AI and Blockchain are the two major disruptive technologies of the current times. 2023 started us out chatting with an AI (ChatGPT) to fulfill our curiosity. While some of us even mined our own crypto money backed and created stable networks with Blockchain technology.
It’s no wonder why industrial leaders are thinking about incorporating the two to revise their processes. Both have the potential to revolutionize various industries and change the way businesses operate.
With AI, machines can learn and adapt to perceive a problem statement similar to a human mind (learning, problem-solving, decision-making, and language processing (through NLP). The fundamental idea behind AI/ML implementation is that machines can be trained to perform these tasks by feeding them vast amounts of data and using algorithms to process it.
Blockchain adoption is crucial in present times. In the coming years, you will see an immense implementation of the technology. Embracing it as early as possible will give you the first-mover advantage and will also make you future-ready for the rapidly evolving world today.
In this article, we’ll explore five key reasons Blockchain and AI/ML will accelerate your business and keep you ahead of the competition.
blockchain diagram
Top 5 Reasons How Blockchain and AI/ML Help In Accelerating Business Growth
It is no surprise that the projected market growth of Blockchain Technology may rise by CAGR 84.5% by 2030 (starting from 2021). Another research by PWC suggests that AI will provide global economic growth of $15.7 trillion by 2030.
So here are the top five reasons how Blockchain-AI/ML will help in accelerating business growth:
1. Improved Data Security and Trust
One of the primary benefits of Blockchain Technology is that it secures the data and establishes trust among parties.
Blockchain employs a decentralized database, which means that data is stored across multiple nodes in a network (shared with everyone in the network).
Thus hackers can’t alter or delete data, as they would need to simultaneously access and change all copies of the data stored on the network.
As a result, businesses can use Blockchain to securely store and transfer sensitive data, such as financial transactions and customer information.
AI/ML, on the other hand, automates the processes. As it evolves with the data, its adaptability also gets enhanced, boosting your business with the evolving trends.
2. Increased Efficiency and Cost Savings
Another way in which Blockchain and AI can accelerate your business is by increasing efficiency and reducing costs.
Consider the example of Smart Contracts. These are self-executing contracts with the terms of the agreement written into the code, which can automate many processes (reducing the need for intermediaries). Thus, it promotes cost savings, along with increased speed and accuracy.
The introduction of AI in this space helps in the data analysis and optimization of the processes leading to efficient results and cost reduction.
That’s precisely why businesses are embracing AI and Blockchain development.
3. New Business Models and Revenue Streams
AI and Blockchain implementation helps in the automation of the processes and can create the possibility of building new business models that will generate additional revenue streams and thereby accelerate your business.
For example, Blockchain enhances the lifecycle of the product from origin to sale. Additionally, AI complements publicized marketing and advertising according to the target audience’s point of view, thereby generating sales and increasing the revenue portals.
4. Enhanced Competitiveness
Today, knowing or unknowingly, data is ubiquitous in every industry. With large volumes of information, as an implication, the implementation of Artificial Intelligence is the key player behind improving and building industrial processes. By adopting Blockchain and AI technologies, businesses gain a competitive edge in the market. This techno-duo offers- operations, cost reduction, revenue stream creation, and more. These features lead to enhanced competitiveness.
That is precisely why AI and blockchain will offer a distinctive combination for businesses to gain a competitive edge over those still pondering over adopting these new technologies.
5. Future-Proofing Your Business
It is an undeniable fact that AI is going to (and already is) drive future industries. As an extra step, professionals are pivoting towards building an integrated AI and Blockchain model to accelerate the businesses of tomorrow. These technologies are likely to become increasingly prevalent in the coming years.
Therefore, implementing both of these in your current enterprise can promise stability, security, and the required preparedness for the future. As a matter of fact, those who can incorporate AI and Blockchain have a better standing for thriving in the future. By investing in the two, businesses can keep up with the rapidly changing marketplace.
