a vast number of tasks that had previously required human labor and entailed high risks of error.

At the same time, as the report showed that automation could help the United States' gross domestic product reach $15 trillion by 2030.The background underpinning the modern world is big data, the factor uniting blockchain and AI in their applications.

The AI can analyze large amounts of data and blockchain can serve as the immutable foundation for securely storing the records for use by various industries, since the Fourth Industrial Revolution is more of a breakthrough in data analysis.

Although the use of AI to collect personal information has become the most common way to use this technology, blockchain can help change the reputation of AI by storing the AI ​​mechanisms that process data on a distributed registry.

The United Arab Emirates is trailing close behind as the National Program for AI and Blockchain Capacity Building was launched on Nov. 28, 2018 to provide university courses and scholarships in AI and blockchain technology under the purview of the Ministry of Education.

The innovation has complemented the UAE's Strategy for Artificial Intelligence, which is aimed at turning the country into a leading power in the adoption of AI by 2031.Malta is seeking to take on a leading role in this brave new world of technological races as it strives to become a "Blockchain Island" and a "Top AI nation." As reported by Cointelegraph on Nov. 1, the Maltese government announced the launch of the initiative called "Malta.ai," creating friendly conditions for the companies developing AI solutions.

The two countries agreed to boost two-way investments in the high-tech sector to $30 billion by 2025.Use casesDespite the fact that blockchain and AI seem to be incompatible at first glance - the first is based on the principle of decentralized data storage, and the second allows information to be concentrated in the hands of centralized corporations - today, companies have learned to combine them in their processes.

"We believe blockchain provides the foundation to creating [sic] AI systems that are transparent, decentralized, and beneficial for many, rather than a few."Without ontologies, Mind AI is like a car without fuel.