At the moment, the tech industry is a hotbed of innovations, and intellectual discourse about said innovations. Blink and you missed the launch of something new in the market that people are talking about.
For a while now, it appears that blockchain has been that innovation and has kept people occupied in debates and discussions. Startups are experimenting with it, banks are skeptically inching closer to it, investors are looking to ride on its success and what not. This technology has definitely created a ripple effect that it intended to create.
We are indeed looking at a future where blockchain shall have been adopted by major industries all over the world. But before there was blockchain, there was Artificial Intelligence (AI), and lord knows we have milked that technology in as many ways as we could.
However, it still remains a vast branch of science that will continue sprouting innovations until humans are completely surrounded with machines that are far superior to them in every aspect. But does that mean AI and Blockchain could be fused together to bring about the greatest technological awakening the world has ever seen? I don’t think so.
The very idea that two completely dissimilar concepts could be put together in such an arbitrary manner just to display a technical synthesis for the ages, is quite frankly absurd. The two terms mean completely different things.
Think of it like this, if Blockchain is one dish on the menu, AI is the entire restaurant in itself. While the former is just one specific technology that requires a specific skill set to work with, AI is an entire branch of science that includes various different technologies, concepts and skill sets..
I have seen the trend of AI+Blockchain spread like a wildfire in the market. Just because these two terms are the keywords for most tech based Google searches, doesn’t mean it’ll be a good idea to put them together. Sure, there is scope for a little bit of intermingling, especially when it comes to the idea of engineering blockchain powered by AI, but I am yet to see a successful product out there in the market, which has amalgamated these two different concepts together.
While I am not saying that it doesn’t have the potential to beget something novel together in the future, at this moment it appears to be more of a ridiculous contradiction. If not as different as the frost from fire, it still isn’t the bread and butter combination in fintech that most people are making it out to be.
Fusing the concepts together may drive up the intrigue at the moment, especially in the Indian market, but in the long run, people will inevitably realise that the two concepts do not belong together. There are practically no exemplary use cases at this point in time, which would be able to display AI & Blockchain’s successful confluence.
So if I get one more call from an entrepreneur with a sincere intent to pitch a blockchain and AI based solution for a startup business, I most definitely would be curious to hear about all the possibilities and outcomes, while giving them a piece of my mind.