Blockchain and AI have become quite popular in the past few years, but it was not long ago when the world wanted to see how combining both can impact the world and the many things they can do together. Blockchain has led to a technological revolution in a number of different industries, such as retail, finance, real estate, supply chain, healthcare, mobile apps, and many others. It is also among the most trusted and loved technology by users and entrepreneurs. Artificial intelligence is not far behind. It, too, has made an impact in the business world and has led to the upgradation of traditional businesses. Chatbot, one of the most popular AI technologies, has revolutionized customer experience. Slowly, it has become one of the core essentials for businesses in different sectors like travel, retail, mobile apps, healthcare, and others.
Even though both Blockchain and AI are becoming an important part of businesses around the world in some way, combining them both can bring about major changes that one might not have imagined before. Considering AI and Blockchain together will open up many new opportunities for businesses while helping solve many challenges that many sectors might be facing. The mixing of blockchain technology and AI will improve the decision-making process and make them more accurate. It will also help businesses provide a more personalized service to their customers. It will also lead to more privacy for consumer data and prevent sensitive data from being stolen. AI and Blockchain will remove a number of the hassle that comes with different payment methods. It will lead to greater efficiency in international trading. New business models may be introduced using both these advanced technologies.
The integration of Blockchain and AI can easily b utilized in different industries. For example, they can open up new opportunities in the healthcare industry and offer better healthcare services to the patients. It will also help secure the patient’s data from cyber attacks. It will give the patients the power to decide with whom they wish to share their information. Another industry that can benefit from this integration is the retail business. The business owners will be able to track the buyer’s decision of the customers and determine if their marketing plans were successful. It will also enhance the entire payment process and reduce the chances of fraud.
In the financial sector, this combination of Blockchain and AI will streamline the different processes. Blockchain will help in trust-building through Smart contracts. AI, on the other hand, will automate the entire system and reduce dependency on humans. One sector that can totally be transformed through Blockchain and AI is the supply chain management. New technology will help optimize the entire supply chain to improve efficiency and allow businesses to enjoy higher profits. Apart from the above sectors, this combination has already been in use in certain areas such as cybersecurity and self-driving cars.
The power of AI and Blockchain is yet to be explored. But we already have many different proofs that show that companies should invest new technologies to enhance their processes. Some of the companies that are using AI-Blockchain convergence include Engima, Ocean Protocol, Synapse AI, Numerai, SingularityNet, Computable Labs, and others. More and more entrepreneurs and investors are looking to explore the idea. But, the combination of these two technologies is still in the nascent stage. There are many challenges that need to be overcome to successfully embrace the benefits that both these technologies have to offer. It seems that companies should be able to exploit Blockchain and AI in the near future.