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p>Smart contracts backed by artificial intelligence hold the key to a better tomorrow. As smart contracts begin to incorporate artificial intelligence, many previously steady marketplaces might instantly turn unpredictable. A smart contract is a program that operates autonomously on a blockchain. The program's decentralization ensures its safety, o...
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... contracts could be a fully functional convention having complete legitimacy in the actual world, provided AI is used to improve them [5]. Figure 1 depicts the scenario where Artificial Intelligence powered smart contracts are deployed on a blockchain network in its off-chain mode. AI-trained models have proven efficacy in pattern recognition and matching techniques. ...
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p>Smart contracts backed by artificial intelligence hold the key to a better tomorrow. As smart contracts begin to incorporate artificial intelligence, many previously steady marketplaces might instantly turn unpredictable. A smart contract is a program that operates autonomously on a blockchain. The program's decentralization ensures its safety, o...
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... Attempts to integrate smart contracts with AI lead to several challenges due to their inherent complexity, which require resolution [8]. The primary issue with smart contracts is the technical difficulty of storing and directly utilizing large amounts of data in distributed ledgers. ...
... By design, blockchains and smart contracts cannot access data outside the blockchain environment. The primary function of a blockchain oracle is to send requests, verify, and authenticate external data sources, and deliver this data to the user's smart contract [8]. The table below outlines the functions of oracles that facilitate the collection and provision of data for use in smart contracts and AI models. ...
... An example of such an intelligent oracle is the Chainlink project, which represents a system of decentralized oracles. Each oracle in this system gathers data from independent sources and compares it to ensure its accuracy [8]. These intelligent smart contracts, capable of responding to monitored conditions, acquire the characteristics of dynamic smart contracts. ...
Artificial Intelligence (AI) and Distributed Ledger Technology (DLT) together address complex tasks by optimizing and automating business processes and creating innovative new products. Despite their shared digital nature, integrating these two technologies is a challenging process that requires sophisticated solutions. AI relies on large amounts of data and computational power, which are difficult to provide within distributed ledgers. However, the integration of DLT with AI, particularly its interaction with smart contracts, is made possible through the use of an intermediary data exchange and transfer mechanism known as an oracle. This paper analyzes various methods of smart contract interaction with distributed ledgers and hypothesizes the existence of decentralized AI technology. By exploring the methods and techniques for using oracles to facilitate AI and blockchain interaction, we can assess new opportunities for the decentralized economy arising from their combination with AI services and models, and predict the emergence of new decentralized products enhanced by AI technologies.
