Blockchain will make AI smarter
Cryptocurrencies are fluctuating the economic power from big banks to individuals. Blockchain technology is also democratizing artificial intelligence (AI). In future time, businesses will be able to provide customized recommendations that are currently taking assistance from big giants. The scope of AI is broad and offers a spontaneous experience. One can imagine if going for a shop for the first time and you will be offered exactly the similar products according to your taste.
The current challenges being faced by the smaller organizations is not the cost but gaining the high quality data about the customers. Trends of the customers can be recognized across multiple channels and the shopkeepers find it difficult to trace the data which hardly make use of AI systems. Here, the blockchain comes into play. Blockchain turns out to be transformative and creates open and decentralized data that too restricting over privacy. Blockchain increases the privacy level and the shopkeepers can now secure the privacy of the customers and retailers.
If someone bought a suit from a shop then the blockchain ledger will automatically send an email suggesting shoes for the person even if the customer purchased from different shop. If we consider otherwise then the sales associate would scan the mobile app and view the customer existing outfits to suggest products that best compliment the individual. Blockchain contraries the balance of power putting customers and not business in control.
The fluctuation from disjointed databases gathered from individual retailers to complete databases which are maintained by customers should grow the amount of data available to the predictive marketing system. This approach will surely improve in accuracy. The customer centric methodology will improve the machine learning system. There are more benefits of using blockchain in AI applications. Blockchain is irreversible which means that AI models can access the source of each data element. If any redundant and useless data is found then it can be easily removed. By using blockchain, systems based on artificial intelligence are turning out to be more useful. This will surely make our life more secure and convenient.