How AI In Blockchain Can Improve Your Business Solutions
Have you ever thought of using AI in blockchain to enhance your business?
If not then probably you are ignoring a powerful combination.
Blockchain and AI are the two advanced technologies that have the potential to transform your business on a large scale. Blockchain is decentralized and distributed ledger technology that records information in blocks. AI or artificial intelligence leverages computation programming and data to enable a system to perform complex work combined with human and computer abilities.
And when AI is used in blockchain, the capability of blockchain technology gets enhanced. Many blockchain development projects like IPwe, Numerai, SingularityNET, Matrix AI have used AI. By integrating AI in their blockchain development they have witnessed impressive results.
So if you are planning to implement blockchain technology to build business solutions. Then, you should know how using AI in blockchain can help you improve your business.
In this blog, we will explore and discuss what are the benefits of integrating AI and blockchain.
Understanding Blockchain and AI
Blockchain is a decentralized and immutable distributed ledger technology. It provides secure, transparent, shared, and immediate exchange of encrypted data across the blockchain network to several parties.
A blockchain-based application or software tracks data, orders, payments, accounts, transactions, production, and much more. Blockchain allows only permissioned members or parties to share a single network. So, it enables them to build trust and security in their data exchange or transactions.
Artificial intelligence (AI) is a computational system. It combines the power of computers, data processing, machine learning, and deep learning to build advanced scale solutions. AI leverages the computer and human intelligence to create a mimic or simulation of human-like capability in an application or software.
Top Blockchain development company uses AI in building custom blockchain-based software, web and mobile applications that require automation capability. And therefore, businesses are using this great combination in various industrial use cases. So,
What is the link between Blockchain and AI?
Well, blockchain is a decentralized technology that stores information in blocks across a defined network. On the contrary, artificial intelligence is a centralized technology whose functioning is completely different from blockchain.
So you might find it difficult to understand how AI can be used in blockchain.
Well, it’s true. Integrating artificial intelligence into blockchain is indeed a complex process. It requires great programming and appropriate integration of both technologies to build perfect solutions.
Blockchain works as a distributed ledger network. It records data in the form of blocks that have unique encrypted values. A blockchain application allows transactions when each block verifies the data. Thus, a chain of connected peer-to-peer networks is created. As a result, it prevents data from external or unauthorized manipulation.
AI leverages the ability of different computational technologies to simulate the mixed ability of human and computer intelligence. Hence, AI here can assist blockchain in enhancing the ability and data processing of transactions. By using AI in blockchain businesses can improve the power of their applications with the following benefits
- Enhancing business data models
- Building smarter decentralized finance
- Globalized verification systems
- Accurate adults and robust compliance systems
- Data monetization
- Data protection
- Building large-size data sets
- Intelligent computing power
- Secured digital intellectual property rights
- Advanced predictive analysis
Real-life examples of AI in blockchain
- Botchain– A blockchain and AI-powered system that help developers leverage the power of AI solutions.
- Matrix AI– A renowned blockchain and AI-based application that is used for auto-coding, dynamic delegation networks, and more.
- SingularityNET– A full-stack AI-based decentralized protocol that helps companies leverage AI features.
- Numerai– An AI-based cryptocurrency project that solves critical data science problems.
- FINALIZE– a fintech software that utilizes blockchain and AI to build fintech applications.
- BLACKBOX AI– It allows developers to build business solutions using AI and blockchain.
How AI can enhance the ability of Blockchain Solutions?
AI and blockchain are two different technologies that have unique abilities. Artificial intelligence is dynamic and enables a system to work with automated capability. And when it is integrated with blockchain it enhances the ability of blockchain solutions. Let’s take a look at how AI helps you improve your blockchain-based business solutions.
1. Improve data encryption
AI can assist blockchain in enhancing the ability of encryption. Artificial intelligence enables a system to utilize high-end computation programming. Many software development companies have used AI in creating high-standard encryption algorithms for the use of AI in blockchain programming. This has helped them to build a robust web or mobile application with the combined power of AI and blockchain.
Some blockchain development companies are now using top AI trends in 2022 to build complex blockchain applications that offer great security in data exchange and transactions. Some blockchain startups have implemented AI in making smart data processing algorithms with AI in their blockchain platforms.
2. Easy blockchain management
Blockchain applications are built with different algorithms and methodologies. It uses high-level programming languages and coding to implement blockchain-based functionality. As a result, it requires an effective mechanism to handle the application properly and efficiently.
