With the help of technology, humans have witnessed plenty of transformations and advancements in ordinary climates throughout time. In today’s generation though, whenever we refer to the word technology, it often relates to almost anything that has something to do with computers.
Prior to that, we have seen that the ground work of technology had begun way back before our forefathers were even formed. The notion underlying technology can be summed up in the idea of making things in our environment easier and better.
A good example of primitive technology development we are able to see is that of the start of fire use. Several millions of years ago, societies were in interaction with technologies like the huts for shelter and the stones for defense. From the past to the present and even in the future, technology is expected to fit the need, want and at some point the whim of the humans.
With all of the many developments of technology, the purpose remains clear: so as to ease the life of people. While we managed to go through basic needs in life, technology has had many more advancements and creations on the subject often unknown to many.
While today we have such inventions as blockchain and artificial intelligence. These are two derivatives of technology that have eased the life that is known today by a great deal.
What is Blockchain Technology?
Blockchain is the sharing of data and, in particular, the financial operations that go in parallel with it. It is a record that is distributed among the different participants and more transparent as compared to a physical ledger.
Blockchain is mostly associated with financial applications like various cryptocurrencies including Ethereum. As we shall see later, the use of block chain technology is becoming widespread in storing data.
The shared information is encrypted data of all transactions made; it is kept in a virtual block referred to as ‘digital block.’ All the payments, orders, accounts, productions etc will be tracked by a blockchain network, and all the permitted members will have access to it.
This will make the various businesses transacting to gain confidence and trust in the system. It also creates possibilities for new and more effective business prospects.
All the records are easily accessible as one of the features of blockchain. Increasingly more individuals are opting to transact using the Ethereum Cryptocurrency Platform. DApps, invented since the company was formed in 2015, has developed over 4,000 decentralized apps.
Blockchain is not equal to Ethereum it is the only valid example of blockchain tech. This cryptocurrency network is available to the public to develop and control intelligent or crypto contracts. This digital contract stored in a blockchain performs tacks as soon as the term and conditions are acceptable for all the parties involved.
It cannot be altered because in the chain of blocks there is computer code that is strongly protected, and cannot be altered. After the code is written and the contract implemented it will only act according to the terms of the contract written into the code. In this we see the source of Ethereum’s progress and success.
Describing Artificial Intelligence (AI)
Another important technological advancement is artificial intelligence which is abbreviated as AI. It has employed a different learned programming software. It enhances our existence in the manner that it helps in solving problems that affect human existence.
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By the use of data and computer and other such machines, it emulates the decision-making and problem-solving faculties of the human brain.
There are two main subsections within AI: Artificial intelligence is a broad branch of computer science which has two major subcategories namely machine learning and deep learning. These two divisions are programmed through data to classify or predict conclusion and are accomplished with the use of different AI algorithms.
What are the Benefits Of Combining Blockchain Technology and AI?
Blending the two technologies of, Blockchain and AI Automation capabilities offers a new dimension to almost all business processes. It increases the efficiency and overall productivity, there are fewer interfaces and a lot faster.
The use of records through a blockchain provides a clearer view of the support that AI relies on and the provenance of data that has been utilized to manage the problems it poses. Due to this insight, there is more confidence that improves the credibility of the data AI brings.
Those organizations which have not applied artificial intelligence within its operations are now considering its utility. Evidence is constantly shown.
Audit evidence is provided when blockchain stores and share all different AI models. This was made possible through the use of Artificial Intelligence and Blockchain which enhances the data security.
Some of achievement of AI are in aspects that are comprehending data, reading across data, as well as matching data. AI’s remarkably fast processing completes a new intelligence value to business systems. All this is thanks to the use of blockchain technology.
Can Businesses Benefit from AI Technology?
Today there are so many companies and industries that have embraced the AI technology. Besides, optimization, automation and transaction authenticity, blockchain integration with AI has created more value in business operations.
The combination of artificial intelligence and blockchain technologies led to the appearance of new financial, supply chain, marketing, healthcare, as well as life sciences possibilities.
These are activities that before could only be done by humans whereby the AI takes over to do the work. This save employees for more creative tasks like branding, promotion and face-to-face communication with other employees.