I do not like it when people think of artificial intelligence simply as something that will take their jobs or when blockchain is mentioned and that what comes to mind is a “quick money-making scheme’’.
It took me hours of brainstorming sessions to eventually attempt to write a piece about artificial intelligence and blockchain technology. The goal of this piece is to examine how both technologies can combine to open new possibilities for human applications.
At first glance, blockchain technology connotes the crypto world to many people. They start to think of Bitcoin (BTC) and other popular cryptocurrencies. As for artificial intelligence (AI), many think of ChatGPT, and some job experts speculate that it will soon take over. However, there is more to these technologies. While they will certainly take over certain roles, more opportunities will be created.
Prepare To Leverage The Capabilities Of AI and Blockchain Integration
The combination of artificial intelligence (AI) and blockchain creates exciting possibilities that can help everyone, from big companies to small business owners and individual entrepreneurs.
As a repetition for emphasis (since you may know what AI and blockchain mean), artificial intelligence, in lame man terms, is a technology that solves problems just like the human mind by using computers, data, and machines. AI is often faster and more accurate than the human mind. For example, AI tools like the popular ChatGPT can write a 1,000-word article in seconds. Some can create images in seconds, while some are designed to write computing code that may take humans days in a few seconds.
As for Blockchain, it’s a changeless and shared permanent ledger that provides immediate, accurate, and transparent data exchange. On the blockchain, transactions are linked, and each new block verifies and strengthens the previous block. This means a transaction can’t be altered once entered into the block.
Let’s see some applications of these two emerging technologies to help understand their functions better and discover new ways to use them.
Transforming And Empowering Business Operations For Businesses
At its core, blockchain and AI integration is about creating more trustworthy, efficient, and intelligent systems. For large companies, AI and blockchain together can revolutionize how big businesses operate and empower small businesses.
For example;
Supply Chain Management
Companies can track their products from manufacture to delivery with absolute transparency. AI can predict potential disruptions, while blockchain ensures that every journey step is recorded accurately and cannot be tampered with.
Customer Service
AI-powered chatbots can now operate on blockchain platforms, providing more secure and personalized interactions. This means faster, more reliable customer support that protects user data.
Financial Transactions
Blockchain can make payment systems more secure and reduce transaction fees. AI can help these businesses understand spending patterns and optimize cash flow.
Marketing and Customer Insights
Small businesses can use AI to analyze customer data stored securely on blockchain, creating more targeted and effective marketing strategies without risking data privacy.
Fraud Prevention & Personal Data Protection
AI can detect suspicious patterns in financial transactions, while blockchain creates an unalterable record of all activities. Users can have more control over their personal information, deciding exactly how and when their data is used.
Opportunities for Entrepreneurs
Entrepreneurs can leverage this technology in innovative ways:
Product Development
AI can analyze market trends stored on blockchain, helping entrepreneurs make more informed decisions about new products or services.
Startup Funding
Blockchain-based platforms with AI matching can help entrepreneurs connect with the right investors more efficiently.
Final Thoughts
The future is about technology that works for people, not the other way around. This isn’t just about technology — it’s about creating more transparent, efficient, and user-friendly systems. As AI becomes smarter and blockchain becomes more accessible, we’ll see even more innovative solutions that make life easier for businesses and individuals.
Now is the time to explore the possibilities the coming together of AI and blockchain technologies can offer and leverage them to create innovative solutions for humanity or improve your business efficiency.
How AI And Blockchain Will Combine To Serve You was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.