Technology is booming at a rapid-fire speed, and trust me there is no doubt that it will stop any sooner.
Rather it will continue offering us incredible advantages to a great extent.
When we consider the entire spectrum of technology trends in the current environment, then two hottest techs catch our eyes, and that are none other than AI and Blockchain.
Eventually, both of these technological advances have proven their worth much beyond their capabilities amid the pandemic, where these two trends came into the picture brought ease and comfort to everyone around us in every possible manner.
However, something worthy to be mentioned here is the intersection of AI and Blockchain, which stunned the world, and left each and every one of us gaping in excitement.
As per the reports, AI will lift the world economy with more than $15.7 trillion and Blockchain will increase $3.1 trillion GDP by 2030.
I know these figures are invigorating and when you know both of them can help each other in their own space, then expectations grow higher.
The simple definition suggests, Artificial Intelligence enables analytics and decision making from the data collected.
And on the other hand, Blockchain is a decentralized and immutable ledger that is used to store encrypted data.
These technologies are in a position to exploit creativity in a positive manner by coming together.
I know it might sound hard to believe, hence to help you understand it better with facts, I have brought this post here for you. Let’s dive in together…
The idea of automated organization functionality out of the combination of AI in mobile apps and blockchain is one of the most revolutionary features.
The smart contracts are existing and practicing by many organizations out there, however, here organization are not making independent decisions, but are following the rules written by the smart contract developer.
Here, if we add AI algorithms into the smart contract, then smart and independent decision making become a possibility.
It will certainly help the organization to make the final decisions on the basis of market data, and further, they can allocate the best resources to accomplish the tasks. Indeed, such a work culture will be an added advantage for economic equality while reducing the workload for humans.
Seamless way to audit conclusions
As we all know that the AI algorithm works on the learning system, and further they turn smart and adapt to the environment.
This creates an issue as well, leaving data scientists clueless as to how specific AI algorithms made such a conclusion or reached a decision.
On the other hand, the large amount of data and variables produced by the AI algorithm makes it hard for the final audit to guess, whether it reflects reality or is based on the random approach.
When you look at the functionality of the Blockchain technology, then you realize that it is based on the immutable records of all the data, variables, and processes. And these all, make it much easier for the audit process to take place.
With the help of this very tech trend, every single step, starting from data entry to conclusion can be taken into consideration, as no third party comes into the picture that fiddles with the data.
Hence the combination of both of these technologies will certainly help in bringing out unbiased results in the auditing process.
AI is thoroughly based on the data; more is the merrier.
With this data, AI algorithms get the right information about the world and what is happening in and around the business to improve its functionality and performance at large. However, the issue of data protection is a real-time concern, which every business wants to address.
And this is where blockchain technology steps in, and helps to proceed ahead with the encrypted storage of data on a distributed ledger.
It goes without saying but with this very technology, it becomes easier and possible for the businesses to access the fully secured databases without any changes made in between.
The medley of these two tech trends creates a systematic and well-balanced backup system, where no data value gets compromised.
Data monetization is one of the most sought after revenue sources for blue-collar companies, as it helps in their marketing features to a large extent.
However, when it comes to access the data and attain profits out of it, seems a little unfit and sounds vulnerable.
But not anymore, as the integration of the blockchain technology protects the data and have it used in the ways which deem fit.
Also, companies selling data can select the monetization process, without sharing their personal information. In the same manner, AI also looks forward to accessing data, to help its algorithms to learn and develop.
With the inclusion of blockchain in the process of data buying, the entire journey becomes more transparent without any intermediaries’ involvement in between.
This helps companies regardless of their size and functionalities to buy the right data from the right resource without compromising quality and privacy.
The functionality of the AI technology requires learning through data and information fed onto it.
And any type of mess created with the existing data can ruin the end result. Henceforth, the integration of blockchain technology in the AI-based projects helps in implementing the decentralized and transparent network, which can be accessed by anyone, around the world in public.
Since Blockchain is a known name in offering decentralized and secured services to a larger number of industries, its insertion with the AI model can really be a game-changer.
Food for thought
Well, to be precise, AI and Blockchain app development are two immersive technological trends that have much more to offer within their personal space only.
And expecting these two tech trends to bring out the best and give more revolutionary with an innovative merge, is exhilarating.
In the near future, the constant improvements and advancements made in the tech spaces of these two technologies will certainly pave a smooth way.
So let’s hope for the best, and just wait for more opportunities to knock on our doors with the beautiful amalgamation of these hottest tech trends.