By Mr. Durga Prasad Tripathi, Founder, Cryptoxin
In the ever-changing world of technology, blockchain and artificial intelligence (AI) have emerged as powerful tools for reshaping the future. While both of these technologies have their own specific capabilities when combined they create a powerhouse combination that is poised to reshape industries, economies, and societies globally.
Understanding Blockchain and AI
Blockchain- it is a decentralized distributed ledger technology that can record transactions on multiple computers while maintaining the data’s integrity and immutability. The original use case of this technology was for the cryptocurrency Bitcoin, which with time expanded to various sectors providing transparency, and data security.
Artificial intelligence (AI)- it is a field that combines human and machine intelligence and performs tasks that usually require human intelligence which includes natural language processing, machine learning, and computer vision. AI is gaining popularity with time and is being used in almost every sector as it can analyze vast data efficiently, predict market trends, etc.
Combining Blockchain and Artificial Intelligence (AI)
Data privacy- Data privacy and security are one of the most significant challenges in this digital era. The decentralized infrastructure in blockchain ensures data is secure and remains tamper-proof. Organizations and individuals are storeing data on the blockchain to make sure it remains uncompromising.
Blockchain is empowering users and giving them control over their data even when it’s being used by AI algorithms. Blockchain is very useful in the healthcare industry where patient data privacy is of supreme importance.
Transparency- blockchain ensures transparency by securing every transaction and ensuring all the stakeholders have access to real-time data. When it is combined with AI technology it can monitor and analyze supply chain data and predict disruptions.
Smart Contracts- They are self-executing contracts with terms of agreement written in code on the blockchain, with the help of AI these contracts can be automated and optimized for example AI can assess claims and trigger smart contracts to process payments when certain conditions are fulfilled.
Use cases
Supply chain management- these technologies when combined can be used for monitoring inventory levels, predicting maintenance of the equipment with optimized logistics, and increased efficiency.
Finance sector- fraud and insecurities surrounding the world of finance can be eliminated with increased transparency, AI fraud detection, cyber security, and risk assessment in the field of the financial industry creating new opportunities with the increasing trust between parties.
Healthcare sector- with the help of blockchain patients’ data can be stored safely and will remain untouched. On the other hand, AI can use this data for better diagnosis and recommend treatment accordingly.
Education and learning- AI can improve the learning experience for students and help teachers and institutions improve education methods.
Chatbots and virtual assistants can provide support to the students by answering common questions and guidance with assignments.
While blockchain has the potential to transform the field of education by improving efficiency and securely storing and verifying educational data. Preventing fraud and making it easy for institutions to verify the authenticity of a student’s qualifications.
