Blockchain is an immutable shared ledger that allows a shared, transparent and immediate exchange of all the data that has been encrypted to several parties simultaneously as they go through various transactions. The parties can keep track of all the transactions that are being made. A blockchain can successfully track all payments, orders, production, account, and other details. Blockchain maintains a high level of security; thus, not everyone can access the blockchain or make any changes in any transactions. Therefore, any confidential transaction can take place using the blockchain. The confidentiality level helps bring more opportunities and efficiencies to the business.
Market size and revenue comparison for artificial intelligence worldwide from 2018 to 2030
According to statista, The worldwide market revenue for artificial intelligence is forecast to grow significantly from 2018 to 2030, although different studies suggest variations in just how much the global market size will increase by. The market research firm IDC projected that the global AI market will reach a size of over half a trillion U.S. dollars by 2024. Precedence research suggest the market will grow to over 1.5 trillion U.S. dollars by 2030
On the other hand, Artificial Intelligence is the simulation of human intelligence into machines where machines can mimic humans and perform similar tasks as humans. Artificial intelligence allows a device to make decisions and solve problems that humans usually do. Artificial intelligence also has a few sub-fields like deep learning and machine learning. These sub-fields use AI algorithms that are trained on data and are used for making classifications or predictions better over time. Implementing AI will provide a lot of benefits. Some of these include; better customer experience, better decision making, repetitive tasks, etc.
Combining Artificial Intelligence and Blockchain
By now, you already know what blockchain and AI are and how they can help individually. Now, further, let us take a look and see what can the combination of blockchain and AI can do together or, instead, what the combined values of the two most popular technologies:
Blockchain and AI can bring new values to several business processes that multiple parties can see. For example, an AI model that is placed in smart contracts and is executed on the blockchain can suggest products that have already expired for conducting transactions. For example, payments, re-orders, or various other stock purchases based on events and set thresholds.
One of the most significant benefits of artificial intelligence is that it can understand, correlate, and read data at a super-fast speed, which brings a new and higher level of intelligence to business networks based on blockchain technology. Blockchain provides AI access to vast volumes of data from within the organization as well as outside. In return, It helps AI provide better actionable insights, data usage management, a transparent and trustworthy data economy, and model sharing.
Blockchain provides digital records of all the transactions that are made. It helps in getting an insight into the framework on which AI stands and the amount of data that the framework consumes, thus taking a look at the challenges that AI has. It helps improve the trust in data integrity and in all the other recommendations that artificial intelligence provides. Using blockchain to store and distribute several AI models provides a trail of all the audits. Thus, if you pair up blockchain and artificial intelligence, you will automatically get enhanced data security.
Industries that Use Blockchain and Artificial Intelligence
Combining AI with blockchain is one of the best things you can do. The combination of the two will help deliver new ideas to the business, which will help bring in more customers and hence will help you get higher profits. Here are some of the industries that have benefitted by integrating AI and blockchain:
The healthcare industry is one industry that has been experimenting with several technologies for providing better treatment to patients. Therefore, when it came to implementing AI, the healthcare industry grabbed the opportunity. AI helps the healthcare industry at large. It helps get important insights by checking the detailed patient data and revealing the patterns. With blockchain containing the patient's data in detail, including the ones on the electronic health records, the organizations can join hands and work together to provide improved care while protecting the details of the patients.
2. Financial Services
The financial sector is the sector that requires the highest security since this sector contains all the details of the customers that are related to their wealth. With the implementation of AI and blockchain, the financial industry can ensure they can be trusted entirely. It can be possible since these technologies help remove friction from several multi party transactions, accelerating the transaction speed. Take, for example, the process of loans. The applicants who apply for the loan give permission and access to check their records on the blockchain. Therefore, the applicant is putting all the trust in the technology and has the confidence that their data will not be hampered at any cost. This trust in the entire evaluation process of the application helps close down the loans faster, which in turn leads to higher customer satisfaction.
3. Life Sciences
Blockchain and AI have proved to be miraculous in the medicine industry. Implementing these technologies has added traceability and visibility to the pharmaceutical industry and the drug supply chain. It has dramatically increased the success rate of several clinical trials. The combination of an advanced data analysis teamed with a decentralized framework helps maintain data transparency, integrity, consent management, data collection, patient tracking, etc.
4. Supply Chain
Blockchain technology, teamed together with artificial intelligence, has been transforming supply chains to a great extent. They have digitized all paper-based processes and created reliable and shareable data. The combination of these two technologies has been successfully adding automation and intelligence, which helps in further execution of various transactions, which in return in successfully newer and better opportunities. For example, tracking carbon emission data at all levels has become much easier for a manufacturer using artificial intelligence and blockchain technology. It helps make the decarbonization efforts more accurate and with better intelligence.
5. Information Technology
Technology upgrade significantly contributes to each industry; the most impacted is the Information technology sector. It has contributed substantially to the industry, offering advanced business modules, globalized verification systems, advanced predictive analysis systems, and more. It has changed the way people work. In the IT industry, artificial intelligence and blockchain technology have enhanced overall work while offering improved data encryptions and securely holding comprehensive data.
Blockchain and Artificial Intelligence
Although the rise of cryptocurrency is very recent, the spread has gone quite far. Now when it comes to artificial intelligence in cryptocurrency, then there are quite a few contributions that we must look into. Cryptocurrency is a popular investing method that is ruling the present market. However, various uncertainties come along with cryptocurrency. The implementation of AI in cryptocurrency helps in overcoming such uncertainties. Artificial intelligence's robust data analytics helps an investor forecast and provide influential events in the crypto market. It also allows an investor to make decisions. Artificial intelligence in cryptocurrency also helps prove valuable insights by cleaning, collecting, analyzing, and processing vast amounts of data. The creation of forecasting models or neural networks has become easier for developers and data scientists with the help of AI. That, in return, helps in making a better analysis of the age-old crypto market data and helps in getting accurate predictions about the price of various cryptocurrencies in detail.
AI also plays a significant role in the sentiment analysis of the crypto market. To perform this analysis, vast amounts of data from various sources must be collected, analyzed, and processed. These data consist of; blogs, articles, news, social posts, stock boards, forums, and even all the other comments that you will find related to these. With the use of AI, a vast amount of data from the blockchain and from the internet can be analyzed to check the sentiments and see if they are positive, negative, or neutral. AI, along with machine learning, can analyze various kinds of signals. It helps in identifying all the manipulations that exist in the market. It can be done through sentiment indicators and observation of unusual behavior. As soon as sentiment and data get attached, immediately an investor can implement the discovered insights.
We all know that AI can stimulate human intelligence and mimic it for decision-making. Thus, analysts and investors often use this power as a high trading strategy. When a trader can quickly execute a trade based on the crypto exchanges, the rate of profit turns out to be much higher. This kind of trading can also be referred to as algorithmic trading and is typically used by hedge and investment funds.
In the End
AI and blockchain technology go hand-in-hand with each other. Although the extent of AI is much more significant as compared to the blockchain, blockchain is also a technology worth trusting. The advantages that the integration gives cannot be ignored. Several applications have been made possible with the integration of blockchain and AI. However, these applications have not been used on a vast scale. There are a lot of influential organizations that are giving deep thoughts about considering investing and applying both technologies so that a better future can be achieved.
If you are looking for a company with expertise in building blockchain technology and artificial intelligence, look no further because you will probably not find better solution providers than OweBest Technologies. Our team will integrate the two in a way that benefits your business. You can check everything about us on our official website.