Blockchain is a distributed and decentralised database of cryptographically secured data and NLP is Natural Language Processing (not Neuro Linguistic programming) which is a subset in the AI domain that deals with human decipherable languages.
NLP is understood as a program that is capable of summarizing, or providing the insights from Geopbytes of unstructured data. With the technology becoming cheap every passing day, and computing devices becomingsmaller, cheaper and more accessible by everypassing minute, the size of data being generated is increasing exponentially. It is estimated that by 2025, more that 463 exabytes will be generated every day globally.
Now that is a huge amount of data. No wonder, they call it “Data is the New Oil”. This huge data is a treasure mine for umpteen business use cases and sources of revenue generation. There are many prominent use cases for NLP, as the content creation adds onto the existing data stores. The introduction of the “things” being connected to each other andthe “clouds” talking within themselves, along with the advent of lightning fast internet and 5G technology, brings the need to sort the output data and get valuable insights that makes sense, and therefore the need for AI based NLP and NLU naturally arises.
Blockchain & NLP
The combination of blockchain and AI based NLP has already had many successful demonstrations to the global audience. The fault tolerant, intervention free feature combined with the immutability and irreversible and non modifiable characteristics of a blockchain system, make it an ideal underlying carrier for the sensitive data generated by NLP algorithms and solutions.
The distributed and 100% uptime (expected) architecture further strengthens its ability to bean ideal database for the data. There has always been a requirement for data provenance, when it comes to cloud based data storage and data lakes. Blockchain, due to its feature of recording every transaction/change immutability is probably the single most suited technology to solve this need.
Apart from the need for Blockchain for AI based NLP systems, the reverse also holds a lot of place in the ecosystem. For example, a lot of crypto currency trading platforms are leveraging the power of AI and NLP to simplify decision making for their users and subscribers, unless they have to browse thousands of data sources and news feeds and depend on their own analysis, to come up with the right decision during trading.
The mechanism of NLP does some of the following:
*Based on the Machine Learning and Deep Tech analysis, “converses” with other machines.
*Leverages the method of LDA, to extract the keywords and other relevant words from huge data sets.
*Summarizes those data sets, by cleaning andremoving irrelevant literature, to provide valuable and expected insights.
*Converts videos and audios to text accurately, irrespective of the accent used.