Jan 29, 2023

January 29, 2023 - Advertisement - There is no doubt that new technologies such as AI and Web3 come with the potential to transform the digital society. Artificial intelligence (AI) is human-like intelligence displayed by trained machines by being fed data. In contrast, Web3 (based on blockchain) is an upgrade to the current Web2, where users are entitled to connect and access through a decentralized network. - Advertisement - Source: Youtube But what if we could have a combination of both? Given the predictive power of AI/ML and the decentralized nature of Web3, their integration could open up a whole new realm of possibilities. This article looks so d-apps and services are trying to make web3 as intelligent as ever by using AI. - Advertisement - Here’s a look at some useful real-life examples that highlight the use of AI/ML in the Web3 world. Learning Objectives Explore the various use cases where AI gets integrated with b3 Know the exact process in which AI is being used with Web3 (for each use case) Understand how Web3 service can be improved by implementing AI how to develop This article was published as a part of the Data Science Blogthon. Table of Contents Chainalysis – Strong analytics using AI and Blockchain Augur – AI Ocean Protocol for accurate event prediction – Data exchange on blockchain using AI MyCrypto Heroes – Gaming made fun using Blockchain and AI Mediblock – Better Healthcare, Thanks to Web3X AI Findings Chainalysis – Strong AI and Analytics Using Blockchain source-channellysis Chainalysis is a blockchain founded in 2014 and headquartered in New York City. The platform is used by many organizations including cryptocurrency exchanges, law enforcement agencies, and financial institutions to detect and prevent fraudulent or illegal activity on the blockchain. The company maintains a proprietary database of known addresses and transactions associated with fraudulent or illegal activity, which it uses to identify suspicious activity on the blockchain. Chainalysis has partnerships with several leading companies and has received funding from various investors. Here’s how Chainalysis is using AI: Chainalysis collects data from various blockchain networks such as Bitcoin and Ethereum and stores it in a centralized database. The platform’s AI system processes the data to identify patterns and trends that may indicate fraud or illegal activity. For example, AI can identify transactions that are unusually large or linked to known fraudulent addresses. Based on the analysis of the data, the AI ​​system generates alerts for transactions that are considered suspicious. Organizations can use these alerts to further investigate transactions and take appropriate action. In addition to detecting suspicious activity, AI systems can also be used to identify trends and patterns that can be useful for understanding the overall use and adoption of blockchain technologies. Augur- AI for accurate event prediction Source – Dataflare Augur is a decentralized prediction market platform built on the Ethereum blockchain. It allows users to create markets to predict the outcome of events, such as sports games or elections, and to trade on the outcome of those events. Augur was founded in 2014 and launched on the Ethereum main net in 2018. To improve the accuracy of predictions on the platform, Augur uses AI to analyze data from various sources, such as news articles, social media posts, and historical data. AI systems process this data to identify trends and patterns that may affect the outcome of the predicted event. Users of the platform can use this analysis to inform their trades and make more informative predictions about the outcome of events. The platform also rewards users who make accurate predictions, further encouraging the use of AI to improve prediction accuracy. Here’s how Augur uses AI: When a user creates a market on Augur, they specify the event they wish to predict, the likely outcome and the market expiry date. Augur’s AI system then begins gathering data from various sources that may be relevant to the incident. This can include news articles, social media posts, historical data and any other relevant information. AI systems process this data to identify trends and patterns that may affect the outcome of the event. For example, if the event is a sports game, the AI ​​can analyze data on teams’ performance, injuries, and other factors affecting the game. Users of the platform can use this analysis to inform their trades and make more informative predictions about the outcome of events. When the event occurs, and the outcome is known, the platform verifies the outcome and settles the trades. Users who make accurate predictions are rewarded with REP, the platform’s native cryptocurrency. Ocean Protocol: Data exchange on the blockchain using AI Ocean Protocol was founded in 2017 by Bruce Pon and Trent McConaughey. The company is based in Singapore and focuses on building a decentralized data exchange platform that enables data sharing and monetization while protecting data privacy. In addition to its work on AI and data exchange, the company is also involved in developing Decentralized Autonomous Organizations (DAOs) and other Web 3.0 technologies. It has partnerships with several leading corporations and organizations including Deloitte, Accenture and the Government of Singapore. Ocean Protocol is solving one of the major issues related to AI modeling. Since AI relies heavily on data, the more data, the better, as we know. Although we have access to public data, this is not the same for privately owned or third party data. Here’s how Ocean Protocol uses AI: Businesses and organizations involved