We cannot deny the fact that Blockchain is the biggest innovation since the internet itself that has revolutionized not just the financial industry but across various sectors. Just like Internet has disrupted every phase of life, so will Blockchain in coming days. The blockchain is itself the hottest technology area, the convergence of Artificial Intelligence (AI) with it will open several possibilities & benefits. Talking about AI, a bit of it is present in everything digital around us like shopping for a dress from online sites or searching anything on Google Search bar. Our purchase decisions are being influenced by analytics or algorithms that analyze the human behavior or personal interests. In the blog, we will learn about the convergence of two massively disruptive technologies-Blockchain & Artificial Intelligence & the benefits it will offer.
Why Integrate Blockchain with AI?
The collaboration of Blockchain & Artificial Intelligence can help in resolving many challenges like promoting better & more secure transactions. In the process, blockchain helps in reliable exchange of value embedded data without conflicts while AI puts data into action & create value without human intervention. The AI technology helps in extracting information, patterns & predictions based on patterns from blockchains of data. The result of these predictions is more accurate than any data mining process performed by AI today that uses incomplete or incorrect data. Here are some of the benefits that have been resulted from the integration of AI & Blockchain:
Blockchain technology helps in removing fraud claims and AI helps in creating new authentic data classifiers to verify authenticity on a decentralized blockchain ecosystem. The intelligent business systems generated by the collaboration leads to faster sales & meaningful filters for consumers to create successful shopping stories.
The combination of AI & Blockchain leads to a more secure way of conducting financial transactional services as insights are analyzed by AI and blockchain serve as a trusted platform. Using a secured ecosystem of Blockchain, AI platforms can analyze market data to uncover new insights for better business growth & generate new opportunities for the banking industry.
With the smarter mining process of blockchains data, AI technology can figure out correlations that could have been missed through traditional AI procedures. Though AI systems drive more sales for retail business with smarter analytics, it cannot verify claims of vendors & suppliers in terms of quality & product specs, which has been made possible with the integration of blockchain.
Data sources from the organizations can be integrated with the AI-based Analytics platform, which will help in defining the way data is going to be used in the blockchain ledger for the whole transaction. Therefore, there will no chance for data owners to lose their data credibility or value. And the AI system will study & extract patterns to identify best business practices & best solution for any challenges.
Using smart automated management systems based on AI & Blockchain, we can achieve a high degree of transparency in governance mechanisms as AI does not depend on human resources for redundant activities. Hence, proper policy implementations are created that removes any kind of human interference & also avoid corruption.
The convergence of AI & Blockchain technology will provide immense possibilities & benefits to business processes & financial transactions. The successful combination of these two technologies will create the world’s most reliable tech-based systems with the support of decision making, which will be virtually tamper-proof & provide new insights.