AI & Blockchain Will Transform old Industries in 2018
If you have not yet heard of the buzz associated with artificial intelligence (AI) and blockchain, you must be living on a planet other than Earth. These technologies have revolutionized many industries, and many people are talking about these technologies and its potential.
Artificial Intelligence is a technology that gives the human intelligence to machines for performing different activities while Block Chain can be defined as a digitized and a decentralized ledger of all the cryptocurrency.
The market revenue generated by AI in 2017, according to the statistic is approximately $2.42 billion, and this number is expected to increase at a rapid rate.
On the other hand, Bitcoin value, which is the most popular cryptocurrency, is growing at a rapid rate, and its current value is over $7,500, according to report. There are other cryptocurrencies on the market as well, and they all are growing.
How will the combination of Blockchain technology and AI revolutionize old industries?
You must have realized the heavy usage of artificial intelligence in the field of marketing. Many marketers are using AI to launch their social media marketing campaign in an effective manner. And, you may also be aware of how people are earning online by mining cryptocurrency or by investing in a cryptocurrency.
Let’s talk about other decades-old industries in general. The industries, such as banking, mortgage lending, and real estate is developed based on uncountable little pieces of transactions. With the use of blockchain technology, all these tiny pieces of transactions can be eliminated.
It helps to bring down cost, people, and a delay between transactions. The blockchain technology helps to validate and verify transactions. The blockchain is very transparent and the ledgers of facts are seen across all the computers in the network.
The computers that are connected to the network are not disclosed and marked as anonymous, and these individuals are referred as nodes.
The application range of blockchain technology is wider than most of you can imagine. The prototype platforms and applications have already been deployed in this current world. The Venture Capitalists are continually investing in this technology. This is another development of application platform.
Now, Consortia and partnership formation are underway. IBM along with seven European banks are working together for a blockchain platform, and R3CEV consortium was also developed for advancing bitcoin technology in the field of finance.
This interest of many big players in the business world is all because of an ease of doing transactions.
Now, let’s take an example of purchasing a real estate property. The data or assets are the crucial parts of transactions. With you using blockchain technology to do the deal, all the facts are easily available to both parties, and they are securely stored by blockchain technology.
The middlemen and all other expenses are eliminated because of blockchain technology, as all the transaction history is safely stored in blockchain technology. The intervention of banks, financial institutions, and other parties are now required for conducting a deal between buyer and seller.
Industries touched by blockchain technology.
- Trade Processing and settlements
- Processing claims in insurance
- Paying across borders made easy due to blockchain technology
- Hard Money Lending
- Internet-of-Things powered by blockchain technology (Supply Chain Sensors and Smart Appliances)
- Blockchain Music
- Blockchain Healthcare
- Public Value/Community
- Vested Responsibility
- Blockchain Identity (Passports/Death Certificates/Personal Identification)
- Blockchain technology and AI have already touched these domains. You can imagine how deadly is the combination is the combination of AI and blockchain technology. So far, blockchain technology and AI has touched from healthcare to government sector.
Deeper Look into how AI & Blockchain technology will transform industries
How many of you have heard of Google DeepMind? This is basically an AI technology platform. It is now changing the field of precision medicine field with the development of auditing system for healthcare data. All this is possible with the help of AI.
Now, Blockchain technology is there to play its part by helping in making all the transactions secure and shareable with AI making sure that the medical staff will have an easy time, obtaining analytics from the profiles of the patients.
The NHS data have recently Google Deepmind, and this technology is already deployed for spotting warnings of degenerative eye conditions. With the help of AI and blockchain technology, it’s possible to provide intelligent search and analytics along with secure transactions.
Smart Energy, Smart Buildings
The energy industry is revolutionized with the combination of AI and Blockchain technology too. AI and Blockchain together can help in reducing waste and optimizing energy trade. The building governed by AI can oversee the use of energy by considering various factors, such as traffic information, no. of residents, and seasons.
The energy supply can be made cheaper with the help of blockchain technology, as it allows transparency and a cost-effective deal between buyers and sellers. The use of AI can also be used for predicting the cost and setting the price.
This combination is equally effective in transforming the fields of public science, privacy protection, and Finance.
AI & Blockchain Technology makes all the Online Transactions Secure
The cybersecurity is one of the major concerns of most of the companies that want to use information technology. With the combination of AI and blockchain technology, the anxiety of the companies can be decreased as this combination can provide a double shield against cyber attacks.
AI can be trained for predicting real-time threats, as it can continually learn the trends and behaviors of cybercriminals, which further strengthen the protection against hackers. And, blockchain technology eliminates the vulnerability of centralized databases that require cyber attackers to challenge more than one gateway to hack the system.
This enhanced cyber protection gives the confidence to many people from different industries to digitize their information and give AI and blockchain technology a chance to transform their respective industries.
The big companies like IBM and Microsoft are providing BaaS, Blockchain-as-a-service platform in their cloud services. The users can develop test environments for various purposes. The cost of using blockchain technology to create and test is cheap.
The automobile industry, which is a traditional industry, is also transformed with the introduction of a self-driving vehicle. The recent reveals that Alphabet Inc is investing around $1.1 billion in self-driving cars, which is massive. It pressurizes the decade-old automobile industry to adapt to changes that have been bought by the use of AI.
The system of governing is also likely to be transformed with the help of AI and blockchain technology. The combination of AI and blockchain has the power to transfer huge volume of data globally, which can help in strengthening democracy. This combination can also be used for tracing e-voting procedure and showing them publicly in real time.
The confusion among most of you must be clear on why AI and blockchain technology is getting so much hype these days. There were many technologies that have changed the world, and AI and blockchain technology are definitely one of the most revolutionary technologies that have been developed till now.
The blockchain technology and artificial intelligence have not only impacted many businesses, but they have also touched the personal lives of the people. Many nations have now started to recognize cryptocurrency as the medium of exchange.
Along with AI, blockchain technology is making it so much easier to do the transactions that the majority of the companies in the future may prefer cryptocurrencies to pay you, instead of other payment mediums. These revolutionary technologies are only at a starting phase; just wonder how much these technologies would impact the world in the upcoming times.