Since the past decade, two highly disruptive technologies have taken the world of technology by storm.
Blockchain and Artificial Intelligence (AI) are those two cutting-edge technologies that have become synonymous with time.
Blockchain was created by an anonymous personality known as Satoshi Nakamoto. It is basically a distributed ledger technology that enables highly-secured data storage with complete transparency.
Artificial Intelligence, on the other hand, is a technology that helps a program/software/machine to learn from its own experiences. In most cases, though, an Artificial Intelligence system requires a huge amount of data to learn and make future decisions accordingly.
Now, even though both technologies seem to be in its nascent stages, both of the technologies have gained an insane amount of momentum.
For example, the global blockchain market is forecasted to grow to $23.3 billion by the year 2023. Artificial Intelligence, on the other hand, is forecasted to reach $118.6 billion by the year 2025.
In this article, I will share a few uses cases about how Blockchain and AI can be used together by businesses to effectively build innovative, modern products for the future.
1 – AI Can Better Manage The Blockchain
Until now, computers have been really fast but also stupid. For example, before the AI revolution, computers, without explicit instructions, weren’t able to perform a task on their own.
And since the hashing algorithms used in the Blockchain technology requires a vast amount of processing power, using brute-force approach is a really time-consuming approach as it tries every possible combination of characters to find the one that fits to verify the transaction.
AI helps to replace this brute-force approach by managing Blockchain more intelligently and effectively.
For example, a human can only become an expert at cracking code by cracking codes throughout his or her career.
An AI-powered system, on the other hand, can tackle the job in a similar way. The only difference is, instead of spending a lifetime to become an expert, it can easily sharpen its skills almost instantly if the AI system has been fed with the right data.
As a result, AI can help to automate the Blockchain management in a more intelligent manner and without the interference of a human expert.
2 – AI & Blockchain Can Help to Better Understand Customer Base
Thanks to the internet and the rise of various social media platforms, large-scale companies now have access to customers’ shopping behavior, geographical information, and even their political preferences.
However, the majority of this data is often random, vast, and chaotic.
This is where AI comes into the picture. Businesses can leverage smart AI algorithms to draw useful insights from the vast amount of data in a matter of seconds.
As far as Blockchain security is concerned, unlike the traditional centralized data centers like Amazon AWS, blockchain is completely decentralized meaning all the data stored on the blockchain are regularly verified, creating a massive database of all transactions.
As a result, your customers’ data becomes more useful and immutable since all the data manipulation on blockchain automatically gets picked up by other computers and makes the entire hack operation invalid.
3 – AI & Blockchain Can Help to Skyrocket Sales
Data stored in a Blockchain network automatically becomes highly secure, thanks to its decentralized nature.
This, as a result, makes the Blockchain technology perfect for storing personal and highly-sensitive data that can be smartly processed to unlock greater convenience in our lives.
Take healthcare systems for example. These systems help doctors to accurately make diagnoses based on our past medical records.
Another great example is the recommendation engines built by Netflix and Amazon. If you’ve ever wondered how Amazon and Netflix are so accurate in suggesting what we would love to buy or see next, it’s because they have fed the right data (what we browse on the internet daily) to suggest the right products.
Another great example is Walmart. The brand regularly feeds months’ worth of data of all its stores into their AI systems to make decisions like what products need to be stocked and where.
The bottom line is, AI together with Blockchain holds great potential in helping businesses make smart decisions in different areas of operations. One would be foolish not to leverage the advantages of such innovative technologies as soon as possible.
Conclusion
As you saw, AI and Blockchain are clearly the two most-innovative technological trends that have huge potential to bring even more revolutionary opportunities in the market for Software, web and mobile app Development Company.
In fact, even though AI and Blockchain technologies have already disrupted many industry sectors, it is expected to see more and more businesses adopt these two revolutionary technologies in the near future.
I guess the only question you need to ask yourself is, are you ready to adopt the game-changing technologies in your business?
