In every type of business, people are all talking about artificial intelligence. Even companies that are not very advanced in technology are rushing to understand how AI works and how it can help them. With the big impact AI is expected to have, it’s not surprising that blockchain protocols are looking into how AI could help them.
AI could be a helpful tool for blockchain to analyze data, become more scalable, and work better with other systems. It’s important to carefully look at the good things and bad things before making a decision. Below, 12 people from Cointelegraph Innovation Circle talk about what blockchain protocols should think about when they start looking into AI.
Keeping information safe and private.
Because AI needs lots of data to learn and make decisions, it’s important to make sure the data is kept safe with strong encryption and privacy techniques. Also, using technologies that protect privacy like federated learning or differential privacy can reduce the chance of private information being leaked. RJ Phillips works at Zoop.
The people who make an AI product
Think carefully about the people who make each product. Before using AI technology, make sure to check how well it has worked in the past to see if the results it promises are really possible. In general, protocols should find companies that always make good products on time and without spending too much money. Wolfgang Rückerl works at ENT Technologies AG.
Keeping a system decentralized and making it even more decentralized.
Protocols should focus on creating AI solutions that keep decentralization as the top priority. This can be done by using distributed AI models or decentralized decision-making algorithms to improve or keep the decentralization of the system. In addition, rules should think about the possible dangers connected to AI, like unfairness and weaknesses in security. Tammy Paola works at Zerocap.
Using AI in a way that is fair and follows moral standards.
We should put rules in place to make sure we use data fairly and responsibly and to address problems with bias. The way people use protocols should be easy and simple so that AI-enabled blockchain solutions are user-friendly and easy to understand. Protocols can make strong and reliable solutions that are good for people and easy to use. Myrtle Anne Ramos from Block Tides.
Finding the right balance between keeping information private and having control or influence.
Join the big players and have fun. When you bring AI to the blockchain world, remember it’s a balancing act between privacy and control. Artificial intelligence wants a lot of information, but blockchain supports keeping things private. Finding the right combination is important: Use AI’s power without giving up the privacy of blockchain. “It’s a tricky process, but if done well, it can make a big improvement in the blockchain technology. ” – Erki Koldits, OÜ Popspot
Can you provide something that really makes a difference.
Many “AI tokens” are just using hype and marketing to make profits right now. Once people understand that, they will get rid of those rules. Don’t try to advertise your plan as something it isn’t. If you can’t create real value with AI, don’t just copy code from other sources like ChatGPT. Zain Jaffer is the founder of Zain Ventures.
How does AI help or not help with your goals and what you want to achieve.
Artificial intelligence can completely change how many technology companies and systems work. The way to succeed is to make sure that your AI goal, action or part helps with your main mission and vision. If it can help you improve or achieve your goal sooner, then it is an important part of your plan. If not, then don’t include it at all, and stay focused. – German Ramirez, THE RELEVANCE HOUSE AG
AI can change.
AI is not set in stone. It can give different answers to the same question at different times, depending on what it has learned. A blockchain protocol’s job is to be reliably consistent over time. Using AI in a blockchain protocol could cause problems and reduce its value. Using artificial intelligence to learn how to write new smart contracts is not the same if it doesn’t change the protocol. – Stephanie So is with Geeq.
The growing demand for pen testing.
As big computer programs get better at understanding language, it will be very important to regularly test them for security. Also, before the launch, there needs to be several thorough checks of the code done by trustworthy experts. Timothy Enneking works at Digital Capital Management.
Projects are being pushed quickly to be sold.
When people really like something, companies will work quickly to make more of it to sell. However, this can also result in a decrease in the quality of services because some products that are not well-developed are being sold just to take advantage of the trend. Crypto leaders need to check that projects are good and work well before letting them join the network to keep people safe. Oleksandr Lutskevych is the CEO of CEX. IO
Different ways to use something
Protocols can help AI do new and cool things. For instance, DeFi and trading systems could easily find opportunities to make money using AI. Rules for managing a system could figure out how people will vote or find unusual patterns in how transactions are done. Data protocols can label AI data and make AI results clear, spread out, and resistant to censorship. There are lots of chances. Shiv Madan is the founder of Moonwalk.
AI is here to stay.
Blockchain protocols need to get ready for AI to be a part of their system for a long time, not just a passing trend. So, rules must handle AI with the seriousness it deserves. Businesses need to pick and use AI technology carefully to avoid problems with it not working well or being able to handle a lot of work later on. Sheraz Ahmed is a part of STORM Partners.