In this case, AI enables blockchain developers to manage blockchain-based applications flawlessly and seamlessly. By using AI in blockchain, managing blockchain applications becomes easy. It is because AI enables the application to process the data at a faster rate and execute the commands quickly.
3. Make well-informed decision
Blockchain is known for providing great transparency. It allows the parties and stakeholders to make secure transactions. It is because blockchain uses multiple layers of data processing and security layers. Therefore, it helps blockchain owners to make well-informed decisions. And by using AI algorithms, the ability of blockchain applications can be improved to help the stakeholders make well-informed decisions.
Blockchain and AI can work effectively in this case. Blockchain developers can implement AI to utilize the datapoint-to-datapoint approach for making documenting decisions. In this way, AI can help blockchain application owners to make decisions based on transparent insights.
4. Strengthen data authenticity
Data security is the top feature of blockchain technology. It stores information in blocks and permits transactions after verifying each block. As a result, it helps in building trust and integrity in the blockchain application. But I here boost the capability of data authenticity of blockchain.
By implementing AI in blockchain, the application can store and process highly sensitive information in high-level encrypted form automatically. It means businesses won’t need to hire blockchain developers separately to build custom functionality for data authenticity.
5. Improve efficiency
Blockchain requires mining processes in various cryptocurrencies which consume plenty of time and slow down the speed of processing. AI here can assist optimize the calculation to decrease the minder load. As a result, it lowers the network latency making faster transactions. AI also helps blockchain to decrease the carbon footprint of blockchain technology. In this way, AI empowers blockchain technology to improve efficiency.
Use of AI in Blockchain for different industries
Artificial intelligence and blockchain can help the healthcare industry in improving the healthcare management system. With the implementation of AI in blockchain, the healthcare sector can create a highly secured and efficient EHR (electronic health record) system to store patient data.
They can also develop an automated application combined with AI and blockchain to understand the patterns and insights from large size patient data. Healthcare startups can utilize the ability of AI and blockchain to build innovative healthcare app development solutions.
Fintech or financial technology is a hot emerging sector. It uses many different technologies to build software and digital solutions for banking and financial services. AI and blockchain here can assist the fintech industry in various cases. Banks and financial companies can use artificial intelligence to enhance the speed of transactions and delivery of services. By using AI in blockchain businesses can develop effective Defi and Cefi solutions.
They can use the duo combination to remove friction from multiple party transactions and establish trust and transparency. Blockchain helps in building complex solutions and AI gives automation capability to the application. As a result, fintech companies can improve their efficiency and generate better ROI. Therefore we see why top fintech app development company now uses AI and blockchain in some of their fintech solutions.
c. Supply chain and logistics
Blockchain is widely used in supply chain and logistics management. It provides great features to quickly and efficiently manage the supply chain and logistics. With AI and blockchain, companies and businesses can upgrade their supply chain to the next level.
For instance, a manufacturing company can monitor its carbon emission footprint at the production level. This could help them save necessary resources at the earliest stage And thus, improve accuracy and efficiency.
d. Life sciences
The combination of artificial intelligence and blockchain could prove to be a boon in the pharmaceutical sector. By utilizing AI in blockchain technology organizations and companies can enhance the visibility and traceability of their drug supply chain.
Medical professionals can use blockchain and AI-based healthcare applications for clinical trials with advanced data analysis capability. AI and blockchain can help the medical and pharmaceutical sector to improve patient tracking, consent management, data integrity, and automation of trial participation.
AI and blockchain both are advanced and high-level technologies that offer unique features and benefits. Blockchain is best when it comes to building great security, transparency, and efficiency in the existing or new system. AI is best for bringing automation capability. And when they are combined together it becomes a powerful technology solution.
By using AI in blockchain you can enhance the speed, efficiency, security, transparency, and problem-solving ability of your application. But since AI and blockchain, both are complex and advanced technologies. To ensure you build effective AI and blockchain-based solutions, find an expert company that is expert in integrating AI in their blockchain development services.
Why Choose MobileCoderz For Blockchain Development?
MobileCoderz is the top blockchain development company. We have the industry’s most qualified and expert blockchain developers, software engineers, AI specialists, and ML programmers who can build high-performing solutions. We have delivered many projects related to blockchain-based software, web and mobile applications to various overseas startups and enterprises.
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