Blockchain and AI must work together for credibility, trust, say industry executives

The two technologies offer massive opportunities if combined

Waheed Abbas

Published: Thu 20 Jul 2023, 5:11 PM

Blockchain and artificial intelligence (AI) must work together in order to increase the trust and credibility of the data used by the AI, industry experts said on Thursday.

While speaking at the Blockchain in Banking Fest organised by Dubai AI & Web 3.0 Campus at DIFC Innovation Hub, Pierre Samaties, partner at Roland Berger, said the two technologies need to work together, firstly, because AI is eating up all of the data, and secondly, people are not 100 per cent sure of what is fake and what is real. While, on the other hand, blockchain is a truth machine that is ensuring that whatever is generated has a digital ID and can be traced back to a valid source.

“We are now entering a new phase of the internet – Web 3.0. Web 2.0 was read and write while Web 3.0 would be read, write and own. If you log onto Twitter, you own your tweets in Web 3.0. Also, blockchain will incentivise you for sharing your data if AI wants to access it. Blockchain will make sure that it can be traced back and you get an incentive for that,” he said during a panel discussion on the “Confluence of blockchain and AI and its impact on banking”.

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Samaties stated that the combination of AI and blockchain will increase credibility and trust.

“AI can help human prosperity if we have other counterbalances in check and it is a win-win game because we know that data AI is using is valid. At the same time, AI can produce more high-quality results if they know their personal data wallet,” he added.

Olivier Crespin, strategic adviser, Giift, also stressed that the two technologies offer massive opportunities if combined.

Dr Farhan Ujager, senior lecturer and programme leader (AI) at De Montford University Dubai, said blockchain provides transparency and traceability but it lacks intelligence parts and synergy with AI can give intelligence as well.

“Blockchain offers trust while AI has the potential to make smart decisions but the inherited problem with AI is what if the source data is wrong. And when it comes to banking, there is a need for accuracy and smart decision.”

He added that a major bank was using AI for money laundering and the foundation was blockchain, hence substantially improving its anti-money laundering process.

In another panel discussion, Paul Dawalibi, CEO, Holodeck Ventures, Vasseh Ahmed, managing director, Enjinstarter and Husain Kayyal, chief revenue officer, FOO, highlighted the challenges of why blockchain is mainstream yet.