How the blend of Blockchain & AI change the face of businesses?
Today, Blockchain is one of the most admiring technology. This technology offers enhanced security, efficiency, speed, and reduced costs. Based on demand for this technology across the world, it is expected that the Blockchain market value is expected to increase from US $885.4 million in 2019 to US $2,312.5 million by 2021. The figure below depicts the overall growth of the Blockchain market for a period of FY2016-FY2021.
Note: Values are estimated and are retrieved from Statista
Whereas, Artificial Intelligence (AI) is one of the best driving forces in this world of innovation. It transforms the every organization, and becoming a vital part of their business. Every industry is using Artificial intelligence such as healthcare, e-commerce, retail, real- estate, manufacturing etc.
The below figure depicts the revenues generated from the artificial intelligence for enterprise apps market worldwide, from 2016 to 2025 (in million US dollars).
Note: Values are estimated and are retrieved from Statista
A blend of AI & Blockchain technologies would create a new era of business. So, let’s find out how these technologies fit into different industries, what is their importance, and its impact on the economy?
We can say that both technologies have their own features and advantages, but when they use together, these technologies offer a new way of business and offer provide deeper and more accurate insights. Hence, the combination of AI & machine learning with Blockchain can offer a new of doing business in this digital world.
Benefits of Combining AI and Blockchain
After the integration of Blockchain & AI technology, it becomes one single entity, which helps to solve many issues and open new opportunities. Some of the benefits are-
#1 Improved Decision-Making process
The combination of Blockchain and AI improves the decision-making process. AI tools help to find out risks and other scams linked with any transaction, whereas, Blockchain helps to boost the accuracy of the information with the help of its easy and safe data auditing procedures.
#2 Enhanced Security and Privacy
The Blockchain and AI integration will provide personalized experiences to the customers. While Blockchain concentrates on the security of the data by using the best cryptography encryption method, artificial intelligence works with complex data. In case AI fails to provide accurate personalized experiences to the customers because of data violation, then Blockchain will prohibit the situations. Hence, security and privacy to the customers data.
#3 More Reliable
The combination of Artificial Intelligence and Blockchain will enable customers to check how their data is securely stored, processed, and utilized. This will help them to review every single phase of the digital transaction process, which will augment the trust of the customers.
#4 Boost Accessibility
In online transactions, the chances for fraud actions will be more. But, the mix of AI and Blockchain will eliminate the problems related to digital transactions. They boosts the productivity of the operations, provide accessibility, better security, and lessen the cost associated with it.
#5 New Business Models
The amalgamation of Blockchain and AI becomes very beneficial to introduce new business models. Blockchain will deliver access to the transnational data of the whole business network. The complete information helps the AI system to get better understand the characteristics, configurations and other important factors of the business. All this information becomes a very valuable asset to take the right decisions for your business.
#6 Advanced Smart Contracts
Smart contracts provide different benefits such as fewer conflicts, better speed, enhanced storage of data, etc. to the business. But because of the complexity of the process, their usage is limited. After the combination of Blockchain and AI, smart contracts able to encrypt and authenticate the complex profitable connections.
Now, after getting the benefits of these two technologies, it is time to get a deeper knowledge of its impact on various industries. So, let’s start.
Impact of AI-Blockchain by Industry
These technologies provide both healthcare service providers and patients experience a different level of service. These technologies together provides security against cyber-attacks, and gives access to data to the patients and authorized doctors. It gives full controlling power of the data to the patients, so that they can share their data with anyone and get personalized recommendations.
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The blend of AI technology and Blockchain empower the retail business. It will give access to retailers to record the feedbacks of their customers and save the entire procedure. In case their marketing plan fails, the record helps the retailers to find out the factors for their market downturn. It also improves the payment methods and eliminates fraud risks.
#3 Supply Chain Management
The blend of Blockchain and AI enhances supply chain management services. The processes include tracing the purchasing orders, keeping the record of the transactions, connecting goods to their data, sharing the order data of the products and doing predictive analysis. They will help the businesses to create more value and advance the logistics operations.
AI and Blockchain will modernize the Finance industry. While AI technology reduces the need for human beings to comprehend the feelings of humans, Blockchain as smart contracts will build the trust factor. This amalgamation improves the performance of the finance industry.
These technologies eliminates the dependency on the big assembly of people to control data and transfer to the public securely without harming the quality of data. For instance, AI technology and Blockchain help in tracing the e-voting process.
Blockchain and Artificial Intelligence provide huge benefits to different sectors. Projects involved in these combinations are very rare, since it is still unexplored field. The relationship between these two technologies takes technology to an untouchable level.