Blockchain and Artificial Intelligence: A Way Ahead

Safal Tom
School of Legal Studies, CUSAT, Kochi, Kerala, India.
Sidharth Sethunath
Ramaiah College of Law, Bangalore, Karnataka, India.

Volume III, Issue V, 2020

Blockchain Technology and Artificial Intelligence which are predicted as the future game-changer are in its budding state like exactly how the present-day internet was in the early nineties. This extremely dynamic technology is potent enough to erase all the present irregularities which the internet was incapable to solve to date. If implemented in the right way assisted with proper framework, Blockchain, and Artificial Intelligence technology are proficient to eliminate the two major nightmares of present-day internet users, i.e. Trust and Intermediaries. By avoiding the intermediaries, people find an easy way out from the massive commission and service charges which otherwise went to the pockets of the intermediaries.

Countries like Mauritius, China, Japan, Canada, and UAE have understood the potential scope of the blockchain and artificial intelligence technology, and they are progressing over it with several advances to enable and transform their economy as a blockchain-powered economy. Thereby transforming the internet powered economy to a blockchain-powered economy which is more secured to use with much ease than the former and enabling, ‘peer to peer’ transaction instead of the previous ‘peer to intermediary to peer transactions’ with zero losses of money. Due to lack of understanding, the general presumption is the scope of blockchain is limited to Bitcoin and Cash transactions, but in fact, it has a wider and broader application that is still underutilized.

Our paper critically analyses and suggests a remedy for several complicated issues prevailing in India related to data collection and also analyses how the artificial intelligence where used utilized to tackle many issues during the pandemic deploying blockchain as a solution by exploring certain unaccustomed applications of the same. The technology innovation in a situation like a pandemic had made people realize its benefits and the future ahead.