Much is being written about Blockchain and Artificial Intelligence (AI) and how they are changing the way companies operate. Organisations are increasingly realising the potential of combining these transformational technologies, becoming pioneers in an evolving cultural and economic space.
New apps such as Mithril and Bubblo are controlled by AI processes and leverage the data storage and security offered by Blockchain. While Mithril rewards users who engage with social media platforms, Bubblo creates personalised recommendations of restaurants and bars for its users.
Another example comes from IBM that is creating an AI-enabled scanner as a counterfeit detector. People can simply use their phone to snap a photo of a diamond and then AI will analyse the characteristics of the gem within a database contained within a Blockchain ledger. If the diamond is found in the database, AI can verify its authenticity.
Other areas where Blockchain and AI converge include finance, transportation, charity, education and law enforcement. With GDPR being a hot topic for big companies storing large amounts of data, Blockchain can add reassuring security infrastructure. Together with AI, Blockchain can deliver automatisation of compliance processes with increased security levels. Also, the immutability of Blockchain systems makes it a trustable technology to share and process data. The recent scandals involving data breaches from high profile companies further support the move to Blockchain as a key to system security.
Investment in security and data privacy is growing globally. Emerging economies such as China, are becoming aware of current changes and are investing in Blockchain and AI to drive innovation. Recently, China Central Television Network (CCTV) declared that Blockchain has the potential to grow in value to 10 times that of the internet. Also in the Asian market, South Korea has made significant investments in Blockchain and AI realising the potential that combining these technologies will have on its economy. Meanwhile, in Europe, the UK is committing to improving Blockchain development on a local and national scale. The Government is hoping to grow this technology in the UK to attract talent from all over the world. Elsewhere in Europe, Switzerland and Estonia are investing in digital currencies and E-residency programs allowing citizens to store their data on a Blockchain.
Both Blockchain and AI are changing the face of business and government, but organisations are starting to realise the radical possibilities for greater efficiency, deeper understanding and better security offered by combining both technologies.
Ilaria Bommarito, Marketing Executive based at K2 Partnering Solutions HQ in London.