How Are Blockchain and AI Perfect Partners to Drive Business Efficiency?
Published by : Industrial Automation
Blockchain and Artificial Intelligence both have a different perspective on industry verticals. As AI is boon for today’s world and is able to transform the way businesses perform, blockchain is a distributed, decentralized ledger technology used to store encrypted data. In a PwC report, AI is expected to add US$15.7 trillion in the world economy by 2030. Conversely, Gartner expects blockchain will add US$3.1 trillion to business value by the same year.
Even though both technologies have highly diverse applications, industry analysts have been discussing their combination. While AI and blockchain are able to impersonate upon data in different ways, their amalgamation can make sense and will take the exploitation of data to the next level.
AI and blockchain may become key players of the Fourth Industrial Revolution (Industry 4.0). They have the ability to enable autonomous concepts and programs to perform a vast number of tasks that had previously done by humans and entailed high risks of error.
Creating Business Opportunities by Combining AI and Blockchain
AI and blockchain can redefine organizational and process boundaries, moving from siloed verticals with complex processes to enabling efficient operations across horizontals while revealing confined business value.
As blockchain serves as a ledger technology that powers cryptocurrencies, its networks are now being implemented to a various number of industries to create decentralization. SingularityNET, a decentralized marketplace for AI algorithms, for instance, is majorly focused on leveraging blockchain technology to foster a wider distribution of data and algorithms. The company uses the combination of AI and blockchain in order to create smarter, decentralized AI networks that can host diverse data sets.
The incorporation of AI and blockchain is a quite powerful pair, upgrading everything from food supply chain logistics to healthcare record sharing and financial security.
A large number of companies use both technologies together to deliver greater business efficiency and productivity. Blackbox AI is one such company which builds AI tools for emerging technologies. The company’s engineers focused on creating a customized information architecture that powers everything from machine learning and NLP to blockchain tools. On the other hand, Core Scientific, a Bellevue, Washington-based company, which combines personalized blockchain and AI infrastructure with current business networks. While both technologies consume vast amounts of computer processing and power, Core Scientific makes sure that the company-controlled data centers and blockchain and AI infrastructures always run at optimal efficiency.
Bext360 which develops technologies to streamline critical supply chains in emerging economies also uses AI and blockchain to boost supply chain transparency and efficiency in industries like coffee, timber, seafood, and mineral. The company has deployed mobile apps, bots, and blockchain to the coffee supply chain to make a more transparent and ethical journey from bean to cup. Its AI system scales out the quality of coffee beans and envisages weather and growing patterns, while blockchain technology records the farm where the beans originated and the precise specifications of a coffee shipment.
Today, we generate a staggering amount of information or data with every move we take on applications or any social media platform that needs to be processed. Since there is manually no human workforce able to assess such an enormous amount of data, the combining aspect of AI and blockchain can be constructive here.
As AI can analyze troves of data effectively, blockchain, on the other hand, can serve as the decentralized and immutable foundation for securely storing the record that will then use by various industry players. Furthermore, the integration of AI and blockchain will deliver double protection against cyberattacks.