A look at the new technology trends, and Blockchain combined with AI look into your eyes, claiming to be the gen-next lethal combination.

Currently, only 15% of enterprises are using AI. However, it is expected to rise to 31% in 12 months.

According to the end-users and enterprises, AI will enhance customer service, and improve the industries and their working structure.

Blockchain, on the other hand, is being slowly accepted. While Bitcoin did create a rage, the other aspects, especially Blockchain for eCommerce is still in the nascent stage.

In 2018 alone, there was a spend of about $2.1Bn on Blockchain solutions

Currently, close to 69% of the banks are experimenting with permissioned Blockchain

So, what is Blockchain, and how will combine it with AI help power your future?

Blockchain is a simple decentralized ledger that encompasses all the transactions that are conducted using the peer-to-peer network.

In simple words, each transaction is a block that gets added to the block that occurred before that and the block that will occur after that. Every transaction is recorded, and even a small change made to the transaction is reflected.

AI, on the other hand, is all about machine learning how you work and helping you improve the quality of that work.

For instance, you understand users and provide them with solutions or recommendations customized for them. How would you feel if the machine were to complete this task for you?

With AI technology, you can feed in the models that will help the machine learn about your users and how they think. Using the models mentioned earlier, the machine will offer solutions to the end-users.

Has the enormity of these two technologies coming together struck you yet?

Let us give you a hint on how these two will help each other, and bring about a revolution in the way you are enlisting the business.

How AI Helps Blockchain

Confirming the Bitcoin or any other cryptocurrency transactions takes a long time, which can be quite a stressful period, especially if you are a businessman. The reason being the peer-to-peer network that you intend to follow. Every transaction gets converted into a block, and the decentralized nature is the very reason why your blocks don’t get updated immediately.

If the block size is too large, then the computing power taken by the Blockchain technology to update the transaction is also high. As a result, these transactions are queued for a while before being confirmed

That’s where the AI technology steps in and makes life easier for you. These systems intend to reduce the power consumption required to confirm transactions, as they use a different algorithm. The Hashing algorithm is trained by AI technology to use the right data to make confirmations easy and fast.

Now that you know how AI helps Blockchain let’s understand how Blockchain intends to smooth the processes for AI.

How Blockchain Helps AI

Data is essential to AI technology, and Blockchain aids with using the Big Data Analytics optimally to complete the algorithms and get the best results for your business.

With the conjunction of AI and Blockchain, you can unleash the power of Big Data. You can quickly examine the massive amounts of data available at your disposal and come up with an exact understanding of what your customer is looking for.

As an enterprise, data is available to you from all avenues, such as social media, website traffic, offline avenues such as in-store activities. All this data that is available to you needs to be examined, analyzed thoroughly so that you get the right kind of insights to work with

AI helps with analyzing the data and building the right type of insights. However, there is no sense of security attached to the data that is available with you

With Blockchain mobile security, enterprises won’t need to worry about the safety associated with the data. Blockchain uses distributed ledger and decentralized technology, which makes it easier for them to store data and not worry about anyone manipulating the data.

Every single data is considered a transaction on the network, and a block is generated for the same.

The data stored on the network is continuously verified, thus allowing you to keep the data unchanged, unless required

In case, even a small data is manipulated to pull off a certain algorithm; it won’t go unnoticed

In case, you have created data that you need to feed into the systems to create an algorithm or learning model for the AI-based machines, then you can do so without worrying about data abnormalities.

Summing up

AI and Blockchain are two distinct technologies, each ready to make your systems efficient. The combination will prove to be disruptive for enterprises. It will power your organization with more strength to improve the way you function, and also optimize your products and services. It is, however, important to understand how best to utilize the combination, and where all you can apply these technologies before you get started.

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