Blockchain was king before artificial intelligence became the reigning trend champion across tech industries. However, the two aren’t rivals. In fact, you can combine them for a greater effect. Today’s guide will show how they coexist and what potential this combo holds for the industry.
Using S-PRO’s own experience, we’ll illustrate that each of these technologies adds its unique strengths to create new, inventive solutions. Let’s begin.
There are opportunities to apply artificial intelligence and blockchain in industries that use them for transformative purposes. Both are pretty popular in cybersecurity, with blockchain guaranteeing data remains immutable and private. Meanwhile, AI helps refine a company’s protections by simulating attacks and identifying vulnerabilities.
When the two come together, you can use AI to explore new ideas for stronger security, while blockchain will provide the tools to implement them. A similar case occurs when you apply these two in supply chain management. AI can calculate optimal shipping routes and schedules, while blockchain can help track shipments and ensure no deviations from set paths.
AI can also work directly with blockchain-based smart contracts, automating agreements and contract management. It can also help optimize blockchain operations, which are notoriously time- and energy-consuming on some networks. Finding a way to reduce the wait and energy usage could be a major boon for widespread blockchain adoption.
Investing in building an AI/blockchain minimum viable product is a big ask when you don’t have a clear vision of the challenges it can solve. So, let’s discuss the utility of these solutions. One aspect is fraud prevention, a major pain point for financial businesses. AI can spot trends in user behavior that indicate fraud, while blockchain can eliminate transaction risks.
Similarly, AI is very common in analytics. Yet, combining it with blockchain is a newer trend. AI offers predictive data for demand spikes, which helps manage the load on the blockchain and avoid bottlenecks. This can be vital for those who advertise speed and efficiency for users, as it guarantees stable and fast services regardless of load.
A big selling point of blockchain is its ability to decentralize traditional spaces like marketplaces. AI that automates connections between nodes can help make such marketplaces more scalable and reliable for users. Plus, it can offer more personalization, a common value-add of AI that makes any site more lucrative.
One obvious roadblock in bringing these technologies together is energy usage. Both of these are currently rather resource-hungry. Building your own infrastructure with renewable energy sources could be a good solution, though perhaps not a permanent one. Steps are being taken to optimize these technologies, though, making them more efficient in the future.
Integrating the two also requires skilled developers, and finding experts in both isn’t always easy. A professional team would be needed to build a solution that combines AI and blockchain from scratch.
Lastly, regulatory concerns could pose a risk, as blockchain projects are already subject to new legislation, while AI’s meteoric rise has put lawmakers in the spotlight. We expect major changes in legislation in the upcoming years, which could heavily affect ongoing projects. Therefore, we advise always having legal consultants available to ensure compliance.
AI and blockchain’s security hold great promise, and exciting new ideas complement them perfectly. Jumping on these trends now means you won’t just be witnessing the future unfold but actively shaping it. If you feel ready to tackle this industry and need skilled AI developers, look no further than S-PRO.
With more than a decade of experience in custom software development, our team knows the past, present, and future of AI to a T. We deliver refined, high-quality solutions because we’re a tight-knit collective where each employee is ambitious and eager to learn. So, if you want to create a future-ready product, there is no better team than S-PRO.
First things first, of course, is defining what you want to make and the scope of your project. For that reason, we can start our collaboration with a free consultation.
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