in the supply chain share data on the Ocean Protocol platform. This data may include information about production, inventory, logistics, and other aspects of the supply chain. Ocean Protocol’s AI system processes the data to identify patterns and trends that can be useful for improving supply chain management. For example, AI can identify supply chain bottlenecks or predict product demand. AI systems generate insights and recommendations based on data analysis. These insights can be used by businesses and organizations to optimize their operations and make better-informed decisions. AI systems can also be used to automate certain tasks, such as identifying and solving problems in the supply chain or optimizing logistics routes. The platform uses a native cryptocurrency called Ocean Token (OCEAN) to enable data sharing and access to data services on the platform. MyCryptoHeroes – Gaming made fun using blockchain and AI My Crypto Heroes – A Japanese RPG battle built on the Ethereum blockchain (Source – My Crypto Heroes (MCH, ベェリ) | Crypto game from Japan!) MyCryptoHeroes is a decentralized, blockchain-based gaming platform that allows players to collect, train, and battle alongside unique digital heroes. The platform is built on top of the Ethereum blockchain and uses non-fungible tokens (NFTs) to represent each hero. This means that each hero is a unique and indivisible asset that cannot be exchanged one-for-one for other assets. The platform’s native cryptocurrency, GUM, purchases heroes, items, and other in-game assets. GUM can be bought and sold on cryptocurrency exchanges and is used to facilitate trades within the game. In addition to providing personalized recommendations and using AI to automate tasks, the platform also has a social aspect, allowing players to trade heroes and interact with each other in-game. Here’s how MyCryptoHeroes uses AI: The platform uses AI to analyze data about players’ in-game actions, such as the characters they use, the strategies they employ, and their overall performance. Based on this analysis, the AI ​​system generates personalized recommendations for in-game actions that are tailored to each player’s specific situation. For example, the AI ​​may recommend specific characters or strategies based on a player’s past performance or the current state of the game. AI systems can also be used to automate certain tasks within the game, such as managing resources or making strategic decisions. This can help reduce the time and effort required to play the game and allow players to focus on more high-level tasks. In addition to making personalized recommendations and automating actions, the AI ​​system can also be used to improve the overall balance and fairness of the game. For example, the AI ​​can identify and detect any imbalances or exploits in the game’s mechanics. Mediblock – Better Healthcare, Thanks to Web3 and AI Source – Morales Academy Mediblock is a decentralized healthcare platform that aims to empower patients and improve the efficiency and effectiveness of healthcare by enabling secure and transparent data sharing. The platform is built on top of the Ethereum blockchain and uses smart contracts to share data and facilitate access to healthcare services. It has a native cryptocurrency called MED, which facilitates transactions on the platform and rewards users who contribute data or services to it. In addition to using AI to provide personalized treatment recommendations and automate tasks, Mediblock also has a social aspect, allowing patients to connect with each other and share their experiences and information. Here’s how Mediblock uses AI: Patients and healthcare providers can use Mediblock to store and share medical data, such as electronic health records, test results, and treatment histories. This data is stored on a decentralized network, ensuring that it is secure and private. Mediblock’s AI system processes the data to identify patterns and trends that may be relevant to patient health. For example, AI can identify risk factors for certain conditions or detect early signs of a condition before it becomes serious. The AI ​​system generates personalized treatment recommendations for patients based on data analysis. These recommendations are tailored to each patient’s specific needs and can be shared with their healthcare providers to inform treatment decisions. AI systems can also be used to automate certain tasks, such as reminding patients to take their medication or scheduling appointments with healthcare providers. conclusion Web3 stands as a gateway to immense possibilities, and its amalgamation with AI literally acts as icing on the cake. AI and Web3 technologies are increasingly being used together to improve various applications in various fields. The use of AI in Web3 can be seen in decentralized prediction markets such as Augur, which helps in making more accurate predictions by analyzing data from various sources. Additionally, platforms such as Ocean Protocol and Mediblock use AI to provide personalized solutions and automate some supply chain management and healthcare tasks. In gaming, My Crypto Heroes uses AI to provide personalized recommendations and automate certain tasks in the game. Chainalysis uses AI to analyze blockchain transactions and identify suspicious activities. These examples demonstrate the potential of AI to enhance the functionality of Web3 applications, and we can expect to see more use cases of AI in Web3 in the future. want to know more? Connect with Jyotishman on LinkedIn. Read the author’s articles here. The media analytics shown in this article is not owned by Vidya and is used at the discretion of the author. Connected