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We live in a world of technology and innovation. Artificial Intelligence (AI) is a powerful tool in today’s world to analyze vast amounts of data and make decisions faster than any human ever could. But as AI grows in popularity, the evil consequences of having all that power in the hands of a few centralized entities become more vivid.
Now imagine a world where AI is not controlled by just one central authority. Instead, it operates on a decentralized network where everyone has equal power and true ownership of their data. Here enters the idea of decentralized artificial intelligence (DAI). With this article, we will take you to the world of Blockchain-based artificial intelligence projects and their impact on our lives.
A Brief Overview of Decentralized Artificial Intelligence (DAI)
Decentralized Artificial Intelligence (DAI) is a type of AI system that utilizes Blockchain technology to store and process data. In a DAI system, decision-making processes are decentralized and based on consensus among multiple nodes instead of being controlled by a single central authority. This approach provides a more secure, transparent, and trustworthy alternative to traditional AI systems.
The Current State of AI and Its Limitations
Artificial Intelligence, or AI, has been making waves in the tech industry for decades. In recent years the use of AI has exploded in popularity. The average number of AI systems that several organizations use has doubled. It has risen from 1.9 in 2018 to 3.8 in 2022. AI-enhanced technologies and solutions are now more widely available than before across industries, though they are not necessarily cheap to implement. Further, AI has the potential to play a major role in Metaverse development.
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However, modern AI technology is not error-free. It comes with several limitations like the following:
The Issue of Centralized AI Systems
Centralized AI systems have several key issues that stem from their dependence on large data sets. One of the pivotal challenges of the next decade of artificial intelligence(AI) is to determine whether data and intelligence are democratized or remain in control of a few large organizations.
Centralized AI plays favorites. It puts the power of smart technology in the hands of those with access to huge amounts of data and top-notch tech. This leaves others behind, creating a digital divide. This issue can be solved by employing Blockchain technology-based artificial intelligence or decentralized AI systems.
Also Read: Understanding the Interdependence of Web3 and Blockchain
The Issue of Data Privacy and Security
Data privacy and security are two of the biggest concerns in the rapidly growing field of artificial intelligence. AI algorithms are associated with the analysis of large volumes of data. It is a key requirement for the developed algorithms to produce accurate outputs. Data is essential for AI algorithms to work properly and deliver accurate results. This data can range from everyday transactions to sensitive information like biometrics and personal details.
But, the downside is that AI can also identify vulnerabilities in computer systems, making it easier for hackers to attack. Security experts have noted that AI-generated phishing emails actually have higher rates than manually created phishing emails opened by possible victims to click on them and thus generate attacks. Further, the Metaverse development is heavily reliant on AI and big data. As such, the issue of data privacy and security is even more pressing in this space.
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How Blockchain-Based Artificial Intelligence Addresses These Limitations
Decentralized Networks and Distributed Computing Power
Blockchain-based artificial intelligence, or decentralized AI projects, benefit from the openness and traceability of the shared ledger. This is because open Blockchain networks are publicly verifiable by anyone. Decentralized AI marketplaces like SingularityNet enable smaller companies to offer their AI applications as a service, democratizing market access for startups.
Additionally, decentralization can lead to increased innovation. In a centralized system, only a single entity is responsible for development and decision-making. However, in a decentralized system, many different entities can contribute to the development and improvement of the AI system, leading to a wider range of perspectives and more innovation.
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Enhanced Data Privacy and Security
A blockchain-based artificial intelligence technology is more transparent than a closed AI system. Blockchains encrypt data so that only authorized users can access it. This prevents unauthorized parties from viewing anything. This also makes it easier to detect and prevent attacks, as any anomalies can be detected and addressed quickly by multiple nodes.
A decentralized AI system’s increased security can have a significant impact on the Metaverse. Blockchain technology’s transparency and accountability can aid in the development of trust between users and virtual entities in the Metaverse. This trust is critical to the Metaverse’s growth and success.
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