AI AND THE BLOCKCHAIN: A PERFECT MATCH FOR THE BUSINESS
Without any doubt, the Blockchain and AI are the two extreme sides of the technology spectrum: one fostering centralized intelligence on close data platforms, the other promoting decentralized applications in an open-data environment. However, if we find a smart way to make them work together, the total positive externalities could be magnified in a blink. The future for businesses that apply this combination of technologies with well-managed neural networks, with accurate data-points which optimize the Blockchain networks will set the absolute standard for all business of the future.
Artificial Intelligence, specifically the neural networks of learned data-points will be able to manage and monitor the Blockchain with the utmost efficiency. Smart business strategies, on the other hand, will build optimum margins.
The Blockchain is a pretty complex technology and its development and maintenance require powerful hardware and software. Nevertheless, AI provides plenty of new possibilities on this matter. As we know, one of the main advantages of the Blockchain is its security of data storing and processing. AI can assist in collecting smart insights about target audience going as far as analyzing the smallest details of customer behavior and using this data to improve the system’s performance with machine learning algorithms. We have started exploring such possibilities only recently but we are already fascinated by the fact how many possibilities it hides. In marketing automation, for example, we can collect insights in real time and send them to secure decentralized database. AI will later use this information for customized smart campaigns.
On top of that, modern AI systems feed on data. In order for algorithms to learn, they need to collect and process information, and through that action get new possibilities. This, however, gives us reasons to be concerned with possible privacy issues. Right now we’ve seen that companies who want to implement AI algorithms in their interactions with clients are frequently questioned about the security of their measures.
The Blockchain helps to make AI more transparent, and therefore, trustworthy. Since there is no single storage that could be targeted by hackers, it significantly increases the system’s safety. As I mentioned before, the Blockchain, by its nature, is a complex innovation which requires not only high programming skills but also powerful tools to handle all the processes. AI computers, along with self-learning assistants, can lend a hand with writing a code and implementing it.
Here are the examples of use cases that point out what the Blockchain and AI can do together.
New learners deal in synthetic datasets to enable a business to master neural networks, laying the foundation for smarter AIs and pocket-friendly knowledge mining and sharing.
BETTER FINANCIAL SERVICES AND TRANSACTIONS
Using the data, AI can evaluate different types of loan products, demographics depending on those borrowing patterns while predicting products’ type that financial institutions offer.
AI can figure out similarities that may have been skipped through previous AI operations. For example, AI can determine that consumer transactions for guttering materials are higher in summer.The Blockchain technology is in use to validate citizenship in different regions, where birth records are not present.
Similarly, it can monitor the migration of people, groups, and the percentage of terrorist health issues depending on those movements. As AI gets this information, predictions become faster that help government agencies make better decisions regarding immigration policies and health concerns.
Besides, I will highlight a few more domains where one can track down a great combination of AI and the Blockchain. I believe we will face the further developments and emerging benefits.
Surely, digitalization has introduced complicated digital rights to the IP management spectrum, but when intelligent AI finds out the rules of the game it can point out the players who break international copyright law. Mentioning IP contract management, the Blockchain technology triggers immediate payment methods to artists and authors.
Although global organizations like NATO and the UN won’t disappear, the Blockchain technology and AI could both contribute to the development of direct democracy. The Blockchain and AI can transfer big hordes of data globally, tracing e-voting procedures and displaying them publicly so that citizens can engage in real-time.
Smart contracts could also take center stage where transparent information is essential in financial services. Financial transactions may no longer rely on a human “clearing agent” as they’d become automatized, performing more efficiently and faster. However, since confidence in transactions remains dependent on people, AI can step in to monitor human emotions and predict the most optimal trading environment.
SMART ENERGY, SMART BUILDINGS
Moreover, green-friendly AI and the Blockchain help reduce energy waste and optimize energy trade. For example, an AI system governing a building can predict energy use by taking into consideration such factors as the presence and number of residents, seasons, and even traffic details.