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.