How does the combination of blockchain and artificial intelligence benefit the enterprise?
Whispers of blockchain have been circling the enterprise for some time now. Organisations everywhere are bracing themselves for the ways that blockchain could transform it. In particular, it promises next-generation solutions for consumers, organisations, and regulators for secure interaction and connection.
However, attitudes towards blockchain have not always been enthusiastic. Much like the internet before its ubiquity, there were significant hesitations towards it. Another technology that has experienced the same reception is artificial intelligence (AI). What was once a terrible idea (cyber uprising and all that) is now receiving widespread recognition for actually being pretty useful.
Today, AI is cropping up across every industry, and there is so much unexplored AI territory that this will surely only grow. Although the blockchain excitement is lagging slightly, it could turn out differently if people only knew how well it works with AI.
A match made in enterprise
AI and blockchain may in fact be the perfect pairing to future-proof businesses. Any business strategy worth its salt today starts with good data. Modern organisations will use data to create the basis of many initiatives. Businesses exploring their AI options will know that as part of its setup, you need to feed it the right data to fashion and enhance its algorithm.
Blockchain has the potential to bolster this further. In particular, it can deliver more information (and more securely) to the AI or machine learning technology. By doing so, it could significantly drive the actual learning for the machine. Then, in turn, the technology can reach new and improved levels of sophistication. AI, as exciting as it is, does incite concerns surrounding trust. However, by adding blockchain into the mix along with its privacy and security, it could alleviate some of these hesitations.
For financial institutions, nonprofits, health organisations – basically anywhere that handles super sensitive information – blockchain is growing as a priority to protect their all-important data. Simultaneously, we know that businesses are also pressing on with AI. Independent of each other, they have slightly problematic reputations. Together, however, they could be a match made for the enterprise. It just needs more interest and maturity before we can fully enjoy it.
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