top of page

Is AI The New Blockchain?

'AI is the new Blockchain' is probably a more pertinent adage than 'Orange is the new Black' in today's highly innovative and advancing world. Blockchain technology, an innovation that took the world by storm in 2020-21, has been replaced by Artificial Intelligence (AI) in a year. Whether we talk about writing content, designing or even coding, for that matter, everything can be done at the click of a button by using AI tools. Hence, it is no surprise that investors have jumped on board with several AI companies. Microsoft invested $1 billion into OpenAI in 2019, whereas Stability AI and Jasper crossed a valuation of $1 billion soon after their inception.

This may be why BuzzFeed, a digital publishing platform, has decided to use OpenAI to power its games and quizzes. The $300 million company, whose stock had depreciated post-merger in 2021, experienced a significant hike in share price after releasing the news. Using the power of AI, BuzzFeed plans on providing its customers with a unique experience by allowing them to create their own personalised stories and quizzes.

Other AI tools like Codex (by OpenAI) or Copilot (by GitHub) transform human languages like English into the desired coding language, thus improving the programmer's efficiency and allowing them to focus on the creative aspects of their codes. ChatGPT (by OpenAI) is a bot that can imitate human conversation, respond to queries, contribute to a conversation and answer follow-up questions with a humanistic approach. It could replace the Google Search engine that has dominated the market for over 25 years. Similarly, Stable Diffusion (by Stability AI) is an art tool that allows users to generate mash-up images by supplying a string of words to the AI feature. It is safe to state that Artificial intelligence has made its mark in the technological sector and is here to stay. But the question remains: Did AI become a hot topic today, or is there something more to the picture?

Despite popular belief, this is not AI's first tryst in the corporate world. Amazon has been using AI in its daily operations since the 2000s, thus allowing it to become a trillion-dollar company and the biggest e-commerce player in the world. It currently sells products processed by more than 1.9 million small and medium-sized businesses and employs nearly 1.5 million people worldwide. Amazon uses artificial intelligence to create product recommendations that closely align with the consumer's interests. The program studies data such as the buying behaviour of consumers, products in the cart, items viewed and most searched items to design personalised recommendations for each customer. This transforms the website from a passive store to an interactive shopping experience and helps the company boost sales and increase customer satisfaction. Amazon has also integrated AI into its supply chain, hence allowing it to predict consumer demand and manage inventory accordingly.

But a sudden interest in AI does not signify the end of blockchain technology. Blockchains are primarily used to record transactions and store data in a secure and decentralised manner that is easily verifiable. In comparison, AI is utilised to improve the efficiency of tasks and personalise customer experience. However, innovators are contemplating a convergence between artificial intelligence and blockchain technology. Research suggests that Blockchain may ensure better credibility and autonomy of AI, while AI may optimise and simplify the functioning of the Blockchain to achieve better performance. Such a confluence will also provide better security and reduce any chances of errors.

To conclude, it is evident that the era of blockchain, as we know it, is at an end. However, the end signifies a new beginning, one with the integration of blockchain technology into artificial intelligence.

bottom of page