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How Businesses are benefitting from the AI and Blockchain Synergy
Blog / Technology Insights / Sep 13, 2019 / Posted by Kara Onorato / 714 

How Businesses are benefitting from the AI and Blockchain Synergy

12 comments

Artificial Intelligence (AI) and Blockchain are the two key drivers of most tech innovations in recent years. According to PwC, AI is expected to contribute over $15 trillion to the global economy by 2030. The business value added by blockchain is expected to be $3.1 trillion within the same period.

It’s only a matter of time before both technologies converge and bring to light new and innovative solutions for entrepreneurs. In this article, we’ll take a look at how businesses can benefit from the AI and blockchain synergy.

Protection of Databases

Data is what drives AI. Complex algorithms rely on data to learn, execute commands, derive conclusions, and provide actionable insights. The algorithm’s functionality improves as the quantity of data increases which is why data gathering, storage, and analysis are currently in high demand.

Blockchain, on the other hand, isn’t dependant on data; rather it functions as a distributed ledger used for storage and encryption. The end result is a secured and decentralized database that cannot be altered.

In today’s business environment, many companies rely on data centers scattered throughout various geographical locations which serve as bases for operation. Blockchain and AI can be combined to create decentralized and secured databases for sensitive information. This significantly enhances the protection of financial information, healthcare and medical data, legal data, and trade secrets.

Enable People with Limited Access to Do Business

Opening a personal bank account, obtaining a loan, setting up a business, getting flat payment, and generating expected cash flows are things that may be difficult, but certainly not impossible. For many people around the world; however, this simply isn’t an option and they are essentially blocked from contributing to their economy.

It’s an easier task to create a cryptocurrency wallet which allows them to accept jobs and payment without worrying about access to traditional financial institutions and exchange rates. There’s also little chance of people being exploited for their labor.

The advantages of combining AI with Blockchain are numerous, yet each holds the potential to contribute to businesses, especially those in developing nations. It protects them from exploitation, allows them to participate in the global economy, prevents a monopoly over AI, and builds customer confidence.

    About Author

    Kara Onorato is ISC’s Director of Software Sales Recruiters. She has been passionate about the Recruiting industry for over 10 years. She and her team of Executive Recruiters place high-level Sales and Customer Success candidates.

    Comments (12)
    0

    Charles Ukatu commented...

    How Businesses are benefitting from the AI and Blockchain Synergy.

    This article made us to understand the key importance of AI and Blockchain. It was said by Kara Onorato that Artificial Intelligence (AI) and Blockchain are the two key drivers of most tech innovations in present times.
    According to PWC , AI is expected to contribute over $15 trillion to the global economy by 2030. The business value added by blockchain is expected to be $3.1 trillion within the same period.

    This article also gave us more insight on how our data can be protected and also encrypted. One good thing about these two drivers Is that it has alot of advantages when both are combined , and besides that each holds the potential to contribute to businesses, most especially in developing countries . It protects them from exploitation, allows them to participate in the global economy, prevents a monopoly over AI, and builds customer confidence. These are tools a nation like us Nigerians should imbibe it’s usage.

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    Akshay Taneja commented...

    One of the best use cases of blockchain is in decentralized internet and data privacy. With blockchain, users can access their personal data without any fear that someone might be tapping into it or trying to steal it for personal benefit.

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    Joshua Wang commented...

    Blockchain as specified here will sincerely help unlock the potential of a huge portion of the developing world. Majorly in remote areas that do not have access to conventional financial and other facilities. The convergence between AI and Blockchain is the future.

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    john ouma commented...

    AI & blockchain synergy is definitely going to change the world in a big way. I bet it already has.

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    Atomfon Solomon commented...

    Very educational. Artificial intelligence being used as a tool in business.
    Modern Business innovations are driven by Artificial intelligence and Blockchain.
    Another insight is how data can be protected through encryption which is one of the major functions of Blockchain.

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    Dawn Solomon commented...

    AI and block chain as stated here is the hope of the future. If this is used then we will be flourishing in a world full of job opportunities and developments. This is really a great one

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    Chigozie Okeke commented...

    Artificial Intelligence and Block chain Synergy is really a shaping collaboration to enhance the future of the financial sector. I would truthfully say that Artificial intelligence and Block chain intelligence is like a rocket and only those ready to understand it will be taken along while the deformed will be left behind. One striking advantage of Block chain to me is the reduction of risk thereby decentralization of information. The universe is getting more accustomed to financial privacy until there is sudden change in the traditional view of our financial privacy then block chain and artificial intelligence synergy is taking over in a short period of time. This article is helpful because many especially in less developed countries lack information that will change their lives and the younger generations or the unborn will inherit the benefits of artificial intelligence if care is not taken.

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    Julius Kongnyu Shang commented...

    Artificial intelligence is undoubledly a big disruptor today. Though AI is expected to create more money for the economy, it is equally a threat to so many jobs.

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    Emediong James commented...

    Great.

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    Chike Ngwu commented...

    AI and Blockchain are here to stay and it is going to revolutionize the way we do and interact with businesses and customers.

    0

    Bbigstan commented...

    AI is driving technology to the future with more effective way of utilizing data.

    0

    fatima danja commented...

    Pipeliner CRM got the whole package,for the best experience.

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