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- 1 Blockchain and AI when working together yield benefits in every business.
- 2 It is a combination of transparency with automation that provides an excellent outcome.
The combination of blockchain and AI provides secure decentralized ledgers for transactions and helps to automate processes and make data-driven decisions. Artificial Intelligence can help blockchain to improve accuracy by automating processes.
AI algorithms can analyze the data on the blockchain to detect any peculiarity in the data. On the other hand, blockchain provides a secure environment. Though the data is available which enhances the transparency but still no one can tamper with it.
Blockchain and AI are doing magnificent work in some fields. The combination of these powerful technologies is resulting in excellent results. Some of its actual use cases are described below.
Financial Sector
The financial sector can reap benefits from the powerful combination of blockchain and AI. The banking and financial sector has a vast amount of data. AI and blockchain can handle this vast data efficiently. Blockchain will securely hold the data whereas AI will analyze the data to detect the potential anomalies.
Many companies are trying the combination of this influential technology. FactSet, which is a global provider of financial data and analytical software, is using this blend to detect possible fraud and instances of illegal money transfers.
News Verification
News should be truthful so the use of blockchain and AI will rule the sector. This combination will upgrade the sector as it provides the authentication of the source. Unstoppable Domains, a Web3 company’s senior director, Lisa DeLuca says that there is the source detecting technology and also the links to the new quote that can reveal the person who said it. In this way, they have used blockchains to add trust.
Transportation Sector
AI and blockchain usage plays a vital role in the transportation sector. It can enhance the efficiency and transparency of supply chains in this sector. By analyzing the data on the blockchain, the AI algorithm can help to identify the insufficiencies in the supply chain. Blockchain reveals the transparency and traceability of products as they move through the supply chain.
Copyright and Intellectual Property Protection
Copyright and IP protection are the challenges that are commonly faced by people nowadays. However, blockchain and AI will empower creators of all kinds to monetize their IP in terms they control. Smart contracts on the blockchain could automatically execute copyright terms while the AI algorithm could scan content for probable threats. This combined attitude would create an unchanged record of ownership and usage on the blockchain.
Healthcare Sector
The healthcare sector can also take enormous advantage of AI and blockchain. By examining the medical data stored on the blockchain, the AI can help in the identification of the pattern which allows doctors to have more accurate diagnoses and treatments.
The blockchain will keep the data secure and this medical data can not be changed. It will give ease of treatment to patients as it avoids maintaining the files and carrying them to the doctors. Medical history is also easily available to the doctor with the help of blockchain.
Smart Contract Anomalies
AI can detect anomalies in smart contracts. ChainML, a generative AI company’s CEO, Ron Bodkin said that AI can find abnormalities in the smart contract. The company is working with a security company Cube3 to block fraudulent crypto transactions. In this way, AI is helpful in making the blockchains more secure.
Summary
This is the era of blockchain and AI, their combination will give innovative results for businesses. Together, they will enhance efficiency, transparency, and security. This will clearly provide improved risk management and compliance procedures.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
