Ramble 7/13/23 - My Experiences with Blockchain and AI

I love both blockchain and AI, and I have delved deep into both of these fascinating technologies. Currently, I find myself captivated by the world of AI.

AI has a clear advantage when it comes to day-to-day applications. It is more readily applicable, whereas blockchain often requires users to learn new concepts and technologies. Convincing traditional art collectors to buy NFTs or persuading social apps to incorporate cryptocurrency for payments and tips requires a real resonance.

Existing businesses were initially skeptical about the potential of blockchain to enhance their operations. The magic of AI, on the other hand, has been witnessed by many, while the magic of blockchain has only been seen by a very few.

Digital artists have found a good platform to sell art with NFTs, and there are now several use cases of blockchain enhancing finance or making certain kinds of transactions easier than before.

However, blockchain has not made the case for a mainstream app. On the other hand, AI is right there at the forefront of the technological revolution. ChatGPT had 100 million+ users just two months after launch.

Why the AI bubble is better than the Blockchain bubble:

Broad Applicability: AI has applications in virtually every industry. Healthcare, finance, transportation, education, entertainment, and many more sectors are actively integrating AI technology into their operations. Blockchain, while revolutionary in its potential, primarily pertains to industries with significant data security and transactional needs like finance, supply chain, and legal contracts.

Research and Development: There is extensive ongoing research in the field of AI, with major breakthroughs happening regularly. While blockchain also receives research attention, AI has been around for a longer period, and its research domain is comparatively broader and more mature.

Integration with Existing Systems: AI technologies can often be integrated with existing systems, improving their capabilities. Blockchain often requires the creation of new systems or significant alterations to existing ones.

Regulatory Environment: While both AI and blockchain face significant regulatory hurdles, those faced by blockchain, particularly in the financial sector, can be especially steep due to concerns over fraud, money laundering, and financial stability.

Did you notice? The four points above were written by ChatGPT.

I’m still hopeful that blockchain will enhance certain areas of life, like being able to hold game collectibles in NFTs and being able to sell my hard-earned upgrades in a game via NFT transfers.

In summary, I love both AI and blockchain, but AI has proven to be more applicable in my experience.