Integrating AI with Blockchain for Secure Financial Transactions
Abstract
Over the last two years, AI and blockchain have attracted widespread attention, and there is evidence of their being adopted in a wide range of applications. Opposite though they are in terms of centralization, using AI in blockchain technology has emerged as an inevitable trend. As a key piece of the financial services infrastructure, blockchain has the potential to play a key role in supporting the development of AI, and, more importantly, AI can help blockchain become more flexible and expand its functionalities. There are opportunities for utilizing blockchain technology in AI ecosystems, in a drive for openness and fairness, which would be attractive to the full community and reduce the concentration of AI industries in a monopolistic way. Wouldn't it be wonderful if AI could help us secure the key components of a bank-controlled account, and meet the requirements for both privacy and security, while providing convenience just as today's e-wallet and credit card environments do? Since ancient times, the ability to hold one's own money and not have it handled by others is the irreproachable cornerstone for using financial transactions securely. But as time goes by, the emergence of three indisputable requirements: the need to do business, the requirement for anonymity, and the need for a central governing organization for legal supervision and control of currencies has become the driving force for enhancing the convenience of the traditional model.
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