Is Blockchain with ML a Great Combination?

• Toshendra Kumar Sharma
• July 21, 2020

You must have heard a lot about Blockchain and Machine Learning. But do you know these highly discussed technologies can be combined and can revolutionize various industries? So let’s get started!

Learning of the Blog

• Overview of Blockchain and Machine Learning
• ML + Blockchain= Super Disruptive Combination
• How Are These Technologies Revamping Industries?
• Concluding Lines

Overview of Blockchain and Machine Learning

Blockchain is a peer to peer decentralized, distributed ledger technology that facilitates the digital exchange of units of value. From currencies to land titles, or everything of value can be stored and exchanged securely on a blockchain network. It offers a network state that is fully transparent, immutable, and secured and displayed in real-time to benefits all the blockchain users. The best example is Bitcoin, a first cryptocurrency that is based on blockchain technology.

Machine Learning focuses on developing computer programs with the capabilities to automatically learn and improve from past experience on its own (without being explicitly programmed). The technology is making huge waves in harnessing existing data in identifying patterns and gaining insights. It aims to build algorithms that can receive input data and make use of statistical analysis for predicting outputs.

Since both technologies are efficient enough, combing them together can only make them super disruptive.

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ML + Blockchain= Super Disruptive Combination

As we already mentioned, blockchain enables secure storage and sharing of data, and ML can analyze and generate insights from such data to generate value. In other words, we can say that, ML can be used to identify the verify the correctness of data, and once validated, it can be forwarded to the blockchain network to make the information changeless.

There are various research and development taking place in this collaboration. Let’s discuss a few of them in the upcoming section.

How Are These Technologies Revamping Industries?

Now, as we have briefly discussed both the technologies and understood that they have the capability to transform various sectors, let’s have a look at a few of them.

Supply Chain and Logistics

Maintaining a supply chain, in practical, is an endless task for all range enterprises, and the interconnectivity of multiple elements in the supply chain constantly becomes more inefficient when a business grows. Blockchain can be implemented to many challenges of the Supply Chain industry, such as complicated record-keeping and tracking of products, to produce a less corruptible and better-automated alternative to centralized databases. Blockchain improves the efficiency and transparency of the supply chain, making it possible to trace everything from warehousing to delivery. Moreover, it manages financial transactions, as well.

In 2018, IBM and Twiga Foods introduced blockchain-based microfinancing for food Kiosk owners in Kenya. But this won’t have been possible with the implementation of Machine learning algorithms. Further, they analyzed purchased products from mobile devices and then implemented ML to predict credit scores.

Manufacturing Industry

Blockchain technologies have the potential to thoroughly change the face of manufacturing. Unlike traditional manufacturing processes, in blockchain, records are stored and distributed across nodes in the network which is considered to be an efficient, secure, and transparent way to record transactions and service records, Thus, it becomes difficult to falsify records, making the manufacturing process fairer and transparent. But what about machine maintenance? Who’s, is tracking maintenance schedules? Here comes the role of machine learning. Predictive algorithms can help in creating flexible plans that can also monitor quality control and product testing to detect faulty products in the early stages.

Blockchain Makes ML Models More Accessible

Blockchain developers and ML experts are continuously working to collaborate these futuristic technologies together. ML is known to manage with tremendous data; thus, it offers an opportunity to build better machine learning models by leveraging the decentralized nature of blockchains.
After the constant hard work, Microsoft researchers have introduced a new framework that claims to enhance machine learning models hosted on public blockchains. Through this introduced framework, participants can collaboratively train and maintain models and build datasets on public blockchains, where ML models are free to use for evaluating predictions. Furthermore,

Concluding Lines

From the above discussion, it is quite clear that 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. What’s your take on this great combination? Let us know in the comment section.

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