Blockchain, as a distributed ledger, has the ability to manage any and all kinds of transaction. Hence it has been growing rapidly in both popularity and power.
As to the question of combining Blockchain and Machine Learning (ML), the answer is, as Simon Cowell says, “a big fat YES!”. Machine learning and blockchain can be combined in various fields and areas.
As machine learning requires a lot of data and blockchain is like a ledger of data, the amalgamation of the two technologies can bring in immense opportunities in the growing technological era. Machine Learning is a continuously evolving technology with the availability of new information. As the technology is self-adaptive, there is no need for manual addition of new rules and constraints.
However, by utilizing smart contracts, data can be directly and reliably transferred straight from its place of origin merging blockchain and machine learning. The combination hence can lead to various automated and autonomous research such as to create efficient finance and insurance industries as well as foolproof fraud identification and prevention tools for cybersecurity.
Blockchain offsets for the lack of verification and accuracy in ML while ML helps blockchain in managing its very blocks efficiently. Smart contracts can help the insurance and banking sectors to become more robust. Voting, government records, and supply chain management can and benefit from the blockchain. ML and blockchain can also help in intelligent and optimize distribution and sharing of resources in regions with low resources to citizen ratios.
As we know that ML is about learning from past data hence efficient incoming of huge amount of data will help with better prediction of future. The combination of Blockchain and machine learning is still evolving and, in my opinion, can be a pivotal point to automate the future.