Artificial Intelligence (AI) could change the world more than any other advancement since the Industrial Revolution; fundamentally reinventing how businesses compete, grow, and succeed.
However, each AI system, and each algorithm within, is dependent upon training and acting upon trustworthy data to which it has access; typically limited to the organisation implementing it.
Simultaneously, blockchain is redefining business processes and systems of record, enabling secure and confident access to shared data between organisations and increased trust and confidence in the data.
Together, AI and blockchain will enable organisations to exceed their current boundaries and gain access to significant amounts of trapped value.
Blockchain: The perfect partner for AI data
An ample flow of accurate data will drive artificial intelligence systems.
Data is central to harnessing AI’s value, though many feel constrained by the relatively meagre flows of trusted information they can currently draw upon to feed their systems.
That’s why the leading technology firms have invested billions to acquire data-focused companies and their capabilities.
The power of AI depends on the access to, magnitude, and quality of the data it can process.
So, while AI redefines the systems of business engagement, blockchain is recalibrating the systems of record.
Together, they will remap organisational boundaries and, in the process, release large amounts of currently trapped value.
Meeting the challenge; capturing the opportunity
AI systems are dramatically changing the nature of services and experiences for consumers.
Companies usually start with what they can do and control and the data they store in their systems.
Rarely can a single organisation comprehensively meet a consumer’s needs, and most current AI implementation efforts reflect that limitation.
In future, wider access to data could enable new and greater access for AI machines to traverse business ecosystems and deliver more comprehensive solutions to customers.
Use cases: blockchain makes AI better—faster
The combination of AI and blockchain is reinventing economics and information exchange. It’s a potent combination that’s slowly but surely transforming industries and institutions, including:
Smart energy, smart buildings
Green-friendly AI and blockchain solutions can help reduce energy waste and optimise energy trading.
Institutions could store and access an index to academic research, making experimental data available.
If analytics are added, scientists would have a rich data set for learning.
By creating digital representations of real-world assets and tracking their relevant data as a single, shared source of information, major efficiencies and product improvements can be realised.
Our lives are integrated with smart devices, so a combination of blockchain and AI will be used to decide how these devices act, interact, and transact.
Blockchain technology for identity combined with AI could quickly show environmental conditions at refugee camps or community health information to produce insights to guide care and support.
With secure shared health data on blockchain systems, patients can reclaim control and allow access as desired.
They can benefit from AI-enabled personal care, while knowing their data is protected.