In a digital environment where most data is siloed, there is no real incentive to share it. As a result, corporations are hoarding tons of consumer data (i.e. Google, Facebook, Alibaba, Baidu). Currently, artificial intelligence (AI) platforms help to concentrate power in the hands of those few organizations who are able to source and process large amounts of data.
As sensors are embedded in all sorts of everyday objects, from connected cars to devices across the IoT, consumer data will be generated exponentially by these devices and stored on centralized databases. There will be a race to own this data – raising further questions around our privacy.
AI enhances blockchain’s framework, and together they solve many of the challenges that come with sharing information securely over the IoT.
AI provides intelligent analytics and real-time decision-making, while blockchain provides a decentralized ledger of all transactions (which are conducted directly between users), away from storing any personal information on a centralized server.
Not only will this open the door for more effective security measures that will ultimately protect users from major breaches, it will also allow users to take back ownership and control of their personal information.