Businesses from a variety of industries are recognizing the possibilities of fusing blockchain and AI (artificial intelligence). They are looking for blockchain and artificial intelligence development services that can use AI to create innovative business solutions.
The fusion of blockchain and AI is playing a critical role in streamlining procedures across the food supply chain, transportation, medical data sharing, financial services, and media royalties.
Blockchain may be used to create trackable, traceable AI by using the same strategies employed to protect the logistics of food and healthcare. By serving as a dual defense against cyberattacks, the combination of these two cutting-edge technologies can considerably increase enterprise security.
It is possible to incorporate a decentralized blockchain infrastructure to verify new classifiers and patterns produced by AI. Client data can be gathered via blockchain infrastructure, and artificial intelligence-powered marketing automation can then be powered by that data.
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Integration of Blockchain and AI
Authenticity
Blockchain’s digital ledger, which offers details on the theoretical foundations of AI and the provenance of the data it consumes, addresses the problem of explainable AI. This increases confidence in the reliability of the data and, consequently, in the recommendations that AI produces. Blockchain and AI can be combined to boost data security because when AI models are distributed and stored using blockchain, an audit trail is created.
Augmentation
Blockchain-based business networks can gain a new degree of intelligence because of AI’s amazing speed and ability for in-depth reading, interpretation, and correlation of data.
By controlling data consumption and model sharing, enabling access to enormous volumes of data from both inside and outside the company, and creating a trustworthy and open data market, blockchain enables AI to grow.
Automation
Blockchain, AI, and automation may provide new value to business operations involving multiple partners by lowering entry barriers, expediting workflows, and boosting efficiency. For instance, AI algorithms incorporated into smart contracts that run on a blockchain may suggest recalled goods that are past their sell-by dates, carry out transactions like buying stocks or orders based on predetermined criteria and scenarios, settle disputes, and choose the most environmentally friendly shipping route.
Blockchain Projects Using AI Integration
Indicator (GRT)
The Graph, the largest AI-powered cryptocurrency project at the moment by market size, is a platform that indexes data from several blockchains. Decentralized apps (DApps) will be made possible by the platform’s improved use of AI to retrieve and index this data.
Semiotic AI is currently investigating and creating ways to use AI to enhance The Graph’s functioning after receiving a $60 million funding from The Graph lately.
AGIX SingularityNET
SingularityNet, a decentralized network for AI services, is one of the first projects to integrate blockchain and AI technology. It allows for the monetization of AI developers’ and businesses’ algorithms and models while enabling end users to access and consume AI services in a decentralized and safe environment.
(OCEAN) Ocean Protocol
Applications for machine learning and artificial intelligence (AI) can transfer data safely and transparently thanks to a decentralized platform dubbed Ocean Protocol. In order to enable data providers a secure environment in which to monetize their data while still having control over how it is utilized, it makes use of blockchain technology and smart contracts.
Applications of Blockchain and AI Integration
Financial Applications
In essence, merging blockchain with AI can speed up response times and increase productivity. As an example, a payment is required. Blockchain development solutions will consequently speed up the process by simplifying and making the payment mechanism transparent. AI will select the appropriate payment gateway based on the intended method of completion of the transaction by the customer. The checkout process will be improved by both technologies by accelerating the payment page in this way.
AI Markets
Startups like Singulaity.net and Thought AI are selling AI models on the blockchain. In order to use AI profiles in their process applications, enterprises and academic organizations can purchase them.
These markets allow companies to use AI algorithms in a transparent manner to increase efficiency and generate insightful data. The AIs are readily available on the blockchain, making integration straightforward while protecting the intellectual property rights of the original developers.
Healthcare
The usage of blockchain and AI in healthcare has completely changed the industry. AI may help the healthcare industry in a number of ways, including by providing therapeutic insights, supporting user requirements, analyzing patterns, and finding insights from patient data. On the other side, patient data may be securely stored on blockchains. It can make it possible for medical practitioners to securely access patient data records while protecting patient confidentiality.
Insurance
Insurance businesses might benefit from faster and more effective claim processing thanks to blockchain and AI technologies. They might save time processing paperwork and paying employees by adopting this strategy in addition to saving money.
Manufacturing
In order to execute activities that require a higher level of accuracy and efficiency, robots are increasingly used in production. Even more, blockchain and AI can be used to achieve automation. Blockchain technology can make it possible to access reliable and plentiful sources of pertinent data. AI systems are excellent at performing routine, repetitive tasks as precisely and efficiently as possible.
Conclusion
The potential of blockchain and AI has hardly been touched. Both technologies develop quickly every year. Subject matter experts are constantly thinking of new methods to utilize their individual advantages.
Making forecasts about blockchain and AI may always seem premature. One thing is certain, though. Over time, these two technologies will still be complementary to one another. They will continue to exist.
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