Machine Learning for Blockchain | Automating Decentralization in Web3
Artificial intelligence and machine learning provides a unique toolset to enhace smart contract automation. Decentralization in Web3 often requires automating organizational processes that would usually be handled by experts or administrators. Smart contracts automate transactions; oracles provide secure off-chain data transfer and computation and decentralized autonomous organizations (DAOs) automate organizational governance, security and work processes. Often, these processes need high-quality, accurate predictions about the future from current data.
For example, smart contracts used in energy microgrids must predict future energy consumption from current consumption plus past trends to ensure there’s enough available electricity. For DAOs, security requires identifying, and thwarting, potential attackers.
Machine learning algorithms, which are methods designed to use current data to make accurate predictions about the future, are thus an essential component of robust Web3 dApps which run on blockchain technology and smart contracts.
In this Chainlink Research Reports clip, Dr. Giulia Fanti, an Assistant Professor of Electrical and Computer Engineering at Carnegie Mellon University, explains what the role of machine learning is for blockchain applications.
Check out the Smart Contract Research Forum (SCRF) for more about the importance of machine learning for Web3: https://www.smartcontractresearch.org/.
Dr. Fanti also answered questions on this and other topics in a recent SCRF AMA.
Chainlink Research Reports presents research that informs the smart contract and blockchain oracle industry presented by expert researchers building Chainlink, smart contract, and blockchain systems throughout the fields of computer science, economics, and many adjacent fields.
Learn more about the Smart Contract Research Forum:
Auditing and Security: https://www.smartcontractresearch.org/c/auditing-and-security/5
Oracles and Data: https://www.smartcontractresearch.org/c/oracles-and-data/6
Mechanism Design and Game Theory: https://www.smartcontractresearch.org/c/mechanism-design-and-game-theory/10
Governance and Coordination: https://www.smartcontractresearch.org/c/governance-and-coordination/11
Tooling and Languages: https://www.smartcontractresearch.org/c/tooling-and-languages/14
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
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