Source: ET Retail
Blockchain is a decentralized ledger that works and operates across multiple computers. The technology uses multiple computers so that issues and fixes can be rectified without the intervention of another one. This technology further enhances transparency, security, and the reliance on traditional agents or technologies.
Artificial intelligence, AI, and blockchain technology are transforming business models. The technology has further brought big innovations across different industries, such as healthcare, retail, businesses, and the internet.
Artificial intelligence and blockchain technology are reshaping traditional practices and helping businesses grow through streamlining operations. Blockchain's transparency, scalability, and security have made it a vital partner in the development of AI.
Understanding The Artificial Intelligence And Blockchain Technology
In this section, we will learn about how the combination of artificial intelligence and blockchain technology has brought a new era in business innovation, giving a path for greater efficiency, security, and decentralisation.
The Basics of AI
Artificial intelligence, or AI, refers to systems or machines imitating human intelligence for performing tasks. They collect information and repeat its functionality or enhance itself with every use. AI can be divided into two categories including weak AI and narrow AI. It depends on which kind of task is needed to be performed and the AI is further counted as strong or general AI. AI can read, intellect, and perform any task that human beings can perform.
Types Of AI
Narrow AI: Often used in personal, customer care assistants and chatbots, for example, chatbots in shopping apps.
General AI: that is made in the sense of detecting and working like humans.
The Fundamentals Of Blockchain
Blockchain technology works over one network and decentralized ledgers. Blockchain technology records the transactions with an unchangeable cryptographic signature called a hash. Furthermore, this technology helps in identifying any single change within any block of information. It will also help in defining or explaining any apparent or tampered change within the block that doesn't belong to the person’s identity. Hence, blockchain offers security over the applications, and their uses, along with robust transactions across each application.
AI And Blockchain: Exploring The Effect Of Their Combinations
Source: 9Point Capital
The technology is decentralized (having no single point of failure or control), transparent (needs permission for every step), and unchangeable (once the record is set the data cannot be altered without intervention within the subsequent blocks).
The intersecting point of AI and blockchain is made of two potent technological forces. On one hand, AI helps in reading data or data analysis and autonomous decision-making potential. On the other hand, blockchain provides security, transparency, and a tampered-resistant record-keeping frame. The technology that is used within the record keeping of each block, helps in creating strength for data each block. The decentralized technology of blockchain helps businesses to grow and work on autonomous functionalities.
The intersecting point of AI and blockchain is the foundation for various business innovations. Artificial intelligence and blockchain technology are putting forth how businesses work and how the business landscape is redefined. The convergence of these two technologies has unlocked new opportunities, reshaping various industries with improved efficiency.
The Intersection Of AI And Blockchain And Their Impact On Different Industries
Let's study the subsequent consequences of the technology on each industry mentioned below–
Healthcare
Artificial intelligence and blockchain technology in healthcare provide patients with independent or new opportunities using online services. The technology helps patients to enjoy the services at a new level. The patients can safeguard their data, their prescriptions and personal information online from hackers. This also allows the patients to share their data and prescriptions with those whom they like to share with like their patient friends and doctors.
Retail
Combining AI with blockchain technology will help enhance its impact on the particular sector. Since blockchain utilizes immutable blocks and stores data for a long, the introduction of the technology in the sector will help preserve consumer information. Furthermore, this will help the retailers to store data even in case they have forgotten the details of their consumers. In addition, the payments will become more secure avoiding the fraud risk.
Supply Chain
Gone are the days when Indians and Indian technologies depended on manual notebooks. The use of MS Excel, database technologies and others would enhance the storage of data but that could be changed anytime with a few tactics. AI and blockchain are not only providing the operators with new technological tactics but also the users or consumers with new levels of experiences. The data storage for long without any change in the foundation can help profit the corporates.
Finance
Artificial intelligence and blockchain technology will help in expediting the processes in the financial sector. Since blockchain utilizes smart technology, it will help in storing the contacts and information of people related to finance. In addition, AI will help in decreasing the dependency on humans. This will bring automation and performance as well.
Government
The combination of Blockchain and AI will redefine how we imagine democracy. It will become easier for the owners to maintain data, security, and quality. It will help in tracking the votes electronically, making things instantly accessible to all residents.
Mobile Applications
With AI and blockchain, payment methods will become transparent. It will also help in deciding the payment gateway, how consumers attend or finish the transaction simultaneously, and how they check out the process.
Conclusion
Data management, machine learning, commercial solutions, and conversational systems – all are possible with the help of artificial intelligence (AI). The combination or intersection of AI and blockchain has brought a big boost to business innovations. The accuracy and fairness of the intersection of AI and blockchain cannot be tested independently.
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