What would have been the ramification of blockchain technology if it had been invented during the 1930s to 1950s? That’s the question which piques my interest! Apparently, Alan Turing wouldn’t have been able to crack the Enigma code because Germans would have deployed private communications channels on top of the blockchain and breaking the data into actionable intelligence wouldn’t have been possible.
From this example, you can understand the game-changing proposition data because breaking the enigma code reduced the timeline of WW2 by 3 years. What if we mix the power of data brought forward by AI and the reliability evoked by blockchain to change the world? That’s what AI and blockchain intend to do. But before we delve into what these two revolutionary tech duos can bring to the future world, let’s first understand these two technologies.
What is AI & Blockchain?
You can consider AI as the body which has been designated the task of acquiring intelligence from a given source of data and blockchain as the soul that supplies transparent, verifiable and reliable data based on which AI can make important decisions. Now when the duo fuse together, you can simply understand the impact they can generate. Let’s see how they will change the world for the better;
AI & Blockchain in Financial Services
Money laundering, frauds and scams are part of the financial system. For example, in India, there are more than 12,000 wilful defaulters who have the means to pay, but they do not intend to do so. Such defaults have cost the Indian economy 2.4 lakh crore. However, what’s striking is that they get access to funds time and again due to complacency by bank professionals.
But when AI and blockchain come into play, AI can predict the possibility of defaults based on past records and blockchain can be used as an auto-trigger to either approve or reject the request for loans. In this way, possibilities of corruption can be rightfully mitigated, and the financial system can largely benefit from the same. Factset, a global provider of financial data and analytical software, is already using the combination of blockchain and AI to provide actionable intelligence from the data collected. In this way, they are helping the financial system to mature further and eliminate possibilities of risks and money laundering.
AI & Blockchain in Supply Chain
The world depends on the supply chain when it comes to availing the products on time. However, the supply chain sector has been struggling because of a lack of interoperability. Different participants in the supply chain do not want to share influential data with each other, citing the compromise of their trade secrets. But when blockchain comes into the picture, they can designate predefined actions on the data powered by blockchain. On the other hand, AI systems can analyse demand based on past trends and predict future courses of action. In this way, the logistics segment can experience a new approach to fulfilling demand and coping with a cluttered, broken and non-reliable supply chain that exists at present.
AI and Blockchain Building the Data Marketplace
Data marketplace will be the new paradigm where users can upload actionable data and help train AI models. Since AI models need data for performing operations, combining AI and blockchain will give rise to a new data model where participants can contribute valuable data to AI systems and get remunerated through tokens using blockchain technology. Blockchain technology can also evaluate the efficiency of the data based on which actionable intelligence will follow. With the help of blockchain, we can see a transparent, reliable and verifiable data market maturing, which shall benefit the rise of GPT models and put corporations in check who are forcefully using consumer data to train their AI models.
Is AI & Blockchain the future?
AI and blockchain undoubtedly hold immense potential in shaping the future. The convergence of these technologies can revolutionize industries, enhance trust, and enable new possibilities. Blockchain can provide the underlying infrastructure for secure data sharing, verifiable transactions, and decentralized decision-making, while AI can leverage the rich data on the blockchain to drive intelligent insights and automation. The combination of AI and blockchain can potentially address critical challenges such as data privacy, trust, and transparency in various sectors.
To fully realize their potential, collaborative efforts among researchers, policymakers, industry leaders, and society as a whole are crucial. Open dialogue, interdisciplinary collaboration, and responsible innovation will be essential in harnessing the true power of these technologies while mitigating risks and maximizing societal benefits.
Right now, we have just touched the tip of the iceberg because the combination of AI and blockchain will open new possibilities not just in the above-mentioned sectors but also in cyber-security, defence and governance, which shall be evident once the experiment goes mainstream. The upcoming age belongs to robots, decentralisation, data security and data intelligence, which shall be satisfied when blockchain and AI fuse together. At the moment, we have just gotten started when it comes to meeting the true efficacy of blockchain and AI technology.
Here at VE3, our technological expertise is poised to play a crucial role in unlocking the full potential of the fusion between blockchain and AI. By harnessing the power of these transformative technologies, we aim to revolutionize and maximize the capabilities of businesses. Our commitment lies in developing innovative solutions that effectively address the challenges of the digital age. Through leveraging our expertise in AI, data analytics, big data, business intelligence, blockchain, and more, we are paving the way for a future where these technologies seamlessly collaborate to drive unprecedented advancements and unlock new possibilities for individuals, businesses, and society as a whole.