Unlocking new possibilities through the power of blockchain and AI
With blockchain and artificial intelligence (AI) becoming more widely adopted, new possibilities are now available. These innovative technologies can help you find new sources of value, reduce cost and complexity in existing systems, and create efficiencies that didn't exist before. Let’s explore how blockchain and AI can be used together to deliver great results across almost any industry.
Defining blockchain and AI
Blockchain’s shared, immutable ledger makes it possible for multiple parties to simultaneously have immediate, transparent access to encrypted data. This also gives members a feeling of confidence and trust as they do business with each other, unlocking unprecedented levels of efficiency and opportunity.
AI, short for artificial intelligence, is a branch of technology leveraging computers, data and sometimes machines to mimic the thought process and decision-making that us humans do naturally. AI incorporates sub-fields such as machine learning and deep learning, which use AI algorithms fed with data sets in order to make predictions or classifications and even get smarter over time. All this complexity comes together with the main goal of AI: automation of certain repetitive tasks, improved decision making and ultimately, providing a better customer experience.
Common values of blockchain and AI
Authenticity: Both blockchain and AI are designed to provide a high level of trust and transparency in how data is processed, stored, and shared. Blockchain provides an immutable ledger of transactions that can be verified and trusted, while AI can provide a more accurate and unbiased interpretation of data through machine learning algorithms.
Augmentation: Blockchain can provide access to secure and trustworthy data, while AI can provide real-time insights and predictions based on that data. Both enhance and augment human capabilities, allowing individuals and organizations to make more informed decisions and work more efficiently.
Automation: Blockchain can automate the recording and verification of transactions, while AI can automate decision-making and data analysis.
Use cases of blockchain and AI
AI and blockchain can provide valuable patient treatment insights to identify patterns from large amounts of data. AI is especially useful since it quickly analyzes vast quantities of information. Also, blockchain-based systems allow organizations to securely share medical data without compromising patient privacy. Thus, healthcare systems work together in unprecedented ways to provide better and more efficient care.
Using blockchain and AI, the pharmaceutical industry can hugely benefit from the visibility and traceability of drug supply chains. The high-end data analysis of AI can revolutionize patient tracking, consent management, automated trial participation, and data collection. Using AI alongside a decentralized framework for clinical trials increases data integrity while also bringing transparency to each step of the process.
The financial services industry is one area where the marriage of blockchain and AI has the potential to bring significant benefits. Here are a few applications of these technologies in the financial services industry:
Cross-border payments: Blockchain can provide a safe and transparent method of making cross-border payments, minimizing the risk of fraud and lowering remittance costs. Artificial intelligence (AI) may evaluate payment data and deliver real-time insights and forecasts, enabling quicker and more accurate decision-making.
Fraud detection: Artificial intelligence (AI) may examine massive volumes of financial data to uncover trends and anomalies that may suggest possible fraud. Blockchain technology can create a secure and unchangeable database of transactions, making it easier to trace, verify, and detect fraudulent activities.
Risk management: Artificial intelligence (AI) may be used to evaluate financial data and forecast future market trends and risks. Thus, financial organizations to better manage risk and make more informed decisions. Blockchain can provide a safe and transparent means of exchanging data, lowering the risk of data breaches and enhancing risk assessment accuracy.
Digital identity: Blockchain may be used to construct a decentralized system for storing and distributing digital IDs, allowing financial organizations to more securely and efficiently verify the identity of their clients. AI may be used to evaluate data relating to digital identities and detect possible fraud, hence boosting system security.
Scallop and AI
Given the vast potential, Scallop is incorporating innovative AI technology in its systems. Working to create an easier and faster banking experience, Scallop's goals revolve around making banking operations more efficient while ensuring its customers' financial security. With AI on its side, Scallop plans to bring ground-breaking advancements to how customers go about their personal banking needs.