Blockchain and artificial intelligence are highly converging technologies in the today’s tech world. The combined use of these two technologies is offering business standard significantly enough options to take Application development to a new sphere.
One side where one technology is offering transparency by enhancing sources, the other is transforming communications and transactions by improving privacy.
Artificial intelligence has the massive impressive computing power to address complex tasks by utilizing the resources. On the other hand, blockchain stores data in an encrypted, distributed register format in a highly robust database that can be read and updated only by those with permission.
As we know that there is a race to own data and information to give rise to the unauthorized activities. Therefore, this raised many questions about our privacy of the data that we share over the internet.
Though artificial intelligence (AI) platforms help in to concentrate power in the hands of few trustworthy organizations who are able to source and process large amounts of data.
But after the introduction of the blockchain, it is becoming increasingly accepted to share information freely, quickly and in a secure manner.
Users can anonymously without any fear conduct transactions of their information. Hence we can say that Blockchain has the ability to provide a secured platform in which all stakeholders and user can have access to their own data.
Blockchain has the power to help users to track and understand decisions made by AI. The decisions made by AI is hard for humans to understand. As AI is capable of evaluating a large number of variables while taking decisions.
These variables are independent of each other which are not easy for the human to understand. Therefore, blockchain is here for learning and processing variables which are important to the overall task in order to achieve the target.
When it comes to analysis the decision the for accuracy by humans blockchain makes it simpler for them. It helps to understand with the confidence that the decisions are made achieving the level of transparency and insight. Thus we can say that blockchain as a powerful decision-making process is creating a platform in order to achieve public trust.
Today, artificial intelligence and blockchain can be used together to support the big or B2B businesses. Blockchain has the capabilities to track transactions between users and public record, which was developed originally for Bitcoin.
With such an enhance feature it is now used for various applications such as tracking user’s activities for business purpose.
On a commercial basis blockchain with AI will have serious business effects in the industry that mostly involve technical complexity. Therefore, it provides enough opportunities for business leaders to take more advantages of developments in this space. These technologies as a venture can be used that might modify the tech and business paradigm significantly.
Giving Consumers Control
Blockchain empowers the balance of businesses by handling the consumers in a new way. Each shopper during their purchase would control access to the digital key that lets blockchain to analyze their data. Though retailers would never be able to directly access the data, blockchain could gain temporary access to shoppers’ profile and purchase history data.
For better product recommendations and rewards in real time blockchain enhances this level with the integration with AI. This data with a retailer’s inventory will provide more personalized recommendations keeping your data private.
This tech shifts from fragmented databases to comprehensive databases would allow maintaining consumers experience with the amount of data available for recommendation.
The user is getting benefited with this level of experience that should lead to a measurable improvement in accuracy with the trust. This could offer individual retailer systems for feedback from consumer’s end. Where blockchain approach will allow for a more complete and easy way of recommendations to develop a valuable model to run a business.
With blockchain, we are experiencing a new age of technology with more usefulness of AI systems. Therefore, blockchain offering new and advanced way to understand AI systems that will make our lives safer, convenient and better.
Therefore, we can say that where AI provides intelligent analytics and real-time decision-making, blockchain provides a decentralized system of all transactions which is directly beneficial for users.