Blockchain meets machine learning: a survey

Abstract

Blockchain and machine learning are two rapidly growing technologies that are increasingly being used in various industries. Blockchain technology provides a secure and transparent method for recording transactions, while machine learning enables data-driven decision-making by analyzing large amounts of data. In recent years, researchers and practitioners have been exploring the potential benefits of combining these two technologies. In this study, we cover the fundamentals of blockchain and machine learning and then discuss their integrated use in finance, medicine, supply chain, and security, including a literature review and their contribution to the field such as increased security, privacy, and decentralization. Blockchain technology enables secure and transparent decentralized record-keeping, while machine learning algorithms can analyze vast amounts of data to derive valuable insights. Together, they have the potential to revolutionize industries by enhancing efficiency through automated and trustworthy processes, enabling data-driven decision-making, and strengthening security measures by reducing vulnerabilities and ensuring the integrity of information. However, there are still some important challenges to be handled prior to the common use of blockchain and machine learning such as security issues, strategic planning, information processing, and scalable workflows. Nevertheless, until the difficulties that have been identified are resolved, their full potential will not be achieved.