The term Artificial Intelligence (AI), basically means the theory and practice of building machines capable of carrying out tasks that seem to involve intelligence. It is a technology that permits a system’s ability to correctly interpret external data, to learn from such data, and to use those learnings to achieve specific goals and tasks through flexible adaptation. Even though AI emerged 60 years ago, the technology is still in a pioneering era as it continues to develop rapidly. Presently, cutting-edge technologies determined to make this a reality comprise of machine learning, artificial neural networks and deep learning.
Meanwhile, blockchain is mainly a new filing system for digital information. This stores data in an encrypted, distributed ledger format. Since data is encrypted and distributed across several diverse computers, it facilitates the creation of unchanged, highly tough databases which can be read and updated only by those with permission. Simply put, blockchain is a growing list of records, called blocks, which are connected using cryptography. Each block holds a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is unaffected by modification of the data. The probable uses vary from easier record keeping for banks to robust storing health records and medical history.
The fast progressing field of artificial intelligence has extended beyond research labs and computer science departments and made its way into the mainstream business setting. Artificial intelligence and machine learning are named as the best contemporary business shift to achieve sound success. It encompasses areas ranging from banking and finance to social media, retail, real estate and marketing. This technology persistently offers innovative solutions to businesses of all sizes, sectors and industries. Businesses have started using AI to boost performance, drive efficiency, analyse market preferences and various others usages. Whether it is banking, digital identity, smart contracts, digital voting, real estate, finance, supply chain management, healthcare, etc., the list of sectors are increasing every day.
Poised to reform global commerce, blockchain technology the new frontier in the global market is predicted to reach a worth of $20 billion dollars by the end of 2024. Due to which blockchain startups and developers are rapidly building projects that can gain from what these new technologies can offer. The exceptional quality of blockchain, develop from the fact that it is a technology that everyone can take advantage from. Blockchain is an independent product, a type of ledger but not owned by any one company. It is inclusive of payments, goods, services and even data and operates without a middle man.
AI & Blockchain in Banking
Exceptional growth in technology and data regulations, 5G, cloud, data analytics, Open Banking, PSD2 and GDPR, are creating new assessments for banks. With the entering of artificial intelligence (AI), blockchain and the Internet of Things (IoT) into development and operations environments, it is clear that banks’ reactions to these advancements will require development in vigilance and also in culture. To remain significant and important, banks need to go outside the range of compliance with legislation. They need to track to a new frontier where they are considering new business models, innovating new revenue streams and working with new partners to offer a personalised customer experience.
AI & Blockchain in forex trading
The forex market has transformed significantly over the years and AI is one of the main reasons for its development. Projecting analytics models and machine-learning competences have assisted forex traders gain a huge advantage that earlier was not available to them. Forex traders are becoming more and more reliant on predictive analytics and big data. Sophisticated AI algorithms are capable of accumulating data in real time and making very precise short-term and long-term forecasts. Prognostic analytics and machine learning algorithms are also beneficial for building longer-term forecasting. This is going to support in minimizing market instability and benefit forex traders in making more successful trades in the future.
Blockchain in Real Estate
In the search of new opportunities and to enhance rising customer expectations, businesses are embracing new technologies, including blockchain, to attract and retain users. The blockchain is a public ledger. The use of the blockchain technology in Real Estate will make it possible to have transparent transactions that sellers and buyers will benefit from. It will provide the opportunity to improve the home title process and perhaps even eliminate title insurance. Extending from real-time ledgers to shared databases and processes, blockchain throws the doors wide open with noticeable opportunities in real estate.
There is a strong debate going against the enthusiasm for blockchain. If the interest in blockchain is waning and whether the bubble has burst? Many questions remain, but one thing is certain, fully controlling blockchain has less to do with technology and more to do with advances in management thought. Much like the arrival of cloud computing, the shift to digital transformation using blockchain is more about management culture and leadership than it is about technology or informational architecture. The tough part is the suspension of disbelief and long-held norms about organizational approaches to trust, transparency, intermediation control and value capture. They all combine to form the high-friction market we currently operate in.
Combining Artificial Intelligence and Blockchain: The Frontiers of Innovation
Instead of looking at the two as technologies that serve conflicting purposes, combining AI and blockchain can increase the influences of both the technologies for accelerating modernism. The combination of AI and blockchain is the flawless system to resolve major business, social, and economic problems as these technologies can possibly cancel out each other’s weaknesses.
A possible use for blockchain could be to keep track of the decisions made by AI systems that are difficult to track because of AI’s high-speed processing ability. As AI applications and bots are becoming more and more global and are interacting with each other to execute automated transactions, blockchain can be used to keep track of all communication and dealings without demanding humans to observe the network. Combining AI and blockchain can minimize the limitations of the individual technologies and also increase the potency of the technologies in numerous ways. Using these technologies in combination with other technologies will additionally enhance their capabilities and lead to truly innovative applications.
To summarize, blockchain and AI are two technological trends which, while ground-breaking in their own rights, have the potential to become even more radical when put together. Both aid in developing the capabilities of the other, while also contributing prospects for better oversight and accountability.