Blockchain is the ‘missing link’ for trust in the age of AI

A recent report by the BSV Association in collaboration with Boston Consulting Group has highlighted the potential of blockchain technology to safeguard data and streamline transactions, with the conclusion that it could be “the missing link” in establishing trust in the digital age.

The report, titled “Navigating Digital Transformation: Building Trust in an Automated World,” emphasized that in a world where data trust is critical, blockchain technology offers a secure and transparent method of recording transactions, ensuring that its users can trust AI and other emerging technologies.

Enterprises have been digitizing for over three decades, but artificial intelligence (AI) takes transformation to the next level. As the report noted, AI increasingly plays an important role in automating transactions by performing processes that humans previously completed, producing more data, and digitizing certain physical processes.

However, with AI’s rapid development, concerns around data misuse, security breaches, and misinformation have emerged. The report highlighted that AI-generated images of an “explosion” at the US Pentagon caused a dip in the stock market, demonstrating the importance of trust in business.

To address these concerns, the report suggested that blockchain technology can help elevate the trust issues posed by AI, enabling enterprises to verify data, ensure the integrity of information, and reduce the number of checks required to prevent data transfer errors.

The Trust Gap

In today’s digital age, data trust has always mattered, but never more so than in the era of AI. With the increasing use of artificial intelligence, automation, and the Internet of Things (IoT), the trust gap has become more pronounced.

According to the report, ensuring that data input quality and ownership is essential for AI to work within the law and thrive. However, with the lack of trust in data and its sources, it becomes challenging for businesses to maintain confidence in their digital technologies.

Blockchain as the Technology at the Heart of Digital Trust

The report noted that blockchain’s transparent, secure, and immutable digital ledger establishes reliability and confidence that a business’s devices and data are working as they should. By providing a secure and transparent method of recording transactions, blockchain enables enterprises to verify data, ensure the integrity of information, and reduce the number of checks required to prevent data transfer errors.

Specifically, the report outlined four key areas where blockchain may help elevate the trust issues AI technology throws up for enterprises:

• Ensuring that the digital identities with which they interact are authentic and verifiable;
• Confirming Intellectual Property (IP), copyright, and ownership of digital assets, information, and data;
• Guaranteeing that information remains unchanged and traceable from its source;
• Reducing the number of checks required to prevent data transfer errors.

Conclusion

The report’s findings suggest that blockchain technology can be a game-changer in establishing trust in the digital age. By providing a secure, transparent, and immutable method of recording transactions, blockchain can help enterprises overcome the trust gap and enjoy the benefits of AI and other emerging technologies.

FAQs

Q: What is the main challenge in the digital age?
A: The main challenge in the digital age is the trust gap, where businesses struggle to maintain confidence in their digital technologies.

Q: How can blockchain help in this challenge?
A: Blockchain can help by providing a secure, transparent, and immutable method of recording transactions, enabling enterprises to verify data, ensure the integrity of information, and reduce the number of checks required to prevent data transfer errors.

Q: What are the key areas where blockchain can help elevate trust issues in AI?
A: Blockchain can help in four key areas: ensuring digital identity authenticity, confirming Intellectual Property and ownership, guaranteeing information integrity, and reducing data transfer errors.

Q: How does blockchain establish trust in AI?
A: Blockchain establishes trust in AI by providing a transparent, secure, and immutable digital ledger that enables enterprises to verify data, ensure the integrity of information, and reduce the number of checks required to prevent data transfer errors.