When Deep Learning meets Smart Contracts, what do we get? This article explores the technology and the implications of this partnership. We’ll also discuss the benefits of machine learning in a blockchain-based system. Deep learning is a type of artificial neuron that works by connecting blocks of data. Each block contains a nonce, hash of the previous block, and time of hashing. As you can see, there’s a lot to look forward to.
Unlike AI, smart contracts do not require a third party to execute them. Instead, computer code will follow pre-defined steps and validate their results through Blockchain. These contracts allow any party to validate that particular parameters have been met and offer a reward to the person or company who trains the machine learning model. Ultimately, this technology can eliminate human error and improve our ability to predict the future. Ultimately, this will improve both the use of machine learning and blockchain technology.
Private blockchain platforms, on the other hand, are controlled by a single entity. They are permissioned and require fewer complicated mathematical calculations. Hence, they allow for a much faster transaction execution. Further, they are secure against several types of attacks. Deep learning models will be able to deliver reliable results when interacting with a public blockchain. The blockchain will facilitate these interactions between people. But before the public blockchains are used for real-world applications, private blockchains will make it possible for the development of new types of smart contracts and decentralized systems.
The idea behind decentralized intelligence is not new. In federated learning, the model provider receives an incentive from each participant for providing data that is useful to the project. In return, the model provider will receive a small deposit from each participant. The payment is made when the model has been successfully trained. Eventually, the model provider will save the deposit as a reward. If the system is successful, it could eventually replace the need for centralized intelligence in smart contract systems.
What happens when deep learning meets smart contracts? The first person receives a payment for creating a model and then updates it with data from their own experience. The second and third participants receive payment as well. The payment for the third participant is their deposit plus another deposit, making it an effective incentive to provide valuable data. The rewards for the tth person can also increase, as they might get paid less for creating a better model.
In healthcare, personal data is vital for training deep neural networks. Patients and research companies must use personal information, and data security and privacy are top concerns. To solve these issues, Mamoshina et al. have proposed applying blockchain to the healthcare industry. Essentially, users store their own biological data on the blockchain. They sell it to organizations that pay for access. Data validators can then verify the accuracy of the data provided by users.
Smart contracts enable automated data management. They allow organizations to create contracts that orchestrate processes and transactions more closely tied to core data, eliminating the need for constant reconciliation of data. By combining machine learning and smart contracts, businesses can benefit from improved AI applications and simplified data management processes. With this partnership, organizations can cut 60% of their typical data management headaches by leveraging this technology. It will transform the business world. In short, when AI meets smart contracts, it will improve the way business is done.
Cortex is another example of a platform where AI can work with smart contracts. Its ecosystem is comprised of AI developers, miners, and the Cortex blockchain. AI developers access AI models on the Cortex blockchain and use them in their smart contracts. The Cortex blockchain also includes a blockchain-based AI platform where users post tasks and AI models to perform inferences, and intelligent contracts call these contracts.
Machine learning has been used in traditional software programs to address bugs and clones. Its potential in smart contracts is enormous. By leveraging smart contracts, machine learning will allow blockchains to automatically detect clones and other fraud. It also offers opportunities for GPU mining arbitrage and introduces automated self-improvement for AI agents. Once these projects are successful, they may be applied to a wide variety of applications.