April 26 2024

Blockchain and Artificial Intelligence: A Deadly Combination


Managing the need for globally defined accountability and transparency poses significant challenges. Blockchain, artificial intelligence (AI), and supply chain management are the three most disruptive technologies gradually revolutionizing business models. Using the Immediate Edge system will allow you to trade bitcoins with complete confidence if you are just getting started. However, these technologies hold the potential power to upend powerful industry incumbents by disrupting traditional means of information management and data security.

Simply put, people can only harness AI if it is optimally connected to blockchain in a comprehensive way that helps develop certain products with transparent business models. This combination of two potent disruptors has important strategic implications for companies in various industries to pursue or face being overtaken by competitors who employ their disruptive innovation strategies appropriately.Β 

Blockchain’s independence from government regulation and traditional financial intermediaries allows the technology to thrive in a society where there is a growing distrust in institutions and the power of their control over people’s lives. It, coupled with the inability of financial institutions to offer the same level of trust, has created an environment that fosters disruption.

Artificial intelligence is not commoditized:

Artificial intelligence, unlike other emerging technologies, is not commoditized. Companies that adopt AI technology but need to integrate it with blockchain will likely be disrupted by companies that do both well. As demonstrated by companies like IBM, Maersk, and IBM, integrating AI with blockchain can help companies increase their visibility across multiple data sources while improving security and information oversight.

In the long run, companies already leveraging AI technology but still need to utilize blockchain will face significant competition from companies with a fully integrated solution. Companies that have come up with an online platform to simplify and commoditize combined blockchain and AI technologies by using a common source for product identity. This source of product identity provides transparency and security throughout the supply chain, as well as deep analytics to improve operations worldwide.

Powering AI and Blockchain together:

To power AI and Blockchain together, companies need a common source of information about the product with unreachable security for all parties in the supply chain. Blockchain technology is revolutionizing many industries as it provides a more scalable solution to secure information than conventional technologies.

Β With blockchain, companies can create a secure identity system for any two parties to share product data, such as origin and quality, in real-time. As a result, companies seeking to integrate AI and blockchain solutions will face significant challenges in formulating their strategic innovation roadmap.

AI Blockchain healthcare use cases in e-Health:

The healthcare industry needs to adopt AI technologies for various reasons. The need for more affordability and availability of data, such as patient medical records, are the primary constraints that have made it difficult for organizations to deploy AI technology in their operations. While blockchain is quite effective at countering security threats, there is little evidence to suggest that the technology will completely solve the data privacy woes of healthcare organizations. However, an integrated approach through blockchain and AI solutions will help companies identify gaps in both processes and increase efficiency across hospitals, health insurance companies, and research institutions. Companies leveraging Blockchain plus AI will find the process of writing intelligent contracts much simpler since there is a secure source for product identity for all parties involved in a transaction.

Which industries can AI and blockchain disrupt together?

1. Real Estate:

Artificial intelligence can help with demand prediction, inventory prediction, and pricing optimization for real estate. In addition, the technology helps optimize the usability of space in buildings to reduce the number of vacancies and increase profit margins.

Traditional real estate processes rely heavily on human inputs. AI can eliminate a lot of human input, thereby increasing efficiency and saving costs for sellers and buyers, who are likely to respond when presented with AI solutions. In addition, blockchain in real estate can help enhance the project through intelligent contracts and ensures transaction transparency.

2. Healthcare:

People can use AI and blockchain to improve data quality, increase medical registration efficiency, reduce medical errors, and improve communication between patients and providers.

The healthcare industry is an ideal candidate for AI integration as it handles enormous volumes of sensitive patient data, which AI can analyze. In addition, the integrated use of AI with blockchain technology can help improve the patient-provider interaction process through the ability to use a secure source of product identity that allows both parties to know what they are transacting.

3. Retail:

People can use AI and blockchain to redesign supply chains and improve demand predictability. Several companies in the retail industry have already begun using AI to improve inventory management, reduce returns, and increase transparency throughout their supply chains. These companies find that people can achieve the best results by combining blockchain technology with AI technologies.

4. Oil & Gas:

Oil and gas companies are already deploying AI and blockchain technology to gain insight into inventory management, reduce downtime and optimize other business functions like maintenance planning.Β 


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