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BotChain Technology-An Intricate Study of the AI Based Blockchain Platform

Innovators seldom steer into a road taken. They make their own path and achieve success

Abstract
The Article on BotChain Technology aims to surface those technological advancements that are away from the limelight, they deserve. BotChain Technology, an initiative by Talla is based on the formulation of blocks that are interlinked to each other to serve the common purpose of dissemination of knowledge.

This aspect of introduction of an AI platform, BotChain Technology seeks to bridge the gap between the aspects of both weak security organisations and protection platforms.

BotChain Technology, a complementary part of Blockchain technology strives to utilise the Artificial Intelligence based platform to fulfill the necessities of providing a system that is flexible, decentralized and the safest in terms of security.

Preface
Blockchain technology is an intelligibly varied invention and is considered the brainchild of Satoshi Nakamoto. It is consistent through its link with cryptography, the science of applied mathematics. It forms security for protecting information through application of codes such that the information can be coded to read and understand the process of information. In the terminology of Computer science, it is considered a measure for secure and retrievable information derived from the applicable mathematical calculations[i].

Blockchain technology has gained utmost global momentum for its facilitation in the bitcoin technology based field and is not an ardent data modifier. It is a ledger database that has fewer restrictions and more transparency based distribution. It is attainable through a distributed application that segregates the work and workload between peers who are equal participants and contributing parties in the application.

Evolution
Art of Blockchain Technology can be traced to an introduction of a system of document timestamps which could not be tampered with[ii]. In 1992, Merkle trees were incorporated to improve the incorporation of timestamps to fit into a single block[iii]. Satoshi Nakamoto improved the design of a structure that made a timestamp of then blocks by utilizing the unique signature of a party trusted in the use of such blockchains. This design trend went on to be the database of stability in block structure and proved to be a core component of the Bitcoin cryptocurrency, a public network[iv].

Uses of Blockchain Technology
Cryptocurrency: it is used to record transactions like the Bitcoin network and Ethereum network.

Smart Contract: it is essentially used as an automated form of network without any human interactions and without a human processor.

Financial service: It serves to implement those ledgers that are for use in banking and other essential services as it now catalyses the potential to accelerate the settlement systems by way of example, the pass book updating automation etc.

Video Games: In today’s digital era, its more than essential to take into account the virtual games, which include Crypto kitties, launched in December 2017 that is a realistic example of how blockchains are used to catalog game assets.

Supply chain: a recent example in this scenario would be Walmart running its supply through a blockchain based technology that has enlightened and widened the scope of global application of Blockchain technology.

Types of Blockchain Technology
  • Public Blockchain: An Internet connection is a pre requisite for the same and it generally offers incentives and utilise it for algorithm.
  • Private Blockchain: Access to this type of blockchain is restricted and it cannot be made accessible with ample permissions.
  • Hybrid Blockchain: It’s a combination of centralised and decentralised features and the same can vary based on the workings of the chain.

Bitcoin and its Application of Blockchain Technology
Bitcoin has been described as referring to two aspects: One being the Network of Bitcoin that keeps track of the transactions and the next being what we emphasise as the unit of value.
The payment network is that of a bitcoin Blockchain that makes it hold for communication. The particular network uses the distributed harmony to verify and confirm the transactions through a large and predominant global network of computers that run the software[v].

BotChain Technology:
BotChain is a technology developed by Team at Talla. They are pioneers in the field of Artificial Intelligence and after pursuing such bots- they ventured into the field of BotChain.
It is quoted as enabling “Universal registration, identity validation, audit and coordination of AI Agents and autonomous software[vi].”

BotChain has been announced on May 4, 2018 and the transaction has been named “Venture Round- BotChain” and Galaxy Digital LP, Avalon Ventures and Glasswing Ventures are the 3 investors for the same. Total Funding and Money raised has been estimated to be 5 million dollars, raised in a private token sale to institutional investors.

It has been using 6 technologies for its website which includes nginx, Google Apps for Business and IPv6.

It has a post money valuation in the range of 10 million dollars to 50 million dollars as of May 4, 2018.

BotChain Technology, powered by Talla- Board of Directors are Brady Bohrmann (Avalon Ventures), Rudina Seseri (Glasswing Ventures), Rob May (PJC), Byron Galbraith (Co- Founder) and Frank Speiser (CEO and Chairman)[vii].

The early partners for the BotChain Technology include Gupshup (developers platform), Howdy.ai (a B2B bot developer), Polly (survey software for slack and Microsoft teams) , CareerLark (productivity and culture tool for distributed teams) etc.

