Undoubtedly, Blockchain and Artificial Intelligence (AI) are the two most revolutionary innovations which have speeded up the process of technology. In the present era of digital revolution, technology is expanding exponentially, and the interplay of Blockchain technology and Artificial Intelligence is considerable. The convergence of these two prominent technologies has opened the gateways for enhanced efficiency and transparency in operations. But before we switch over to the intricacies involved with these terms, let me untangle you from the web of their definitions. Blockchain Blockchain can simply be defined as an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. It can be pictured as a global giant spreadsheet eliminating the need of third parties to validate transactions, reducing intermediary costs and increasing transparency.
Artificial Intelligence A machine is said to possess AI if it perceives its surrounding environment and eventually takes such actions which maximize the chances of achieving the aimed goal. AI has proved to be instrumental in a plethora of activities such as optimizing energy consumption, healthcare, finance and economies.