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By Gaurav Dahake
With over 4000+ cryptocurrencies in the market today and more being developed consecutively, comprehending and managing crypto investments requires a lot of time and skill. Artificial Intelligence, which as an instrument is already well-recognized within the financial industry, becomes more relevant as more and more institutional investors enter the crypto market.
As industries across the world focus on innovation in all facets of their operations today, we inhabit an era of two progressive technologies leading a revolution. These, undoubtedly, are AI & Blockchain.
The onset of artificial intelligence, which mimics human intelligence to complete complex tasks, has now seeped into how we function in our daily lives. With the ever so increased rush towards digitization – more and more applications are relying on the use of AI.
In 2009, when Bitcoins were launched, Blockchain moved from being a theoretical concept to a real-world use case. This demonstration of a disruptive technology prompted organizations around the globe to test how this can work for them.
Blockchain technology is touted as the birth of the world’s most secure, immutable ledger. The primary reason for this is how this ledger provides an immediate, shared, and transparent exchange of encrypted data in a concurrent, simultaneous fashion to all parties as they engage in transactions.
A blockchain network is more than capable of tracking multiple transactions – making it fit for orders, accounts, payments, production and so on. In addition to enabling trust between unknown parties with transparency, blockchain also enables the sharing of data within an ecosystem of businesses in a decentralized manner. What this means is no single entity is exclusively in charge of facilitating this information sharing.
As an example, supply chain businesses witness the involvement of multiple stakeholders. From producers to transport companies, suppliers, distributors, and retailers. All of these people need information from other parties in this chain. With its decentralized nature, Blockchain uproots this dilemma.
Encompassing the subfields of deep learning and machine learning technologies, Artificial Intelligence leverages data and machines to mimic the human mind. Among the many benefits of introducing AI to your business is recurring tasks and reducing human errors.
There’s no doubt that Artificial Intelligence proves to be transformational for every business, every company, in every industry. It holds for what it can do to Blockchain first businesses too.
With over 4000+ cryptocurrencies in the market today and more being developed consecutively, comprehending and managing crypto investments requires a lot of time and skill. Artificial Intelligence, which as an instrument is already well-recognized within the financial industry, becomes more relevant as more and more institutional investors enter the crypto market. Traders are increasingly looking to AI and ML to make business decisions to drive through the challenges of creating accurate predictions. AI can also show behavioral patterns to help make meaning of the drivers in the crypto market.
The product idea, AI & Blockchain technology together proves to be the Holy Trifecta for businesses. Upon incorporating AI & Blockchain, institutions can also cut costs and see financial savings. By reducing the reliance on manual labor for tedious tasks such as aggregation or amendment of data, integrating these technologies helps organizations increase their cost effectiveness and manage resources better. Furthermore, there is an increased ease of reporting and auditing processes.
In a broader sense, these technologies are the arm businesses need to scale up and climb the ladder. Blockchain technology helps businesses to eliminate the role of middlemen and solve important values in operations including security, sanctity, visibility, and innovation.
About the author
CEO & Founder, Bitbns.
Photo by Shubham Dhage on Unsplash
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