Building Process Basis
This BotChain startup in Boston, expressed its need to be a blockchain for registering bots and is said to have been built on Ethereum. Ethereum[viii] is that open sourced platform for applications that are decentralised and it has been launched in 2015. It has an age old cryptocurrency called Ether and is completely digital. It has been claimed to be a new era in the internet and everyone are said to have access to this kind of a financial system. It has been built on a neutral platform.
This Ethereum community is said to be a very active blockchain community, and consists of core protocol developers, researches on cryptocurrency and mining organisations etc.

It is said also to feature:
  • Cryptocurrency wallets
  • Financial applications
  • Decentralised markets
  • Games.
Off-chain, a database server that is set to hold that piece of information that is needed by the bot registry is the early phase that enables the deployment of ideal chain of decentralisation for a long term off-chain solution.

BotChain Token Sale:
Taking part in the BotChain network is through cryptocurrency. Talla will have a token sale which is to be made through request.

Role of Talla as a catalyst:
Talla, is one of the first digital platforms to combine Artificial Intelligence with blockchain technology to bring and foster trust, confidence and security in Artificial Intelligence driven autonomous agents in the workplace.

Talla has been described to be an AI Automation Platform that is set to transform customer support services. It is said to integrate the existing systems and flows of work which enable building machine learning methods of performing common tasks and which makes the representation more productive. The market performance is said to reduce resolution times, eliminate unnecessary escalations and improves customer satisfaction.

Talla is also said to be a pioneer in the field of developing and has started to evolve into a harmonized system of making human life easier.

Quotations explaining the role
BotChain is the brainchild of Rob May (CEO, Talla) who has emphasised on the dire need of a system that enables companies to exchange and collect information by the usage of bots and digital currency to enable the full use of digital platform and context.

He believes that blockchain can be used to build a trust mechanism due to the irrefutable record of the ledger. He points out other major benefits which include: decentralisation so that no company can by itself control the blockchain, provides an official way to track the transactions and conduct business in a precise manner even though humans are not involved.

May from Talla has opined that money is made by integrating BotChain into core products and the core product is the Artificial Intelligence powered knowledge and that parts can be partitioned off pieces of knowledge base bots and automate things. May also said that that the first market cap (if it does an ICO in 4th Quarter 2018 or 1st Quarter 2019 would be in the 80 million – 100 million USD range and that it would be a 12-18 month project. It has not been made public as of 2019 and is considered open to its key integration partners as of now, but is considered open to public after key amendments and modifications.

Gary Miller, of GB Capital Markets Inc, a financial advisor to Talla and a firm focused on the blockchain and digital assets space believes that the bots are coming in a greater ratio and that many investors who care about foundational infrastructure will be more and the fact that it supports new technologies, as a bot registry will be beneficial.

It is said that when interacting with artificial intelligence agents, it is crucial to know and trust where they are from and who is behind them[ix].

It has also been quoted that this technology is all set to leverage blockchain technology and is providing platform and trust that is essential for Artificial Intelligence based systems to flourish. Talla is going for the 50 billion USD bots industry which currently has the lacuna for the universal standards of every prominent software industry. There is also said to be no verifiable visibility into the decisions of the bot and actions. It is said that the conditions are those which enable limitation in growth and also showcase important compliance risks for the firms and corporations[x].

Pros:
The benefits [xi] can be summarized as:
  • Auditable and decentralised. Prominent for clarity.
  • Transparency in the field of re-training the machine learning models.
  • Protocols which are standardized for autonomous systems which allow for internal communication.
  • Open market and open sourced skills that enable the developers to access.

Innovation and use of the AI Platform:
The organisation has clearly desiccated the role of a BotChain as that which offers Bot developers, enterprises/ firms, software companies and those system integrators which have the means to validate, clarify, certify and manage the numerous amounts of transactions charged by Artificial Intelligence.

The idea behind this particular platform is that every bot has an ownership certificate just like how there is a SSL verification of a website. The problem that has been persistent also includes that when anybody clicks on the bot sent link, it can be perceived as a spammer sending a phishing link. It is also said to provide a platform for identity verification and is pivotal in audit for artificial intelligence verification systems. The aim and object is to set bot compliance standard and control the autonomic boundaries.

It is considered that the open source networking will lead to increased revenue for the products existing. BotChain is said to mostly generate capital with private markets but is slowly treading on the public markets[xii].

Also the predominance of the Artificial Intelligence system of a BotChain is to provide the same benefits that a human require in a digital platform as well. Humans are not only in the dire need of performance facilitation, but also require compliance with standards set be organisation, society and the government. It not only enables the humans with great confidence but also facilitates negotiation and other advanced care for the bots.

