AI APPLICATIONS IN BLOCKCHAIN TECHNOLOGY

Abstract

Blockchain technology is one of the most important and hot topics because of the last bull run in 2021 and the dramatic increase of knowledge in this sphere. Many famous hedge funds and big companies are investing in the cryptocurrency sphere to diversify their portfolio, and mostly all the CEOs of technological giants (e.g. Google, Tesla, Twitter, etc.) consider blockchain as a “future of financial systems”. This sphere covers not only the finance sector but also any direction where centralized authorities participate. With appropriate consensus mechanisms created and in case they are proven to work from both efficiency and security aspects, any type of centralized service may become decentralized empowering people to have more control on tools that they are using.  Despite its power of usage; we can also consider blockchain goals and tasks from Artificial intelligence (AI) perspective. Blockchains are a great source of high-quality data, which we can use to solve various complex and exciting problems. Due to the huge amount of data that AI models provide, there is a need for data scientists and techniques to analyze data fast, and effectively and build pipelines to extract newly generated data from the blockchain.  This article will provide a possible set of problems AI tries to solve, and our study case, where its usage would be helpful.