AI (artificial intelligence) and blockchain are two of the most influential technologies in the 21st century. These technologies practically lead the entire world to a new and better era.
AI and Blockchain technologies are revolutionizing many industries. This has made many businesses more competitive. Many business owners have even signed up for an upcoming crypto conference that will shed more light on how AI and blockchain will transform the business landscape for decades.
If you’re still wondering how AI and Blockchain benefit businesses, let’s quickly highlight what blockchain and AI technologies are. Then the benefits both technologies bring to the business landscape will be discussed.
What is artificial intelligence (AI)?
Artificial intelligence refers to the revolutionary aspect of wide-ranging computer science. It is primarily concerned with smart machines or equipment capable of accomplishing tasks requiring human intervention. This highly intuitive principle integrates machine learning in creating a ground-breaking shift from conventional ways to new paradigms.
Artificial intelligence is feasible for each sector or industry and prospective technology. By helping machines make analytical decisions based on their intuitive capabilities, AI is estimated to add as much as $15.7 trillion to the economy and raise global GDP by up to 14 percent.
What is blockchain?
Blockchain technology involves a highly secured system of storing copious amounts of data or information to make it unchangeable and unapproachable. In other words, it is practically impossible to cheat with blockchain.
It won’t be wrong to consider blockchain as a digital ledger that records every transaction between 2 parties. This decentralized digital transaction ledger can be duplication across the network of nodes on the blockchain.
Every block contains reliable information about transactions. Whenever a transaction occurs on blockchain, the new record is added instantly to each node, i.e., the participant’s digital ledger.
Thanks to ‘hash’, these transaction records are secured, a specialized cryptographic signature used only within blockchain technology. Large businesses use the decentralized digital ledger to store data.
What makes AI and blockchain technologies a seamless and powerful combination?
AI and blockchain technologies are positively deadly combinations in the 21st century for businesses that adopt them. These technologies cultivate each sector in which they are implemented virtually.
From the security of healthcare records to efficient supply chain logistics management, these prominent technologies have practically touched every industry.
For instance, blockchain’s clasp is increasing globally, making irreversible behavior of data for its primary components and security outstanding benefits businesses will enjoy. In addition, AI complements blockchain for better management.
Here are four unique ways blockchain determines or influences information:
- Data cannot be corrupted
- Blockchain technology offers unbreakable and robust security
- Every piece of information is copied everywhere on the nodes
- All the parties involved have access to data but can’t adjust or modify it.
Benefits of artificial intelligence and blockchain technologies to businesses
Now that artificial intelligence and blockchain technologies have been defined briefly, here are the benefits they bring to the table for businesses willing to adopt this 21st-century seamless combination:
Access to huge data
There are practically hundreds of thousands of large-scale organizations in business today spread across different niches. Industries eye every activity that influences the marketing approach of these companies. This huge data is accessed and stored by behemoth organizations like Nestlé, Coca-Cola, Facebook, etc.
This is an excellent point of security since such vast amounts of data are limited to these huge organizations. But thanks to blockchain technology, this enormous amount of data is accessible but unalterable.
Any company can use these data banks, irrespective of size, as artificial intelligence ensures users enjoy the significant profit of data via numerous blockchain development services.
AI and IoT development solutions have been working hand-in-hand for some time now. As a result, these technologies have empowered smartphone devices with the actual ‘smartness’ they’re known for today.
However, making such devices so capable will require an in-depth look at how secure they are. As a result, every data stored in the blockchain is always safe, thanks to advanced unbreakable encryption.
This makes blockchain technology the best to work with for highly sensitive information requiring an incredibly high level of protection.
Real-life application of blockchain and AI technologies
Nearly every AI development company is adopting blockchain technology. It is a collaboration that has no end since businesses are practically gaining massive assurances due to the little maneuver of the integrated shift by these potent technologies.
Tech giants now offer several usable solutions for each of these technologies, though the actual, hands-on product is not yet accessible to the public
.Nevertheless, it is only a matter of time before the power of these technologies is felt in every business and home.
It is common knowledge that humans make errors or mistakes due to fatigue or other unexplainable reasons. These mistakes could be costly for businesses and may even disrupt production processes. When AI replaces human intervention, the result is better restructuring.
However, thanks to the help of AI development companies offering AI-based development services, businesses can make practical decisions with highly intuitive operations.
The processing abilities of AI and machine learning development services give fantastic results for blockchain technology to readily execute super-fast operations.
Highly reliable communication methods
Lots of issues require to be handled with kid gloves. Smart contracts, etc., are some of the reliable proofs that make things surprisingly easier. Artificial intelligence helps in predicting glitches and verifying smart contracts in no time.
Crypto is presently taking all frontal market risks. This volatile market owned by equity is creating an appropriate mechanism to take the new shift towards digital coins.
Digital currency is getting massive amounts of investment worldwide. Therefore, the world needs analytical solutions that can make predictions based on the constant digital currency monitoring between increasing interest.
