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 their potential.
Artificial Intelligence is a technology that gives the human intelligence to machines for performing different activities while BlockChain can be defined as a digitized and a decentralized ledger of all the cryptocurrency.
According to statistics market revenue generated by AI in 2017 is $2.42 billion and it will 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 $10,000. There are other cryptocurrencies on the market as well, and they all are growing.
How Blockchain Technology & AI Revolutionize Old Industries
You must have realized the heavy usage of AI in the field of marketing. Many marketers are using AI to launch their social media marketing campaign in an effective manner. People are also earning online by mining cryptocurrency or by investing in a cryptocurrency.
Let’s talk about decades-old industries in general. Large industries like banking, mortgage lending, and real estate are developed on uncountable little pieces of transactions. Blockchain can help eliminate these transactions.
It helps to bring down the cost and a delay between transactions. The blockchain technology helps to validate and verify transactions. It is transparent and the ledgers are seen across all the computer networks.
The application range of blockchain is wider than most of you can imagine. The prototypes and applications are already being used today.
IBM and European banks are working together for a blockchain platform, and R3CEV consortium was also developed for advancing bitcoin technology in the field of finance.
The interest of many big players in the business world is all because of the 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 using blockchain technology to do the deal, all information is easily available to both parties, and they are securely stored by blockchain.
The middlemen and all other expenses are eliminated, transaction history is stored in the blockchain. The intervention of banks & financial institutions is 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 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 the 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 tested 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
AI & Blockchain will revolutionize the energy industry too. It 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 as it allows transparency and a cost-effective deal between buyers and sellers. Predicting the cost and setting the price can also be done using AI.
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
Cybersecurity is one of the major concerns of companies that want to use IT. The combination of AI & blockchain will decrease anxiety as it will provide a double shield against cyberattacks.
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. Also, blockchain 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 companies the confidence to digitize their information and give AI a chance to transform their industries.
Big companies like IBM and Microsoft are providing BaaS, Blockchain-as-a-service platform in their cloud services. 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, will also be transformed with the introduction of a self-driving vehicle. The recent report reveals that Alphabet Inc is investing around $1.1 billion in self-driving cars, which is massive. It pressurizes the automobile industry to adapt to new AI changes.
Another study predicts that there would be around 10 million self-driving cars on the road in 2020. All these changes are happening, thanks to AI.
AI & blockchain will help to change the governing system. It has the power to transfer a huge volume of data globally, which can help in strengthening democracy.
The confusion among most of you must be clear on why AI & blockchain is getting so much hype these days. AI and blockchain are definitely one of the most revolutionary technologies that have been developed until 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.
A study shows that 16% of American jobs will be replaced by AI within a decade. No matter which industry you are, it’s a must in today’s world to be familiar with the power of AI.
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.