If Blockchain and AI had a baby, what would it look like?
Businesses are looking for new methods to conduct their operations faster all the time. Competition is fierce, no matter what sector you are talking about. The current Business Intelligence (BI) systems to get the job done but there are many other products out there that can be very interesting.
Moreover, a combination of two solutions that are both new might be even more interesting as well. The blockchain technology is seeing its rise to power right now. Since 2009, cryptocurrency solutions have steadily gained popularity, peaking at Q4 of the year 2017. Artificial intelligence (AI) was always part of the science world and more on the fiction side.
Thus, we made a review about these two potentially awesome platforms that can really turn the world around if combine properly. We also go through latest developments in the blockchain industry, giving out really interesting new solutions for businesses across different industries.
What is Blockchain?
To start our analysis, we need to understand what blockchain really is first. The blockchain is a ledger record of all transactions made on a single platform. You can view it almost as an accounting book, where transfers are recorded together with details about receiver and sender. The only difference is that personal details are usually omitted, leaving only an address code where tokens have landed.
These tokens and digital currencies that can be used to purchase, sell, trade and exchange various goods and services. Blockchain also proposes algorithms upon which transactions are conducted. Some might have size limitations, a number of confirmations needed for transfer to take place and even smart contracts where transaction agreements can be set prior to the transfer.
It is important to note that blockchain is not just recorded, as explained before. It is a system upon which digital money and information are transferred around. The blockchain is a network where peers communicate through transactions and offer a very interesting environment for businesses in terms of security and low fees, as many of these transfers have very small to no costs of transactions.
Businesses and Blockchain
One might say that blockchain tech is really only a bookkeeping environment. They could not be more wrong, as numerous new ICOs prove it. The technology allows you to make payments, receive them and even make loans through tokens. You can set up your entire retail business online and have the blockchain top regulate all payments.
You can start lending business and insurance platforms through ledger records while using smart contracts to safeguard yours and customer’s assets. Opportunities are virtually limitless, all the while incurring very low transaction costs. Instead of bank bureaucracy, you have confirmations or smart contracts that could allow you to send and receive digital money within an hour without any paperwork.
Businesses and AI
Artificial Intelligence is coming nearer and nearer to becoming a real thing these days. From science fiction movies and books, we now have robots that can do various complex tasks only though that humans can do. AI is different from bots, as it is meant to do complicating pattern of tasks, one that simple computer bots cannot hope to achieve.
Business decisions are carried out instantly with market trend changing in a matter of minutes, rather than months as it was the case only a decade ago. Thus, the AI’s ability to cope with increased speed while providing meaningful decision-making capability is priceless in many different industries around the globe.
The year 2017 was also the year of AI, not just blockchains. According to the Forbes’ study, 72% of respondents (various experts from different industries) have stated that AI will start having a significant impact on how businesses will operate in near future. Fast response, inductive reasoning and near no-error judgment is a something we shall see happening very soon it seems.
Combining the Two
You have blockchain system on one hand and AI on the other. How to combine the two? Just think about how powerful your BI will be, if you have an efficient blockchain system for your manufacturing business, for example. On one hand, you have retail stores for which you provide your goods produced in the factories. You have the AI to complete the transfers, keep the books updated with your inventory balances and even create smart contacts with users that wish to buy your products online.
In such way, you do not need numerous sales, inventory or even accounting teams to keep up the system. You have an AI to keep all the work flowing, blockchain to keep transactions safely conducted and assets protected with multisignature wallets, keeping tokens safe from hackers (cryptos in exchange for real money).
Your only job then would be to plot and plan your business out. You will concentrate on what really is important, and that is the development of your business and further growth of your operations.
Your costs will go down significantly as well, as you will bypass middle ground in terms of financial institutions, banks, and even insurance companies by using blockchains. AI, on the other hand, would substitute a large portion of the needed workforce if your business is large.
We compiled an interesting set of new blockchain solutions for you to check out, just to give you an idea how vast this sphere is for business industries.
Ethereum: Although not new in the market, Ethereum platform offers continuous development in terms of its smart contracts, security, and low fees. The smart contract algorithm allows for various types of payment to be made using the online environment, from up-front payments to prepaid services and loans.
Raiden: it is a scaling solution for mass payouts, both in and out of your business. It is based on Ethereum’s platform, where smart contracts secure transfers while acting as a net ledger. Once operating, Raiden aims to be peer-to-peer (P2P) based, meaning you get to have complete freedom over your business and marketplace.
PeerNova: Looking to use and keep big data and its tools somewhere? You may want to check out PeerNova, where Big Data analysis functions and other products are located, suing platform to create payments and smart contracts. The platform has a built-ion audit ledger and many other functions that you can use in order to get the latest enhanced BD products.
DECENT: Many businesses will find the DECENT’s ALAX blockchain interesting, especially since you can buy and sell virtually anything in this P2P platform. The entire network is open source, with code viewable in GitHub, providing IT department an opportunity to create their own platform according to the company’s need.