Hey Friends,
Trust you all had a great week?
In our fast-paced growing world, we have always come up with something new, this millennium has proven the point that “nothing lasts forever”. Together AI and Blockchain offer many exciting opportunities, these technologies are two of the most influential technologies of this decade.
The convergence of AI and blockchain is still in its infancy but we should expect to see the union of these technologies gaining traction and becoming mainstream across sectors from financial services, supply chain, and telecoms to health and insurance.
Healthcare
Currently, healthcare organizations are investing in large amounts of data as well as the related technologies required to extract real value from it. AI can help advance almost every field in healthcare, from surfacing treatment insights and supporting user needs to identifying insights from patient data and revealing patterns.
Organizations can collaborate to improve care while protecting patient privacy by storing patient data on the blockchain, including electronic health records. Data provided by AI, like all technologies that generate automated conclusions, should be verified and audited for accuracy, preferably by humans.
By connecting a distributed, decentralized, and immutable ledger that can record the data that goes through a decision made by machine learning, it can help to establish the attribution, understanding, and justification of those decisions and outcomes.
Financial services
Adopting AI and blockchain technologies can make our financial sector smarter and help it to perform more effectively. Blockchain and AI are transforming the financial services industry by enabling trust, removing friction from multiparty transactions, and accelerating the speed of transactions.
Consider the loan application process: applicants grant financial institutions access to personal records stored on the blockchain. Trust in the data, as well as automated processes with AI for evaluating the application, contribute to faster transactions and higher customer satisfaction.
Financial institutions can use blockchain to centralize all customer data, while AI-powered algorithms can quickly analyze that data and make ethical decisions.
They say that time is money, but bank transactions are still slow and expensive. Blockchain-based cross-border payments, on the other hand, are inexpensive and quick because they do not require third-party authorization. AI technologies can boost transaction speeds even further by reducing the need for human intervention, and banks can automate payment workflows by using image recognition on financial documents.
Supply chain
The smart contract is a key application of private blockchain. It is a computer program that automatically executes, controls, and documents legally relevant events and actions in accordance with the terms of a contract or agreement.
Smart contracts reduce or eliminate the need for trusted intermediaries while also reducing losses due to fraud and other malicious or unintentional exposures.
AI and blockchain are transforming supply chains across industries and creating new opportunities by digitizing a largely paper-based process, making data shareable and trustworthy, and adding intelligence and automation to execute transactions.
Self Driving Vehicles
Autonomous transportation companies like Tesla, Plus AI, TuSimple etc. can store data collected by their vehicles on a blockchain. When self-driving vehicles go mainstream, they can’t work perfectly without collecting huge amounts of driving data from onboard cameras and sensors. This data is used to improve the neural networks powering self-driving functions.
Storing this data securely and maintaining drivers privacy is a business need. Storing data on blockchains can keep driver information unknown, ensuring drivers privacy. The car company can still use the data to improve its self-driving functions.
From a monetization perspective, the car company could share accumulated and privatized driving data with insurance companies. Insurers can use the data to price self-driving car insurance more intelligently since self-driving cars have a different risk profile than regular cars. In the end, driver privacy is protected, the car company improves its self-driving capabilities, and the driver may get insurance at a better price.
Conclusion
By combining the predictive power of AI with the robustness of blockchain, enterprises can build safer, smarter, more transparent, and more cost-efficient business automation systems.
The reason we haven’t yet seen many examples of joint adoption of blockchain and AI is that implementation at scale is challenging. Many businesses are still in the early stages of implementing blockchain and AI in isolation. Companies are still figuring out how to structure their organizations and modify business processes for blockchain and AI.
In the next 5 years, we don’t know the technology we might be combining, we can only draw patterns to predict the future. I think the most important question we have always asked ourselves and the motivation behind all this discovery is “how can we do better by doing better”? This is the push for us.
I hope you enjoyed learning.
Enjoy your weekend.
"how can we do better by doing better" 🔥