1. Why has there been such a spike in interest around AI and blockchain?

Artificial intelligence (AI) and blockchain are two of the most-talked-about technologies of the past 10 years, and their evolution has led to significant and promising innovations. The idea of combining them is particularly intriguing.

The profit potential for these two technologies is forecast to be in the billions for the foreseeable future. Gartner, a global technology research firm, estimates that the business value created by AI will near $3.9 trillion in 2022, while some anticipate the blockchain market will be worth roughly $23 billion by 2023.

The drivers behind this tremendous predicted growth are increased adoption, as well as the potential use cases that have been emerging across both sectors. AI, which is technically not a new technology, has taken on a prominent role in the tech world over the past two years. While we are still far from fully thinking machines, AI has been deployed in everything from marketing and sales to manufacturing and even health care. The technology has become a crucial part of most businesses’ plans moving forward.

According to the consulting firm Mckinsey & Company, 47% of businesses surveyed have integrated AI into their operations in at least one capacity, and 78% plan to increase investments in the technology in the near future. Blockchain is on a similar track, with several industries adopting the technology as positive sentiments gain momentum. A PwC survey found that nearly 84% of respondents were actively involved with blockchain in some capacity.