June 13, 2023: Blockchain and artificial intelligence (AI) are two emerging technologies that have had a major impact over the last decade. At the Coinbase Machine Learning (ML) and Blockchain Summit, four leaders from academia and industry came together to explore the crossroads of these technologies and the future promise they hold.
The panel outlined how ML models can analyze transaction data to expose potential misconduct on blockchain networks and detect emerging security threats. AI could dynamically adjust transaction fees to optimize system resources based on current trading volumes.
By integrating on-chain data from blockchain and off-chain internet data, ML could expose blockchain systems to Web 2 data, creating a new wave of potential. This integration would allow blockchains to expand beyond their self-contained systems, creating the opportunity to build more dynamic ecosystems.
However, perhaps the greatest benefit of combining these technologies would be to streamline, optimize, and increase the security of AI tools.
Blockchain is a decentralized, transparent, and auditable system. Due to these qualities, it could at least partially solve rising concerns about AI systems’ privacy, bias, and security. Blockchain could actively counter the misinformation within AI datasets, using cryptographic signatures and timestamps to authenticate the information that AI utilizes.
Using data from the blockchain could accelerate AI development and streamline the production of LLMs (Large Language Models). Additionally, companies could create borderless, internet-native payment systems with blockchain, providing financial incentives to users that submit their data to LLMs.
All the experts agree that using blockchain and AI technologically symbiotically has the potential to advance both fields. However, they also suggest that businesses must put users’ needs for safety and privacy first as innovation continues.