Machine Learning and Blockchain
Machine learning is a technology that relies on extensive quantities of data for model building and accurate prediction. A lot of time is invested in collecting, organising and auditing this data for accuracy. This is where blockchain comes into play as the time taken can be considerably decreased by using blockchain technology. By using smart contracts (described below) in this case, data can be transferred directly and securely.
Also, as ML loves to work with a lot of data, it creates an opportunity to build better models by taking advantage of the decentralized nature of blockchains (that encourage data sharing)
Machine Learning processing is a logical continuity to the use of the blockchain database. Collected data, is stored on a decentralized system, and machine learning algorithms will process it. This way, the system will be constantly learning, fueled by obtained information.
Blockchain and ML are revolutionizing modern industries by transforming business models, user experiences and behaviors. We are going to witness more technology disruptions because of blending ML and blockchain emerging technologies. Putting these two technologies together can potentially create an entirely new paradigm. The combination will not only enhance the operations of the industries, but using machine learning to govern the blockchain, will significantly enhance security.
Smart Contract: A feature of Blockchain network, it is a self-executing contract with the terms of agreement between the buyer and seller being directly written into lines of code. The code and the agreement exist across a distributed decentralized blockchain network.