Meet the New Deadly Duo – Artificial Intelligence and Blockchain TechnologyMarch 12, 2018
Two of the most exciting technologies in 2018 are artificial intelligence and blockchain technology. Data shows that since the turn of the millennium, there has been a fourteen fold increase in the number of active AI startups. In addition, venture capitalist investment has increased by a factor of six over this same time period. According to Statista, global revenues from AI for enterprise applications is projected to grow at 53% CAGR over the forecast period, from $1.6 billion in 2018 to a whopping $31 billion in 2025.
Blockchain technology is expected to grow markedly as well. Many believe that the nascent technology will expand beyond financial services and begin to have a lasting impact in manufacturing, human resources, and healthcare. Many companies that raised capital through ICOs in 2016 and 2017 will be releasing beta versions of their platforms this year, so investors and participants will soon be able to experience blockchain technology firsthand.
The synchronized growth of both industries has led some to predict that 2018 will be the year that blockchain and AI converge, leading to a new frontier of technological advancement. One company, Endor, is using this deadly duo to make AI powered predictions available to the masses.
The Beginnings of Endor and its Underlying Technology
Endor is run by Dr. Yaniv Altshuler and Alex Pentland, who, while at MIT, developed “Social Physics”, a new predictive science that models crowd behavior. This incredible technology was used at Endor to accurately predict crowd behavior in a wide variety of use cases, with particular focus on banks and retailers.
Social Physics will be married with the Endor blockchain to create a decentralized, trustless, behavioral prediction platform, capable of providing high-quality results for myriads of predictive question within minutes. The interface will also be extremely easy to use. No coding or programming experience is required.
The protocol provides a way to integrate new data sources and prediction engines, resulting in the double network effect–the more users on the platform, the lower the cost per prediction. As the data size grows, prediction accuracy increases. Because the prediction mechanism is fully decentralized, bias and manipulation are not possible. Complete and total accountability is paramount.
What Value Does it Provide and How Can it Be Used
The Endor.coin protocol has several key features that will help it meet its objectives. First, it will be powered by a decentralized, ever-expanding catalogue predictions. The platform will be launched with a variety of predefined token-related predictions. These predictions will be available for purchase, and users can submit “requests for predictions” (RFPs) to suggest new prediction types.
Second, commercial clients like banks and insurers can easily integrate proprietary data streams with the platform. This produces high quality predictions based upon the fusion of private and public data. Social Physics data integration takes place automatically and is user-friendly, keeping data prep to a minimum. Private data-streams that are connected to the system are accessible only to their proper owners.
Third, and perhaps most importantly, the platform provides predictions “by the people, for the people.” Social Physics data is processed just once, so customers pay only for personalization. They receive the predictive capability utilized by tech giants at a mere fraction of the cost.
As a practical example, a businessman running a local bed and breakfast can subscribe to the platform and ask a simple question like “Out of people purchasing plane tickets with a destination to my city, how many will also need a place to stay?” The platform, via its massive database and trustless predictive protocol, will provide a high-quality answer within minutes. To be sure, it is very unlikely that the platform will be one hundred percent correct–that’s why it’s a prediction. Nonetheless, it will provide the businessman with crucial, research-based information to help him make key business decisions. The platform democratizes data science for all.
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