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Blockchain and Artificial Intelligence Are Two Foundations of the Future. How Will They Interact?

13 June 2024

Blockchain and artificial intelligence are two key technologies that are already shaping the future. Both of these fields have enormous potential and can radically change the ways and formats of work in various industries. But what will their interaction look like, and what are the prospects for this process?

In 2021, the blockchain and AI market was valued at $230.1 million. It is now expected to reach $980.7 million by 2030, according to data from an article on the synergy of blockchain and AI on Parangat.

Artificial intelligence (AI) is a technology that allows computers to perform tasks requiring intellectual thinking. Blockchain, in turn, is a decentralized data storage system that provides transparency, reliability, and information security. Let’s explore how and where these technologies are already being applied today and what the future holds for them.

  1. In the financial sector, blockchain is used to ensure the security and transparency of financial transactions, speed up calculation processes, and eliminate intermediaries. AI is used for data analysis, fraud detection, market trend forecasting, and the creation of personalized financial products.
  2. In the medical field, blockchain is used for storing and sharing information, ensuring the security of patients’ personal data, and improving the medical records management system. Artificial intelligence is applied to diagnose diseases, analyze medical images, predict potential illnesses, and develop personalized treatment methods.
  3. In the logistics sector, blockchain is used for tracking shipments, managing supply chains, simplifying the documentation process, and ensuring the transparency of the entire supply chain. For its part, artificial intelligence helps optimize delivery routes, predict demand, manage inventory, and increase the efficiency of logistics processes.
  4. In the educational sector, artificial intelligence is used to create personalized educational programs, adaptive courses, assess knowledge, and assist students in mastering the material. Blockchain is used to verify academic achievements, store diplomas and certificates, and ensure the protection of copyrights on scientific works.

Blockchain and AI have found widespread applications across various industries, helping to improve business processes, ensure data security, and enhance operational efficiency. But what does the future hold for them? We believe it’s grand. Here’s why:

Firstly, data security will improve. Blockchain provides a high level of information protection through decentralization and encryption. Artificial intelligence, in turn, can be used to analyze data and identify potential system vulnerabilities. For example, a study conducted in China showed promising results: AI can significantly enhance blockchain network security by identifying potential vulnerabilities and offering reliable ways to improve security. The BlockGPT system demonstrated its unique effectiveness, processing transactions at an average speed of 2,284 units per second with minimal deviations. This makes the BlockGPT system perfectly suited for real-time transaction monitoring. These and other examples of blockchain and AI synergy are discussed in a Forbes article.

Secondly, most processes will become automated. AI can be integrated into blockchain systems to enhance the efficiency of business processes. For example, AI can be used to create smart contracts that are automatically executed under certain conditions.

Thirdly, the quality of decision-making will improve. After all, AI can analyze large volumes of data and provide recommendations based on that data.

The synergy between blockchain and AI contributes to the emergence of new innovative solutions and business models that can radically transform entire industries. As these technologies develop, we can expect an even greater variety of revolutionary ideas and improvements in various fields. For instance, DLT technologies are used to protect consumer health by tracking the origin of products. Currently, twelve of the world’s largest food companies, such as Nestlé, Unilever, and Walmart, have implemented blockchain to track food products. In the medical field, blockchain tracking systems have helped limit the number of defective medications worldwide, as discussed in a Forbes article.

The secret to unlocking new technological possibilities lies in the collaborative effort between blockchain and artificial intelligence, aimed at improving automation, security, and data integrity across various industries. The combination of both technologies, supported by progressive startups and large corporations, has the potential to revolutionize the technological landscape.