AI and Blockchain: How they affect businesses worldwide
To explore the world of these two technologies it is necessary to highlight some real world use cases where AI together with Blockchain are used to support companies. Some examples are as below:
AI Marketplaces
Decentralized marketplaces, such as Computable Labs, already exist today and they provide platforms where developers or AI vendors can offer their hardware or software services in exchange to other AI services or in other cases, cryptocurrencies. The exchanges between the parties in the AI marketplaces can be facilitated by means of Blockchain – based on smart contracts. Investopedia describes smart contracts as the self-executing contracts where terms of the agreement between the buyer and the seller is directly written into lines or code.
Blockchain Credentialing
Block.co, a pioneer in Blockchain Credentialing applications, leverages product innovation and cutting-edge cross-collaboration through partnership with the Institute for the Future (IFF) and UNIC. Block.co transforms the way organizations leverage blockchain technology in the issuance, self-verification and revocation of digital records. This technique utilizes Blockchain security and immutability through a solution that protect users against fake certificates and drastically reduce manual processes and costs.
Automate Business Processes
An example of AI use which helps businesses being more productive and time efficient, is that of Workdone which automates business processes between SaaS platforms (SAP, Office 365, Salesforce, NetSuite, etc.). The Company’s “Work-Heuristics Management” concept uses smart contracts and machine learning to capture and learn work-related user actions and characteristics in a business’ ecosystem. The aim is to reduce the time employees spend on repetitive tasks and retain institutional knowledge using seamless process automation.
Supply Chain Management
In 2018, Carrefour became the first company to use Blockchain for European food tracing. Customers are now able to use their smartphones to trace product life across its entire supply chain. We are now able to check, for example, that the milk lives up to its marketing, namely that the cows are fed with organic food and reared on modestly sized forms with best practices in mind.
These examples are just a brief indication of how the use of these two technologies, Blockchain and AI, solely or combined, enable businesses around the world to not only be more productive and efficient but also to create an entire ecosystem of safer, more accurate and controlled processes.
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