Undoubtedly, blockchain and artificial intelligence (AI) are the two most revolutionary innovations which have speeded up the process of technology. In the present era of DIGITAL REVOLUTION, technology is expanding exponentially, and the interplay of Blockchain, AI and big data analytics is considerable. The convergence of these three prominent technologies has opened the gateways for enhanced efficiency and transparency in operations. But before we switch over to the intricacies involved with these terms, let me untangle you from the web of their definitions.
Also Read: Importance of Blockchain in Big Data
The term blockchain is often limited to online transactions and cryptocurrencies, but it must be viewed in a much broader perspective. The Internet is a vulnerable thing prone to online thefts, and this is where the role of blockchain comes into play. It ensures trusted transactions through guarded, linear and permanent, indexed records. These can be referred to by laymen without any censorship and are extremely helpful in communication and payment mechanism.
Big data analytics
It examines piles of data to uncover hidden patterns and other insights. Also, it brings speed and efficiency to the table. Behind every quick, agile and competitive business is the power of big data analytics. Recently, it has risen in demand in the banking sector, and governments have started relying heavily on it.
The instances given below will elucidate how the trio of blockchain technology, AI and big data analytics has been a big game player in transforming industries and businesses.
Artificial intelligence (AI)
A machine is said to possess AI if it perceives its surrounding environment and eventually takes such actions which maximize the chances of achieving the aimed goal. AI has proved to be instrumental in a plethora of activities such as optimizing energy consumption, healthcare, finance and economies.
Helpful in Fighting Land Frauds
Blockchain technology is quite helpful in sealing land deals throughout the world. The technology has been used in Andhra Pradesh, India and a blockchain technology park was proposed in Vishakhapatnam.
Banking Sector and Audits
Banks have been highly interested in using blockchain and AI to increase efficiency in the banking system. AI makes continuous audits possible for financial statements. The overall audit risk is reduced, and the level of assurance is increased. Other financial companies such as credit and debit payment companies use blockchain based API’s to authenticate payments.
Travel and hospitality
Customer satisfaction is the topmost priority of travel and hotel industry. Thus, big data analytics proves to be helpful in gauging customer ratings in a timely manner. It gives businesses the authority and ability to collect customer data, identify potential problems if any and come up with better results immediately.
Big data analytics help in simplifying both structured and unstructured data which includes patient records, health plans, etc. in the healthcare sector. The data thus obtained can be helpful in providing immediate diagnoses and treatments.
Artificial intelligence is all set to assist doctors. There are more than 800 medicines prescribed for the treatment of cancer. Microsoft is working on a machine called “Hanover” which will memorize all the papers and give a cure for every patient individually.
Blockchain technology has been helpful in promoting greater transparency in pharmaceuticals by allotting a unique serial number to each drug.
AI is used to generate purposeful behaviour in non-playing characters.
Thus, whatever the field may be right from the public sector to government sector, these emerging technologies have made serious impacts. Very soon, artificial intelligence can prove to be a big player in world economies.