
Two recent
techs, artificial intelligence (AI) and blockchain are currently gaining traction
in the digital space. Both are already affecting society and the way people
live. The same applies to business, and the effect of these techs is expected
to remain for the next decade.Â
How AI And
Blockchain Technology Are Changing the Way People do Business
Business
operations are changing, with AI and blockchain technology playing an important
role. The best thing about AI is that it is already revealing new angles for
various business sectors. This is accomplished by enabling the optimization of
routine work and redirecting the focus of human workers to more difficult and
significant tasks.
On the other
hand, blockchain has changed the way we see the internet. While making internet
transactions more transparent, blockchain has also drastically improved the
speed at which these transactions are done.
From the
capabilities of these two progressive technologies, it is now quite obvious
that they are affecting human lives and how people do business. Below are ways
that AI and blockchain technology are affecting businesses.
Data
Naturally,
businesses spend huge amounts of money and resources on data and the technology
required to extract true value from them. This much resource is channeled
towards data just to improve efficiency and income in present products.
However, the data that is being generated is a lot more than what we can
process, much less utilized for decision-making.
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Source: ClassNotes
While learning
about the issue and connecting relevant information to the task, AI programs
can manage this situation. Adding a decentralized, distributed, and immutable
ledger that keeps a record of the data passing through a machine-learning
decision can enhance logical and intelligible reasoning.
Then there is
blockchain, which can help attribute, understand, and justify those actions and
results. By keeping the main data
components as transactions on a blockchain, the system can be credibly
authenticated, audited, and changed if necessary.
Public vs
private
Nowadays,
blockchain is frequently used in connection with cryptocurrencies, where anyone
can view the ledger and engage with the blockchain by downloading the P2P client
software. Blockchain is supposed to treat everyone equally while making sure
that users’ identities remain private.
To complete
activities, a lot of processing power is now demanded by public blockchain, and
PCs have varying processing capacities. Future blockchains will employ AI to
determine each machine's capabilities and assign various tasks and node types
based on past specifications and performance levels.
Especially in
public blockchains with thousands of nodes, this allows for swift resource allocation
for network optimization.
Smart contracts
Smart contracts
are computer programs or business logic that automatically perform, control,
and document legally significant events and activities according to the terms
of an agreement.
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Source: Zipmex
They can also
produce new varieties of digital assets or tokens, broadening the scope of
potential uses. Smart contract technology, when combined with AI systems, can
speed up this procedure by providing automated real-time security risk
screening and contract file debugging.
As a result,
any security holes in the contract can be reported to the owners before the
client has access to it. On the current development of next-generation
blockchains, smart contracts will enable and carry out any type of business
logic needed by the application.
Conclusion
By successfully
balancing out each other's shortcomings, artificial intelligence and blockchain
technology can be used to provide a solid foundation for business. These two
technologies are already supporting business growth and their advancement is
expected to continue.
DISCLOSURE
Comments here are not of the author's opinion. Users are responsible for their comments.