Blockchain and Artificial Intelligence: Business Applications and Challenges

Artificial intelligence (AI), and blockchain applications are enabling several opportunities in the public and private sectors to improve multiple complex processes. Both provide businesses with solutions that can radically enhance and streamline existing operations and processes and create new business models.

“Anything that could give rise to smarter-than-human intelligence…wins hands down beyond contest as doing the most to change the world. Nothing else is even in the same league.” — Eliezer Yudkowsky, Cofounder, Machine Intelligence Research Institute

Take a look at how Artificial Intelligence and Blockchain applications are laying the technological foundation for businesses to build innovative solutions.

Artificial Intelligence

It is machine learning, one of the applications of artificial intelligence among others, that has made the most significant impact yet.

It provides businesses with fast, intelligent and effective decision-making ability. With machine learning applications, businesses can achieve mundane and complex tasks with more accuracy and efficiency.

Decision-making with intelligent machines has enabled several inventions, but a lot is yet to be explored.

Machine Learning

Machine learning enables enterprises to better comprehend customer needs and market trends, along with assisting in automation and personalized contracts. Its applications open opportunities to create new services that can accurately meet modern customers’ demands and fill market gaps. Through insightful recommendations and strategic input, machine learning facilitates businesses to empower critical operations.

For instance, it can transform human resources by providing accurate data for recruitment, staff retention, and productivity.

In the automotive sector, it lays the technology foundation for autonomous vehicles.

For the telecom industry, it provides solutions to identify and resolve network faults, and accurately profile customers.

In other areas, it finds applications in developing customer service chatbots, creating marketing insights, identifying cybersecurity threats, and much more.

Obstacles in Adoption

There are discussions on whether machine learning will be able to impact enterprises profoundly. Indeed, maximizing business benefits with machine learning is easier said than done. Its implementation with existing processes is an incremental process.

For exploring the potential of machine learning, businesses need to achieve the following requirements:

• Identify use cases for enhanced intelligence within processes like supply chain
• Gather, store and process enormous amounts of internal and external data, both structured and unstructured
• Avail right AI development services to put machine learning to work
• Integrate machine learning into existing and future applications
• Deploy it across a multitude of functions and processes, rather than a single-use case
• Implement it to current infrastructure, instead of developing from scratch
•  Consider questions regarding the scope of AI and Blockchain implementation

Although machine learning implementation in the enterprise has proved to be challenging initially, the benefits are quite significant. Thus, businesses must find a way to infuse their business models with machine learning, and avoid the risk of falling behind competitors.

How Oodles can help?

We enable businesses to integrate their core applications with ready-to-use AI and machine learning capabilities. It enables the development of adaptive intelligent applications that create a connected enterprise. Our team builds machine learning applications for self-securing databases, analytics, security, management, and more.

Also Read: Blockchain, AI and Big Data Bringing Next Tech Revolution

Blockchain

So, while AI and machine learning think, blockchain remembers everything of value. Blockchain is the technology that underpins not only cryptocurrencies but also high-trust computing. Applications of blockchain enable businesses to bring reliability, transparency, and security to all types of information data exchanges, such as financial transactions, contractual and legal agreements, and ownership changes. A blockchain is a distributed peer-to-peer network that stores an unalterable record of every information exchange, thus, removing third-party intermediary verification of digital transactions. The benefits include easter processes, real-time transaction visibility, and reduced costs across every industry.

Blockchain is ready to be a game-changer in diverse industries like insurance, e-commerce, healthcare, human resources, and more. In the consumer goods sector, blockchain will enable end-to-end transparency across the supply chain with solutions like asset tracking. It will improve accountability, reduce product recalls, and improve consumer experience and trust. In education and research, it will help to ensure secure storage and exchange of intellectual property rights. Essentially, in any sort of digital information exchange, blockchain can be implemented.

A Gartner report estimates that blockchain can generate $176 billion of value-added revenue by 2025. Industry experts believe that it will enable new business models, and disrupt existing ones.

However, there are a few areas where blockchain’s transformative influence is yet to be felt.

Obstacles in Adoption

As with AI and ML, you may expect global adoption and implementation of blockchain applications. However,  risks and complexity impede its widespread adoption.  For that, businesses need:

• Reduced cost and increased availability of computer resources
• Regulatory compliant implementations of blockchain solutions
• Appropriate deployment of private, permissioned and public distributed ledger-based applications
• Seamless integration with existing systems of record
• Effective analysis of use cases to enable more immediate return on investment
• Change in traditional stakeholders’ approach to remain risk-averse

Blockchain is undoubtedly transformative and its impact has yet to be explored. But before exploring the blockchain’s potential, enterprises must overcome these stumbling blocks.

How Oodles can help?

We aim to make all transformative technologies more powerful by introducing them to the real-world. Our blockchain development services enable an easy and cost-effective implementation of blockchain solutions. Our blockchain team is capable of exploiting technologies like blockchain, AI, and ML to develop solutions that accelerate time to value while maintaining security and resilience.

Concluding Thoughts

The cognitive power of artificial intelligence applications and effective blockchain attributes contain the potential to disrupt and form new business models and processes. Together, they provide completely transformative capabilities to revamp every industry, sector and line of business. Connect with us to find out how you can make use of emerging technologies like AI and blockchain in your business.