Infographic: How the Blockchain is Powering Our Future
Connect with us

Technology

Infographic: How the Blockchain is Powering Our Future

Published

on

The future is bright, and it’s driven by the blockchain.

Blockchain technology is already turning the financial industry upside down through its disruptive applications, but finance is only the tip of the iceberg. The blockchain’s true scope is in its ability to change the way you do things every day – like voting, travelling, or going to the doctor.

The Future of Blockchain

Today’s infographic comes to us from HIVE Blockchain Technologies, and it gives us a glimpse into the potential of blockchain technology beyond the world of finance.

How the Blockchain is Powering Our Future

While the blockchain is primarily associated with cryptocurrencies and the financial industry, the true potential of blockchain technology is much broader.

Innovative startups are already finding ways to leverage blockchain technology to give facelifts to nearly every industry imaginable, changing traditional practices to make way for new, disruptive business models.

It’s difficult to imagine an area of life that won’t lend itself to a blockchain-fueled upgrade.

Today’s Blockchain

In its current form, the blockchain works something like this:

  1. Party A wants to transact with Party B
  2. This transaction is recorded on the blockchain as a block of encrypted data
  3. This block is then broadcast to every participant in the blockchain network. The block itself is visible to all, but sensitive information is encrypted to protect the privacy of both parties
  4. Each participant on the blockchain checks the validity of the block, confirming that everyone has the same version of encrypted information to eliminate the possibility of tampering
  5. Once verified, the block is added to the chain. Once added, it can’t be moved, changed, or tampered with
  6. Now that the transaction has been verified, it proceeds as planned

Currently this technology is primarily used for financial transactions, but it can also be used to exchange information, contracts, and official records.

The Blockchain’s Limitless Potential

The unique design of the blockchain makes it ideal for situations requiring:

Security
Transactions are virtually tamper-proof. Because each participant on the network checks each block for consistency, trying to hack the blockchain would be like trying to sneak through a single door guarded by a hundred dogs. It can’t be done.

Transparency
Each block is visible to every member of the network, ensuring trust between parties.

Collaboration
Because a blockchain has no borders, it allows for secure collaboration between parties sharing any kind of transaction.

As a result of these traits, the blockchain has limitless potential in all kinds of applications.

Future Blockchain Uses

Here are just some examples of future blockchain uses.

Decision-making
The blockchain can be used in business and government to increase transparency between parties, reduce corruption, and streamline bureaucracy. Transactions are tamper-proof and open to the public eye, allowing everything from rental agreements to national elections to be made fair and equitable.

Healthcare
The blockchain has the potential to improve medical access and efficiency. By allowing patient records to be shared securely between healthcare providers, doctors can bring all that information together to improve their diagnoses and develop more holistic treatment plans for individual patients.

With the wealth of patient data collated on the network, blockchain technology can help to advance more sophisticated medical research, potentially curing diseases or providing insights for more effective treatments.

Identity
Identity theft could also become a thing of the past with blockchain and biometrics. All of your personal identity information – even your passport, educational records, and driving licence – can be securely stored on the blockchain. Because your data is linked to biometrics unique to you and impossible to forge, the information is safe from fraud.

But these are just some examples – and the blockchain will impact nearly every facet of our lives, allowing service providers collaborate with one another to give you unique, personalized service, when you need it.

Subscribe to Visual Capitalist

 

 

Subscribe to Visual Capitalist
Click for Comments

Technology

Infographic: Generative AI Explained by AI

What exactly is generative AI and how does it work? This infographic, created using generative AI tools such as Midjourney and ChatGPT, explains it all.

Published

on

Generative AI Explained by AI

After years of research, it appears that artificial intelligence (AI) is reaching a sort of tipping point, capturing the imaginations of everyone from students saving time on their essay writing to leaders at the world’s largest tech companies. Excitement is building around the possibilities that AI tools unlock, but what exactly these tools are capable of and how they work is still not widely understood.

We could write about this in detail, but given how advanced tools like ChatGPT have become, it only seems right to see what generative AI has to say about itself.

Everything in the infographic above – from illustrations and icons to the text descriptions⁠—was created using generative AI tools such as Midjourney. Everything that follows in this article was generated using ChatGPT based on specific prompts.

Without further ado, generative AI as explained by generative AI.

Generative AI: An Introduction

Generative AI refers to a category of artificial intelligence (AI) algorithms that generate new outputs based on the data they have been trained on. Unlike traditional AI systems that are designed to recognize patterns and make predictions, generative AI creates new content in the form of images, text, audio, and more.

Generative AI uses a type of deep learning called generative adversarial networks (GANs) to create new content. A GAN consists of two neural networks: a generator that creates new data and a discriminator that evaluates the data. The generator and discriminator work together, with the generator improving its outputs based on the feedback it receives from the discriminator until it generates content that is indistinguishable from real data.

Generative AI has a wide range of applications, including:

  • Images: Generative AI can create new images based on existing ones, such as creating a new portrait based on a person’s face or a new landscape based on existing scenery
  • Text: Generative AI can be used to write news articles, poetry, and even scripts. It can also be used to translate text from one language to another
  • Audio: Generative AI can generate new music tracks, sound effects, and even voice acting

Disrupting Industries

People have concerns that generative AI and automation will lead to job displacement and unemployment, as machines become capable of performing tasks that were previously done by humans. They worry that the increasing use of AI will lead to a shrinking job market, particularly in industries such as manufacturing, customer service, and data entry.

Generative AI has the potential to disrupt several industries, including:

  • Advertising: Generative AI can create new advertisements based on existing ones, making it easier for companies to reach new audiences
  • Art and Design: Generative AI can help artists and designers create new works by generating new ideas and concepts
  • Entertainment: Generative AI can create new video games, movies, and TV shows, making it easier for content creators to reach new audiences

Overall, while there are valid concerns about the impact of AI on the job market, there are also many potential benefits that could positively impact workers and the economy.

In the short term, generative AI tools can have positive impacts on the job market as well. For example, AI can automate repetitive and time-consuming tasks, and help humans make faster and more informed decisions by processing and analyzing large amounts of data. AI tools can free up time for humans to focus on more creative and value-adding work.

How This Article Was Created

This article was created using a language model AI trained by OpenAI. The AI was trained on a large dataset of text and was able to generate a new article based on the prompt given. In simple terms, the AI was fed information about what to write about and then generated the article based on that information.

In conclusion, generative AI is a powerful tool that has the potential to revolutionize several industries. With its ability to create new content based on existing data, generative AI has the potential to change the way we create and consume content in the future.

Continue Reading

Subscribe

Popular