Use cases of Blockchain and AI
AI and blockchain are powerful, disruptive technologies that will impact industry and society for years to come. According to Grand View Research, the blockchain technology industry was valued at an estimated $5.92 billion in 2021. It is expected to grow at a compound annual growth rate (CAGR) of 85% between 2022 and 2030.
Several platforms, such as AIWORK, are implementing blockchain technology and AI, addressing long-standing issues plaguing their respective industries.
Understanding Blockchain and AI
Blockchain refers to an immutable, shared, decentralized ledger that is shared between nodes. Data is stored in blocks, where each block contains information related to the previous block. Blockchain technology guarantees the security and credibility of data stored without requiring a third party.
Meanwhile, AI has evolved from the pages of science fiction to power technology today. It ushered in an era of machine learning, where machines can mimic human intelligence and display characteristics such as learning and problem solving. AI can also learn from data fed to it, becoming smarter over time.
How can both technologies benefit each other?
Blockchain and AI can greatly benefit companies and each other in several ways.
Authenticity: Blockchain addresses the challenge of explainable AI by providing a clear insight into the framework behind AI and the origin of the data used. This greatly contributes to improving data integrity and, by extension, recommendations from AI. Using the blockchain to store and distribute AI models also provides a clear audit trail, which helps greatly improve security.
Enlargement: AI is able to read, understand and correlate data at incredible speeds, bringing an unprecedented level of intelligence to blockchain-based businesses. Blockchain gives AI access to incredible data, helping it provide actionable insights, manage data and create a transparent data economy.
Automation: AI and blockchain can add new value to business processes by removing friction and increasing efficiency. This has been seen in supply chain management, where blockchain and AI have completely digitized cumbersome, paper-based processes.
Efficiency: AI and blockchain technology can also add value to business processes by removing friction and improving the speed and efficiency of those processes.
Use cases of Blockchain and AI
Blockchain and AI have found use in several industries, helping with increased efficiency, automation, better fraud detection and more.
Supply chain
The implementation of blockchain and AI has transformed logistics and supply chains across industries. Blockchain technology can digitize a largely paper-based process, streamlining it and enabling businesses to share data efficiently. Its immutability ensures data integrity, allowing manufacturers to track products efficiently.
Health Service
Blockchain and AI’s implementation in healthcare has disrupted the industry. AI can help improve several fields in healthcare, such as treatment insight, supporting user needs, studying patterns and identifying insights derived from patient data. Meanwhile, blockchains can securely store patient data, allowing healthcare professionals to safely access patient data records while ensuring patient privacy.
Financial services
The financial services sector has seen the greatest impact of implementing blockchain and AI, removing friction from transactions involving multiple parties, increasing efficiency and improving transaction speeds. Applicant data can be accessed through the blockchain if a customer wants to take out a loan. Automated processes and increased confidence in the data help evaluate data faster.
How does AIWORK use Blockchain and AI?
AIWORK’s primary focus is on the online video space, which is plagued by issues such as unreliable, inconsistent and poorly indexed metadata. Such metadata leads to inaccuracies in content discovery, which is detrimental to viewers and creators. An open-source, decentralized blockchain protocol built on a consensus network of AI computing resources and a community of human experts, it helps generate normalized and enhanced metadata for online video content.
AI’s introduction into the online video ecosystem can help machines learn and improve assigned tasks. In AIWORK’s case, the platform will use AI algorithms to scan media files, generate enhanced metadata, transcriptions, translations, categories, classifications and time-coded tags, and create a detailed index of video objects. This is complemented by human experts who create, verify and validate datasets. Meanwhile, the blockchain can help with content cataloging, indexing, and storing personalized recommendations for video content.
In Conclusion
Blockchain and AI have several uses. As these technologies become mainstream, more companies and industries are looking to incorporate them to improve scalability, efficiency and security. This is evident in the healthcare, finance and supply chain industries, thanks to AIWORK, the online video space. The problems that the platform targets are unique.
