Blockchain and AI

Blockchain is a shared, immutable ledger that provides an immediate and transparent exchange of encrypted data simultaneously to multiple parties as they initiate and complete transactions. …

April 4, 2022 1 minute
Blockchain and AI,Artificial Intelligence (AI)

Description :

Blockchain is a shared, immutable ledger that provides an immediate and transparent exchange of encrypted data simultaneously to multiple parties as they initiate and complete transactions. A blockchain network can track orders, payments, accounts, production, and much more. Because permissioned members share a single view of the truth, they gain confidence and trust in their transactions with other businesses and new efficiencies and opportunities.

 

 

Combined values of blockchain and AI

  • Authenticity

Blockchain’s digital record offers insight into the framework behind AI and the provenance of the data it is using, addressing the challenge of explainable AI. This helps improve trust in data integrity and, by extension, in the recommendations that AI provides. Using blockchain to store and distribute AI models provides an audit trail, and pairing blockchain and AI can enhance data security.

  • Augmentation

AI can rapidly and comprehensively read, understand, and correlate data at incredible speed, bringing a new level of intelligence to blockchain-based business networks. By providing access to large volumes of data from within and outside of the organization, blockchain helps AI scale to provide more actionable insights, manage data usage and model sharing, and create a trustworthy and transparent data economy.

  • Automation

AI, automation, and blockchain can bring new value to business processes that span multiple parties — removing friction, adding, speed, and increasing efficiency. For example, AI models embedded in smart contracts executed on a blockchain can recommend expired products to recall, execute transactions — such as re-orders, payments, or stock purchases based on set thresholds and events — resolve disputes, and select the most sustainable shipping method.

Use cases for blockchain and AI

Across industries, bringing AI into blockchain delivers new opportunities

  • Healthcare

From surfacing treatment insights and supporting user needs to identifying insights from patient data and revealing patterns, AI can help advance almost every field in healthcare. With patient data on the blockchain, including electronic health records, organizations can work together to improve care while protecting patient privacy.

 

By digitizing a largely paper-based process, making the data shareable and trustworthy, and adding intelligence and automation to execute transactions, AI and blockchain transform supply chains across industries and create new opportunities. For example, a manufacturer can track carbon emissions data at the product or parts level, adding accuracy and intelligence to decarbonization efforts.

 

  • Financial services

Blockchain and AI are transforming the financial services industry by enabling trust, removing friction from multiparty transactions, and accelerating the speed of transactions. Consider the loan process. Applicants grant consent for access to personal records stored on the blockchain. Trust in the data and automated processes for evaluating the application help drive faster closings and improve customer satisfaction.