Top 5 Industries Thriving with Blockchain and AI/ML Innovation
Top 5 Industries Thriving with Blockchain and AIML
As projected by the PwC assessment, economists have predicted, “Blockchain has the potential to boost global economic output by US$ 1.76 billion by 2030. Furthermore, experts anticipate that the technology will be used by the majority of companies around the world in the next five years.”
Explore the top 5 industries which are accelerating with the power of Blockchain and AI.
1. Blockchain-AI/ML Innovation in Healthcare
The duo of these two disruptive technologies (i.e. Blockchain and AI/ML) is transforming the healthcare industry by
1.1. improving the quality of care,
1.2. reducing costs, and
1.3. increasing efficiency.
AI assists in analyzing medical data and identifying patterns that can help doctors make more accurate diagnoses. The installation of AI-powered chatbots can also assist patients with simple medical queries and triage, saving the time of both the patients and the staff. Thus, allowing healthcare providers to focus on more complex cases. Blockchain, on the other hand, can be used to securely store and manage medical records, enabling doctors to access a patient’s complete medical history in real-time.
2. Finance Industry Leveraging AI/ML-Blockchain
The finance sector is yet another area that is exploring the utility of AI and Blockchain innovation. It’s not a far-off dream that digital wallets are soon accepting crypto exchanges. For example, PayPal is now promoting crypto transactions. Another example is Xbox which is promoting cryptocurrency, expected to drive the blockchain market.
Financial institutions are exploring AI/ML and Blockchain implementation to enhance their efficiency. For example, Signzy Pvt Ltd (a RegTech startup) partnered with a blockchain provider to provide AI-backed smart banking.
3. Evolving Retail Industry with AI/ML-Blockchain
The retail industry is an ever-growing sector with a diverse range of data (customer records, transaction records, and more). The plethora of information makes it equally vulnerable to fraudulent activities. AI/ML and Blockchain offer a fantastic solution to tackle any suspicious activity.
You may be wondering how? Blockchain is the digital ledger that provides access to everyone in the network. Also, any data manipulation is technically impossible because it’d take hundreds of years to manipulate each block. AI/ML offers an efficient solution to process data.
For instance, the diamond industry is adopting blockchain technology for security. Tracr is the world’s only diamond company to employ distributed ledger for temper-proof source assurance at scale. It engages a quirky confluence of- AI, IoT, Blockchain, and Security-Privacy.
4. Manufacturing with AI/ML-Blockchain
Another industry embracing Web3 is Manufacturing (though it’s still at the nascent stage). AI and Blockchain will transform this sector as they improve quality control, increase efficiency and contribute to cost reduction.
In the near future, AI-powered robots can avoid occupational hazards. Manufacturing labor is open to risky conditions. Instead, the AI-Robo can perform such tasks ensuring safety and freeing up the human labor to focus on complex issues. On the other hand, Blockchain can ensure a secured movement of goods, tracking, supply chain management, and more.
5. Transportation with AI/ML-Blockchain
The disruptive technologies of the 21st century AI and Blockchain can transform the transportation and logistics sector by improving safety, reducing costs, and increasing efficiency. For instance, AI implementation can analyze traffic data and optimize routes, reducing fuel consumption and emissions. Also, AI-backed self-driving cars would promote safety by reducing human error. Blockchain can be used to track transportation goods activities and monitor any fraudulent activities.
Conclusion
In conclusion, Blockchain and AI technologies are catalysts for your business in several ways. They offer data security and trust, increase efficiency and cost savings to create new business models and generate revenue streams that enhance competitiveness, and help businesses prepare for the future. By leveraging these technologies, you can stay ahead of the competition and position yourself for success in the years ahead. It’s time to make your business future-ready!
Stay tuned to https://www.rapidinnovation.io/ for more technical dives.
Explore Rapid Innovation for AI/ML and Blockchain Services.