45.28% Believe That AI Will Significantly Impact Society in the Long Run

The past years have shown an emergence and steady incline in powerful technologies such as Artificial Intelligence and blockchain technology. As the name suggests, Artificial Intelligence or AI creates intelligence that is capable of autonomous reasoning, learning, and action. The recent advancements in machine learning algorithms have also fuelled progress in AI. At the same time, Blockchain technology is a secure and transparent distributed ledger technology that allows for secure, transparent, and tamper-proof transactions. Although blockchain was first developed in 2008 for the cryptocurrency Bitcoin, a wide range of other industries, including finance, supply chain management, and healthcare, has since adopted it.

When used hand-in-hand, both AI and blockchain technology can complement each other in application. Some benefits of this union include the enhancement of data management, privacy, and security across many industries like healthcare or learning.

However, there also come conflicts between integrating AI and blockchain technology. The challenge of scalability, computing power, and storage are some of the barriers. Real Research conducted a survey on blockchain vs AI and got an interesting round of responses. Through this insight, we aim to lay them out for you.

Highlights from the survey on blockchain Vs AI

• 40.90% believed AI has more significant environmental impact than blockchain.
• 41.6% opine that AI is more likely to empower ordinary people, as opposed to large corporations.
• 41.64% say that AI faces more challenges in terms of scalability and performance.

Society’s Perception of Blockchain Vs AI

To gauge the knowingness of our participants, Real Research asked the respondents if they are aware of AI and Blockchain technology, for both AI and Blockchain technology. A whopping 100% responded to both questions implying that these technologies were of common knowledge to the current masses.

People are aware that AI is a field of science concerned with building computers and machines that can reason, learn, and act in such a way that would normally require human intelligence. Whereas, blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. It stores data in blocks that are linked together in a chain.

To understand which of the above technologies did the public feel more optimistic about, Real Research asked them which one between AI or Blockchain they believed would significantly impact in the long run.  45.28% responded that AI would, 35.47% thought it would be blockchain, and a crowd of 19.25% were unsure about the same.

Blockchain vs AI and Businesses

The convergence of AI and blockchain technology would be most useful to businesses worldwide. In terms of investment and market potential, it would present greater opportunities for entrepreneurs and businesses. Real Research asked its respondents to evaluate which technology posed the better chance of this. 40.26% of the respondents believed blockchain would do so, while 39.70% believed AI could be the one. 20.04% were unsure about both.

Not just for businesses, Real Research also asked the participants if they could pick which technology (between AI and blockchain) would more likely empower ordinary people as opposed to large corporations. The public voted for AI (41.60%), followed by blockchain (37.98%), and the rest (20.93%) were unsure.

Energy Consumption of AI and Blockchain Technology and its impact on the Environment

Real Research observed that there will require vast amounts of computational power and energy consumption of AI and blockchain. Surely, this will not be negligible to the environment.

On this note, Real Research asked the participants which technology did they think had a  more significant impact on the environment. 40.90% of the respondents believed it was AI, while 35.96% said blockchain and 23.14% were unsure.

What Lies Ahead for AI and Blockchain Technology?

As noted above, the integration of AI and blockchain technology also posed some challenges. The most troublesome of it being scalability and performance. To analyze this better, Real Research asked its respondents which technology faces the most challenges, AI or blockchain; 41.64% of the respondents believed AI faced more challenges while 37.98% said blockchain. 20.38% were unsure.

On an endnote, Real Research asked its participants if they see a future with the convergence of AI and blockchain, or if they will continue as two distinct technologies. It was interesting to note 46.89% voted that both AI and blockchain are likely to converge while 30.20% voted that AI and blockchain are likely to remain distinct. And yes, 22.91% were unsure.