How will AI affect this industry? How will AI affect that industry? How is this industry using AI to gain the competitive edge? That is all what AI is about, how it can change industries. It has the potential to change humans and companies everyday life.
Another technology that is emerging has the potential to take the industries by storm is blockchains. What is blockchain you ask? A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as 'completed' blocks (the most recent transactions) are recorded and added to it in chronological order; it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically. In other words Bitcoin, Litecoin all these internet coins.
These cryptocurrencies are already making the news and the financial industries know the impact it can make. But the question is why blockchain, but why not blockchains? It reduces cost by eliminating manual processes. It increases speed of transaction and settlements through immediate distribution. Using cryptocurrency has better security. The cases of fraud and risk are going to reduce. Researchers are digging deep to use blockchains into other technological aspects especially AI. AI and blockchains have feature that go hand in hand, some of them are.
The technology of blockchains operate on a network of decentralized database which work together to solve complex algorithms. While AI studies and tests all the possible solutions it is ready with an answer. With more open data to analyze, the prediction and assessment of Machines are considered more correct, and the algorithms generated are more reliable. Blockchain distributes its task into numerous nodes worldwide making the process faster.
When it come financial traction financial businesses require top notch security, blockchains provide a higher value on their network. AI is a machine that has an autonomous nature it needs the high level security for minimizing the chance of any catastrophe.
AI is as good as the data that is fed to it, the more information it is being provided with the better it will get. Blockchains are open and have distributed registry, anyone can access the data if they are on the network. By implementing this existing data oligopoly will come to an end and the era of open and free data will come.