Business owners get advice on the dashboard with the forecasting for cryptocurrency and make excellent decisions that drive their business forward.
Integrating AI and blockchain technologies will significantly improve supply chains, thanks to encrypted information enhancing decision-making processes.
Blockchain technology can track every transaction from origin to final destination. This also positively impacts supply chain management as both technologies ensure products reach final destinations with zero tampering or counterfeiting. They also help minimize or shorten the time it takes to get products to the market.
Moreover, blockchain makes supply chains safer and more efficient by recording transactions transparently on a public digital ledger for the parties involved to see without tampering with it.
Manufacturers can easily track the overall status of their products every time. This makes it easier for consumers to determine whether recalls have been made. They can also find out if products have quality issues before making purchases.
Smart management of energy
It is commonly known that IoT devices use up lots of energy. This means thousands of active IoT devices consume considerable amounts of electricity. Integrating IoT development solutions with blockchain makes it possible to pick up data from massive databases.
This analytical behavior can also be used with several devices worldwide. The same principle can be applied to lower prices as mining becomes much more accessible.
Combining and using AI and blockchain technologies will make it possible to create energy grids powered by multiple renewable resources. Energy firms would be capable of creating intelligent agreements or contracts that automatically execute on a specified time and date.
As soon as these smart contracts are set in motion, the electricity generated by that action would be provided to users – individuals or groups – based solely on their needs.
Business owners can hardly measure the number of messages they get from different sources daily. Having some many people on a list makes it practically impossible to read every message that comes in.
However, AI technology can readily check every incoming message and classify each according to the order of importance from their types. Active chats can be parsed while the results are utilized when classifying upcoming messages.
This makes it far easier for business owners to read the most critical messages and discard the unimportant ones.
The healthcare industry
The healthcare industry is one of the ripest for AI and blockchain technology disruption. Automating medical records and connecting patients with physicians within minutes via smart contracts is crucial.
AI and blockchain technologies make this possible, with the latter helping to boost patient care while minimizing costs. It also ensures all patient data stays secure and highly confidential.
Users of blockchain technology can also readily upload their health records into highly secure systems to access them wherever they are when needed without necessarily paying exorbitant amounts of money for approval before accessing them.
Loyalty programs/reward systems
Savvy programmers are currently working hard on loyalty programs based on blockchain technology. Many rewards will incentivise users to refer prospective customers to spend their hard-earned money within the platform.
Other reward systems may include users earning frequent flyer miles when using blockchain technology. Even the online casino industry is not left out, as many casinos are integrating blockchain technology as a means for their customers to make deposits or withdrawals anonymously.
Insurance companies can efficiently process claims
Insurance companies can utilize AI and blockchain technologies to process claims quickly and efficiently and streamline the claims process. These companies would save lots of money using this system as they spend less time manually processing lots of paperwork dealing with claims, and paying their employees.
Strengthens the finance industry
Nearly every financial institution struggles to efficiently handle digital assets like Ethereum, bitcoin, etc. But blockchain technology easily solves this issue by creating a transparent system where every transaction is decentralized and crystal clear for everyone to see.
This can make financing immensely easier for businesses, resulting in brand-new financial product developments. Moreover, using AI makes it easier for banking systems to swiftly detect fraudulent transactions, even beforehand, and take appropriate measures to mitigate or eliminate them.
Connect with customers uniquely
AI and blockchain will help businesses connect easily with customers in unique and new ways. For instance, companies have started using AI-powered chatbots to provide tailor-made customer recommendations based primarily on the customers’ past interactions.
Businesses can also use blockchain to create loyalty programs that reward customers for interacting with them. In other words, AI and blockchain can help companies to foster better experiences for their numerous customers, increase efficiency and minimize costs.
AI and blockchain help businesses automate multiple processes amid customer interactions. This way, more efficient methods of doing business are engendered.
For instance, AI-powered customer service chatbots can be utilized to handle all customer inquiries. This frees up customer service reps to address or handle more complex problems requiring one-on-one interaction with a human.
In addition, blockchain secures all stored data relating to customer interactions or transactions. This makes it easier for businesses to record every interaction or transaction with customers, irrespective of location.
Improved efficiency and speed
Blockchain transactions do not require any intermediary. This results in faster turnarounds while eliminating redundancy in operational processes via automation in a stable and foolproof environment.
AI enables several business solutions, including data management, process automation, conversational system, etc. In addition, blockchain technology promotes safe online transactions that are un-hackable and anonymous.
Both technologies will push industries to higher levels as more innovations come to light. Combining these two technologies can result in even more powerful solutions that can address various business needs.
For instance, data stored on a blockchain can be used to train an AI system. This would create a more secure and efficient way to manage data.
In addition, blockchain-based transactions can be used to trigger smart contracts. This would allow for automated transactions that are secure and transparent.
The potential applications of this combination are limitless, and it is exciting to see what new solutions will be developed in the future.