The advent of the internet in 1991 changed our world in a multitude of ways. Today, almost every aspect of our lives can be managed through the use of computers and smart devices. Businesses can benefit from the changes and advances made in blockchain and AI integration over the past year. There may even be more advances we can’t predict a year from now. But for now, we can let you know how blockchain and AI integration will change our business landscape.
Many people who aren’t financial experts will not be familiar with the term “blockchain”. In its simplest form, blockchain is a chain of blocks, but in tech, the block is digital information, and the chain is where it’s stored in a public database where it can be accessed by a business or customer. Blocks are made up of pieces of information.
But how can AI be used with blockchain technology? It can increase its potential. Rather than being competitors, these two technologies can be complementary to each other.
For instance, AI can be used to analyze business data, and help to solve any industry puzzles. It can be as simple as analyzing business data to figure out when customers are most likely to be active online, rather than the financial analyst sitting down at the computer and manually going through data. Once the AI has collected the required information, a business can then focus their efforts on a marketing timeframe.
Another way AI can benefit blockchain analysis is by providing a safe and secure method of analyzing data, rather than hiring outside analysts. This keeps all data secure and protected within the company.
But the big question is how the business landscape will change from what’s already been happening. Besides providing privacy and security, businesses can change through utilizing less energy during production, better automation of hardware, and even through better governance for government data regulations.
The blockchain market is rapidly growing. AI is also being utilized by all the big social media and market companies around the world right now. These services are provided to millions of customers. They’ll feel more confident in having greater power in who they grant access to their personal data. Blockchains that are built using network technology substrates can provide this ID but it will be decentralized and more secure.
Besides social media and online stores benefiting from this integration, other industries, including health can also benefit. Some data is more sensitive than others, such as health records. Again, different types of data would only be shared according to the patient’s discretion. Companies that provide loyalty programs could use AI and blockchain to help provide rewards to customers who interact with the businesses more often.
Blockchain and AI together will help provide greater efficiency and productivity for all types of businesses and industries. Many big tech companies are investing big dollars into their research and testing.
If you’re curious how AI and blockchain can benefit your business right now, please contact iConnect Technologies today.