Use cases show the combined potential of AI and blockchain
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The world has seen years of hype around blockchain and a more recent explosion of interest around AI. They can work together for the benefit of companies.
AI typically helps individuals and organizations automate processes and make data-driven decisions. Blockchain creates secure, decentralized ledgers that can be used for transactions without intermediaries. The two technologies have enormous potential on their own, but when combined, they can revolutionize entire industries.
AI can help improve the performance of blockchain networks by automating processes and improving accuracy. AI algorithms can analyze data on the blockchain to detect patterns and anomalies, helping to prevent fraud and other malicious activities. Blockchain can provide a secure and tamper-proof operating environment for AI algorithms. With blockchain’s distributed ledger technology, the data is stored on multiple nodes, ensuring that it cannot be altered or deleted by a single malicious actor.
The financial and banking industries stand to gain the most from this powerful technology combination and its capabilities. Others, such as healthcare and transport, can also reap the benefits.
AI and blockchain in financial services
One of the most important use cases of AI and blockchain is in the financial industry. Financial institutions handle huge amounts of data, AI and blockchain together can help manage this data more efficiently.
By automating processes and analyzing data on the blockchain, financial institutions can improve their risk management and compliance processes. For example, AI algorithms can analyze financial data on the blockchain to detect potential fraud and money laundering activities. In this same scenario, the blockchain technology ensures that the data is secure and cannot be changed secretly.
Several companies are exploring the combination of AI and blockchain in the financial industry. For example, FactSet, a global provider of financial data and analytical software, is using both artificial intelligence and blockchain to improve its risk management and compliance processes. The company uses AI algorithms to analyze its financial data in a blockchain to detect potential fraud and other irregularities. Meanwhile, the company’s blockchain technology acts as a shell for the algorithms and data.
Other current and future use cases for AI and blockchain
Apart from the financial industry, AI and blockchain have several other use cases that are not as expansive but still important.
AI can help increase the efficiency and transparency of supply chains in the transport sector and other industries. By analyzing data on the blockchain, AI algorithms can help identify bottlenecks and inefficiencies in the supply chain, allowing companies to optimize operations. Blockchain technology, on the other hand, can help ensure transparency and traceability of products as they move through the supply chain. It typically does so by keeping track of the truth and ownership of logistics documents and guaranteeing visibility to those involved in tracking the locations of goods as they move.
The healthcare industry is another sector where the combination of AI and blockchain has enormous potential. AI alone has already shown its potential to improve telemedicine. By analyzing medical data on the blockchain, AI algorithms can help identify patterns and anomalies in patient data, allowing doctors to make more accurate diagnoses and treatments. Blockchain technology as the mechanism for storing patient data can help protect privacy and ensure security, which is critical in the healthcare industry.
This combination of AI and blockchain therefore has enormous future potential for businesses across various sectors. Any sector using blockchain technology should consider that AI helps improve the performance of blockchain networks by automating processes and improving accuracy. AI algorithms will be kept secure as their blockchain technology will provide an impenetrable and unhackable environment in which to operate.
The financial industry will have the most use for this combination, especially since demand will increase for improved risk management and compliance processes. But among the other use cases that exist, such as supply chains and healthcare, this duo will increase efficiency, transparency and security. This is important given that AI explainability and transparency, as well as the concept of responsible AI, are increasingly important issues in this era of AI hype. As businesses continue to explore the potential of AI and blockchain, we can expect to see more innovative use cases emerge.
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