The Combination of AI and Blockchain Technology: An Emerging Industry
Artificial intelligence and Blockchain are nowadays one of the most discussed topics among business owners and technology enthusiasts. Artificial intelligence is taking business processes and operations to a whole new level. It is now redefining the way vital business operations are carried out for the best customers’ experience. On the other hand, Blockchain is taking the business world by storm in its way. The concept is now fast becoming the spine of financial every business.
But now technology enthusiasts are thinking/talking about combining both of these technology revolutions. That will make AI and Blockchain an indispensable part of every business model. So in case you are interested in this concept, it will be exciting to see the outcomes of this unique combinations. But to understand the findings, first, you will have to understand Blockchain and the way it can impact the financial processes of every business.
The blockchain is nowadays topping the technology chartbuster. This hottest 21st-century financial trend has already been incorporated by favorite business organizations like Amazon, eBay and many more to ensure the growth of their business. It is mainly because it is more secure less prone to threats as compared to our traditional financial trends.
What is Blockchain?
The internet is home to many articles talking about Blockchain. But it is still not understood by many. Let’s make it easy for you to understand. It is a digital ledger deployed for keeping track of all transactions related to Cryptocurrencies. Some Japanese named Satoshi Nakamoto is considered to be the father of Blockchain.
It acts as a technologically very advanced and secured because of Cryptography.
Why Was Blockchain Invented?
Satoshi Nakamoto invented it in 2008 for the following two reasons:
- It was required to serve as the public transaction ledger for a Cryptocurrency called Bitcoin.
- A digital ledger capable of solving the double-spending problem without the requirement of some trusted or central authority was required.
Which Are The Different Types of Blockchain?
Most of the businesses owners spend buckets full of millions of dollars to incorporate it into their business model. But they just end up pulling their hair in frustration. It is because they don’t know about the types of Blockchain available. They opt for it blindly.
Here are three different types of Blockchain:
- Public Blockchain:
This type of Blockchain is secured through Cryptoeconomics, a combination of economic incentives and cryptography. Cryptography is a transaction verification process executed using POW (Proof-of-Work) and POS (Point-of-Stake). Public Blockchain is medium that anyone can use for participation in the process through Consensus. A consensus is a process executed to determine what block is added to the chain and the current state. This type of Blockchain is entirely decentralized and is like some open source software. It also offers plenty of more benefits.
- Private Blockchain:
This is different from public Blockchain. It is somewhat centralized. Meaning, there is always someone in charge to determine the entity who has permissions to read/write or access read/write transactions or other important processes. This is highly cost-effective and is secured through cryptography. This type of Blockchain allows a change in blockchain’s rules, revert transactions, modify balances and many more things as per the requirement of the organization. Organization or person that wants to implement these changes in Blockchain has to be in charge first.
- Consortium Blockchain:
This is very much different from public and private Blockchain. A pre-set of nodes is used to control the whole process in consortium Blockchain. This type of Blockchain allows determining entity which has rights to read the Blockchain. In simple words, right to read the Blockchain could be for everyone or restricted only to the participants. This type of Blockchain could be more favorable to businesses because of many reasons. For example:
- Affordable transactions
- Less data redundancy
- Hassle-free document handling
- Not so difficult to get rid of semi-manual compliance mechanisms
- Legacy systems are replaced
Therefore, it is essential that you figure out your business needs and then determine the type of Blockchain required accordingly. This will save your business lot of money and valuable time.
Why Businesses Need Blockchain?
21st-century businesses should incorporate Blockchain in their business model for some reasons. For example:
- Customers’ Data Security
- It Has The Potential To Be the Medium of Organic Traffic Generation:
- Massive Financial Saving
- A Medium of Revenue Generation
- Smart Contracts
Now that you’ve understood the Blockchain let’s see a few examples below of businesses using it effectively.
97.359 is the CB Rank of this active Venture. Headquartered from, Dublin, Ireland, We.Trade Innovation DAC is Seed funding Type Company that is For-Profit. They are a popular brand for commercial clients and banks seeking development of licenses and Blockchain platform that provide the secure and innovative environment they need. They do so by using distributed ledger technology and smart contracts. Their client base belongs to at least 11 different geographical locations of the world. Founded in 2018, this early stage venture is all set to achieve more feats in the domain of Blockchain solutions under the leadership of officers like Roberto Mancone (COO), David Clark (Product Manager), Mark Cudden (Lead Enterprise Architect), Daniele Gnagnarella (Business Development Manager) and Mairin O’ Sullivan (Marketing Manager).
Corda is an open source project developed by R3 with the contribution of at least 200 technology and industry leaders. The list of organizations includes business organizations like Barclays, CitiBank, Cognizant, HSBC, Infosys, LG CNS, Hewlett Packard, Intel, MetLife, Microsoft, SBI (State Bank of India), Wipro and many more. Corda’s office is in London, UK. Any individual or business that needs Blockchain solutions can join Corda through a mailing list, design review board meetings or community meetups.
Founded in 2012 and headquartered from San Francisco, California, United States, Ripple is a group of hundreds of professionals offering real-time payment system to eliminate the requirement of central correspondent. The company’s worth is now up to $93,600,000. Their objective is to ensure never like before financial experience for all financial institutions and banks. The company has been achieving this feat continuously under the leadership of Brad Garlinghouse (CEO), Marcus Treacher (Global Head of Strategic Accounts), David Schwartz (CTO) and many more. Accenture, SBI Group, Google Ventures and Standard Chartered are some of the lead investors in Ripple.
The company has its head office in New York, United States. Their CB Rank is 72,256. Founded in 2014, this active For-Profit Company is led by experts like Jeese Chenard (Co-founder & CEO), Brendon Taylor (CTO), Chabnish Kumar (Vice President, Sales, India) and many more. MonetaGo collaborates with financial institutions from all parts of the world and delivers private Blockchain solutions designed to add value and efficiency to the security of business procedures and products through hassle-free integration with their existing systems and protocols.
Founded in 1823 and headquartered in New York, United States, this active late-stage venture is a global financial service provider. The number of professionals in this group touches the count of 500. This 103 years old venture is worth 1.0 billion and is now advancing Blockchain technology through Quorum under the leadership of Daniel E. Pinto (Co-President), Michael Aguiling (CTO) and many more. Developed by J.P. Morgan, Quorum is one of the first major steps towards the common adoption of blockchain among financial industries. Quorum is a new version of Ethereum, enterprise-focused, permissioned blockchain infrastructure specifically designed for financial use cases. According to the company, Quorum has been designed for Blockchain developers working on the relevant permission project. It ensures a number of diverse perspectives for hassle-free team collaboration and project growth and a lot more. The company has plans to release more features in the future and accept public contributions wholeheartedly.