Blockchain is an immutable and distributed ledger that provides real-time settlement of transactions involving data or money. The apps created with blockchain have revolutionized multiple industries, including the finance sector, health sector and more. On the other hand, Artificial intelligence utilizes a combination of computers, data, and machines to duplicate the decision-making and problem-solving capabilities of humans.
- Generative chatbots that have proved how artificial intelligence can have a transformative impact on the world.
- AI could help in automation of repetitive tasks, ensuring better customer experiences and improving the decision-making abilities of users. Businesses could utilize both to ensure promising improvements: It is important to think of the reasons why you should combine these two technologies. The combination of artificial intelligence and blockchain technology can lead to promising value advantages through better authenticity, automation, and augmentation. Here is a detailed overview of the different improvements you can achieve with the combination of AI and blockchain technology.
- Authenticity The digital ledger provides insights into the framework underlying AI alongside identifying the ownership of the data in use. You should address the challenge with explainable AI, which can provide viable scope for improving trust in data integrity. Subsequently, users can trust the recommendations provided by the AI. Blockchain can serve as a useful resource for storing and distributing AI models, as it offers an audit trail. Therefore, the pairing of blockchain and AI could improve data security.
- Automation Blockchain and the power of automation could offer new value advantages in business processes spanning multiple parties. The value of automation ensures removal of friction, improvements in efficiency, and enhanced speed. For example, AI models in smart contracts could provide recommendations for recalling expired products or executing transactions according to a specific set of events or thresholds. Automation through AI could help in resolution of disputes alongside ensuring selection of sustainable business operations.
- Augmentation Another vital aspect of the advantages of AI in blockchain points to augmentation. Artificial intelligence has the capability to read data at a faster speed in detail. As a result, it can understand and find the relevant patterns within a matter of seconds. Therefore, AI could introduce a new type of intelligence in blockchain-based networks for business organizations.
In conclusion, we can say that Blockchain could provide access to massive repositories of data from outside and within an organization for obtaining actionable insights. On top of it, the blockchain and AI combination could help in improving scalability of AI for management of model sharing and data usage. The benefits of augmentation with the combination of blockchain and AI could also support the creation of a transparent and credible data economy.
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