Can you please throwback and remember the last time you spoke with a customer care executive for banking needs or any other business? No, right! Most f our mobile banking application’s common problems and issues are resolved through voice support, right! The magic behind this automation is AI!
The world is now moving towards the digital cryptocurrencies that shatter the cross-border restrictions for payment transactions. The legitimacy and security features behind cryptocurrencies are because of the blockchain infrastructure!
Knowing the real-life usecases of blockchain and AI, in this blog post, you can explore the basics of blockchain and AI technology and the benefits and challenges of blockchain AI solutions in businesses!
The concept of blockchain and AI!
Artificial Intelligence is computer software that has pre-defined rules and performs actions, decisions based on that data. AI was architected to surpass human intelligence by reducing round-the-clock monitoring, repetitive tasks, signal notifications on desired market trends, and other similar stuff. AI works based on neural networks that mimic the human nervous system. AI is the advancement of machine learning, deep learning, and other basic computer sciences.
Blockchain is the distributed ledger technology that records data transactions in chronological order with timestamps. Every transaction in the network requires approval and validation by the network peers as per the consensus guidelines. Hence, this technology preserves transparency, legitimacy, and P2P transactions in the processes. Moreover, the blockchain infrastructure avoids single-point failures and security breaches.
Now, let’s analyze the major use cases of blockchain AI solutions!
Use-cases of blockchain AI solutions!
Blockchain tracks AI bots better than humans
Developers can build artificial intelligence software, and these applications are integrated with capabilities to expand their data with machine learning. Hence, applications or bots’ decisions and actions are unpredictable even by the developers who design and build them. Even though AI is a boon to the tech world, AI’s behavior is unpredictable in certain scenarios.
Blockchain AI solutions can overcome this misery and record every transaction or behavior of an AI application or bot in the ledger. This feature helps predict the behavior of AI software and could be efficiently refrained from negative or unwanted decisions by feeding the appropriate information in the AI application.
AI boosts up the blockchain
Consensus algorithms govern blockchain networks. Hence, whenever a transaction is performed, the miner nodes validate and approve the transaction. For this purpose, the miner nodes spend huge effort and computing power. The miner node resolving the consensus puzzle receives the incentive while others trying to resolve are leftover. Hence, implementing AI bots with machine learning capabilities to resolve the mathematical puzzle can save manpower and computer power to a greater extent.
Another pitfall of blockchain technology is the huge space required to store the entire network data. Incorporating AI in optimizing the network space can be beneficial in data-storage techniques.
Let’s dive deeper into the benefits of blockchain AI solutions!
Benefits of blockchain AI solutions
With blockchain AI solutions, the concept of decentralized artificial intelligence will bring up a lot of new features in businesses. Distributed nature of blockchain technology helps in leveraging the computational power and exploring every data set in the network. The data sets can be validated separately by the network peers and then combined into an integrated database.
The major advantage of blockchain AI solutions would be that the database is independent, and the AI behavior is traceable. The tracking data of AI applications can be utilized for further enhancements.
Challenges in implementing blockchain AI solutions!
Albeit the benefits of implementing blockchain AI solutions in real-time for business processes, there are security challenges in bringing them into reality. Based on the business ideology and requirement, the blockchain AI solutions differ. Hence, handing over your ideation to a professional blockchain AI solutions development company can boost up the processes without any flaws or potential risks!