How the convergence of Blockchain and AI can add new values to businesses?
Introduction
In the current world, blockchain and AI are trying to solve the problems at once. Businesses are recommended to reinvent their systems for creating a complete system based on AI and Blockchain. When we talk about AI-powered systems, then we need to consider the ingestion and analysis of massive amounts of data. The technology can ensure the integrity of systems from algorithms to data sources. The inclusion of blockchain in AI is intended to provide blockchain solutions to enterprises that need to authenticate data to be fed to the AI system. It helps to prevent the system from hacking and altering data. All the transactions involved in such system includes the data records on a distributed and immutable ledger.
Blockchain and AI
Blockchain is the shared and immutable ledger that ensures the transparent exchange of encrypted data simultaneously to multiple parties as they complete and initiate transactions. It can track the orders, accounts, payments, etc. The members of blockchain could have a shared and single view of the truth and gain confidence in the business transactions, and experience efficiencies, and opportunities.
Artificial intelligence is the technology that trains computers to mimic the human mind for problem-solving and decision-making. It encompasses the sub-fields of machine learning and deep learning that uses AI algorithms trained on data for making predictions or classifications, and getting smarter over time. The benefits of using AI include automation of repetitive tasks, better customer experience, and improved decision-making.
Value creation
Blockchain offers a framework behind AI and data provenance, addressing the challenges of explainable AI. It builds the trust of users in data integrity by extending the recommendations of Artificial Intelligence. AI can enhance data security using blockchain to store and distribute conventional models. Along with this, AI can provide more actionable insights and manage data used to create a transparent data economy. It can also read, understand, and correlate rapidly, and comprehensively at incredible speed, and brings a new level of intelligence at the level of blockchain-based businesses. Access to large volumes of data may help AI to provide more actionable insights. Moreover, a combination of the technologies may remove friction and increase efficiency while managing the business processes that span multiple parties.
Industrial applications
Blockchain and AI have the potential to revolutionize healthcare, financial services, supply chain, etc.
They are potent to treat insights and supports user needs to identify insights from patient data, and health data patterns. Using health data on blockchain including health records, organizations can improve care along with patient privacy protection.
They are transforming the financial services by improving trust and removing friction from multipart transactions, accelerating the transactions’ speed. While loan processing, they can boost trust in data and automated processes for application evaluation, help to faster closings, and improve customer satisfaction.
The digitization of paper-based process, make the shareable and trustworthy data. It adds intelligence and automation for executing transactions. Both the technologies transform supply chains across the industries and create new opportunities.
Conclusion
Blockchain and Artificial Intelligence (AI) is a great pair for enhancing data security. AI delivers a new degree of intelligence to blockchain-based business systems as it includes computing power data and algorithms. Though AI and blockchain have highly different developing parties and applications, combining them can deliver new opportunities in today’s world. Various sectors have been benefiting from the combination of both techniques. Blockchain and AI provides a secure and trusted networking system for the data and information of artificial intelligence.
