Blockchain technology was initially created to provide the bitcoin platform with both anonymity and security in the world of finance. However, since the conception of bitcoin, many developers and researchers have developed independent ways to implement the technology.
Over the years, blockchain technology has presented a vast number of various applications which are being implemented by some of the top companies in the world. For example, blockchain for the supply chain, transactions, and financial services can help companies improve transparency, integrity, collaboration, and customer satisfaction across the globe.
Moreover, blockchain provides new solutions to the informal lending process (as access to bank loans is often difficult) helping small businesses, start-ups, and individuals gain access to secure sources of financing. At the same time, the explosion of AI and its tremendous impact on productivity has helped to make artificial intelligence one of the biggest and most enticing technologies in the world today.
The combination of blockchain technology and artificial intelligence is still a largely undiscovered area. Putting the two technologies together has the potential to use data in ways never before thought possible. Data is the key ingredient for the development and enhancement of AI algorithms; blockchain secures this data, and allows us to audit all intermediary steps.
Suggested applications of blockchain and AI:
-- Smart computing power
-- Creating diverse data sets
-- Data protection
-- Data monetization
The
RBS and Barclays announced that they, with 40 other companies, had completed a blockchain technology trial using R3's distributed ledger technology aiming at reducing the time it typically takes to complete a property transaction, while global logistics company DHL partnered with IT services consultant Accenture to launch a blockchain-based serialization prototype to track pharmaceuticals across the supply chain in six regions.
There is already evidence on the ground of the transformational change, both within organizations and in the economy as a whole, that these technologies can bring. A concerted and forward-looking effort from businesses and the government can deliver the positive disruption for which the
A good example of AI use is
Although not yet at maturity level, blockchain technology and artificial intelligence are transforming the economy and many aspects of everyday life. They are two of the technologies that lead the way and guide the growth of the global digital economy.
The potential of both is enormous and can change the world in ways that cannot even be imagined yet. The future belongs to blockchain and artificial intelligence.
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