The BotChain technology also enables foster mass adoption of parts of Artificial Intelligence and predominantly deals with not only human-bot but also bot-bot and autonomous bot transactions respectively.

It has played an important role as a catalyst by equipping with new generation systems which have helped change that aspect of traditional API’s not being equipped to handle Artificial Intelligence Systems. This BotChain enables critical systems that deploy Artificial Intelligence Products that help create the “Fourth Industrial Revolution”.

Core Philosophies Involved [xiii]
  • It is considered to be a long term build not just in existence for the life time of the firm or the current society, but for an eternal period.
  • It is claimed that Talla is not restricted but is accessible by everyone and is proven to be built for the ecosystem and it provides for access even by the competitors.
  • It is affirmed to be all about building and learning. It is that philosophy that is clear on not being stagnant and to be a dynamic and pervasive based AI platform.

Conclusion

After analysing the applications and elements of the Blockchain and BotChain Technology, it certainly has proved to be a dire need of the hour for the aspects of automation and the usage of Artificial Intelligence based platforms.
It has also been claimed to be a one- in- a- million model and Talla has received wide appreciation for marking its pioneer mark and starting a launch of such an efficient platform.
That aspect of the technology that is said to automate the bots and influence on the verifiability and decentralization of the transactions and statements have gained huge momentum and is a major contribution to the paperless and a robotic world today.

It has been claimed by many that this is the era of a fourth industrial revolution which has been time and again proved to be true and the introduction of Artificial Intelligence Driven BotChain Technology is a major boost to the same.

Though the AI autonomous bot is still in progress and requires more efforts and better results, it can be safely said that though the software platform requires abundance of current technology and the benefits have certainly surpassed the cons.

End-Notes:
  1. For the enunciation of the term and terminology, see Kathleen Richards and Borys Pawliw <https://searchsecurity.techtarget.com/definition/cryptography > Last accessed- 07 Oct 2020
  2. Blockchain Technology origin dated back to 1991 by Stuart Haber and Scott Stornetta. Lansiti, Marco; Lakhani, Karim R- January 2017 - “The Truth about Blockchain, Harvard Business Review” Lansiti, Marco; Lakhani, Karim R- January 2017. Last accessed 06 Oct 2020
  3. Bitcoin and Crypto currency Technologies: A Comprehensive Introduction. Princeton: Prinston University Press ISBN 978-0-691-17169-2
  4. For aspects of Stability in the Blockchain Structure and incorporation into the Bitcoin Structure, see “The Blockchain: Great chain of being sure about things”. The Economist on 18 Jun 2020. Last accessed 06 Oct 2020.
  5. For intricacies of Bitcoin and its relevance in Blockchain technology, see < https://support.blockchain.com/hc/en-us/articles/211122603-What-is-Bitcoin- >. last accessed 06 Oct 2020
  6. Aim and Objectives of Initiation of Talla, see <https://www.crunchbase.com/organization/botchain#section-overview. > Last accessed 06 Oct 2020
  7. For Talla and its Details of Incorporation, see < https://talla.com/about-us/ >. Last accessed 06 Oct 2020.
  8. Ethereum and its significance highlighted in < https://ethereum.org/what-is-ethereum/ >. Last accessed 06 Oct 2020.
  9. For improvement in the performance of BotChain Technology and its Features, see <https://www.financedigest.com/botchain-introduces-blockchain-protocol-to-improve-artificial-intelligence- bots-and-autonomous-software.html.> Last accessed 06 Oct 2020.
  10. For Leverage of the BotChain Platform, see < https://coinjournal.net/new-blockchain-platform-botchain-aims-to-install-trust-in-the-emerging-bot-economy/ >. Last accessed 06 Oct 2020
  11. Benefits of the AI Platform, see <https://www.prnewswire.com/news-releases/talla-launches-botchain-a-blockchain-based-platform-for- ensuring-certainty-and-security-in-ai-autonomous-agents-for-business-300519714.html. >. Last accessed 06 Oct 2020.
  12. Security of BotChain Technology, see < https://www.ibtimes.com/botchain-aiming-set-standard-bot-security-2719042 >. last accessed 06 Oct 2020
  13. For BotChain Technology and the working within, see Mill Murphy < https://medium.com/botchain/explaining-the-botchain-technology-behind-the-botchain-a9f079b026e3 >. last accessed 06 Oct 2020
Written By: V. Krishna Laasya, V-Year, B. Com. LL. B (Hons.) School of Excellence in Law Chennai, Tamil Nadu
Ph no: +91-8148147370, Email: [email protected]

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