3 Ways the Intersection of AI and Blockchain Will Change the Future of Your Business

As you may be aware, AI and blockchain are complementary technologies that have gained tremendous momentum in recent years. In the last year alone, AI has seen widespread application across the business world. Survey from UKG By the second half of 2023, more than 78% of executives reported that their companies are using artificial intelligence. Additionally, 71% believe AI is a medium to high priority for their business, and 62% believe that such solutions are not being adopted quickly enough.

The second is blockchain technology. In 2018 84% of executives The PwC study claimed that blockchain efforts were underway, and the subsequent rapid rise of cryptocurrencies has made its potential even more evident.

Related: Meet the visionaries shaping entertainment through blockchain

Benefits of AI and blockchain collaboration

As these two concepts become more mainstream, business leaders are increasingly realizing that working together increases their productivity. Recent Presentations At the EY Global Blockchain Summit 2024, for example, EY Global Chief Innovation Officer Jeff Wong spoke about the potential synergies of blockchain’s ability to prove original ownership, especially amid the rise of AI-generated content. Wong noted that a technology rarely produces breakthroughs on its own, but typically needs to be combined with other new or existing technologies to enable greater utility and a surge in development.

Using a combination of AI and blockchain, companies can change business processes and influence digital transactions, with benefits including further reducing costs and transforming consumer experiences in online content consumption and other digital interactions.

The question is, how might all this impact your day-to-day business operations?

Here are some possibilities:

1. AI-based predictive analysis

Artificial intelligence’s ability to look at past data and use it to predict future outcomes has gained incredible utility recently. However, its usefulness is diminished if the past data cannot be trusted. Blockchain enhances the predictions of AI-driven analytics by ensuring that the data used in each algorithm is accurate, tamper-free, and transparent.

By using blockchain, companies can achieve a level of integrity and trust that is not possible with data sets from less secure AI models.

Related: The Complete Guide to Leveraging Predictive Analytics in Your Business

2. Strengthening data security and ability

Blockchain is unparalleled in its ability to increase the trustworthiness of data: it publicly tracks every iteration of data and records transactions in a decentralized, tamper-proof manner.

This significantly improves the quality of the data, but not its usefulness. This is where AI comes in. AI can perform increasingly sophisticated actions, such as creating and generating. But again, quality Data trustworthiness is central to the reliability of each LLM (large scale language model) and is naturally enhanced by blockchain.

Blockchain technology can create data that produces cleaner, more accurate AI results.

3. Sophisticated smart contracts

Contracts make the business world go round, but they can also hold things up if they’re not handled efficiently. Blockchain makes it possible to store smart contracts on-chain that will auto-execute when certain conditions are met, reducing errors and eliminating the need for middlemen, lowering costs.

AI provides a fundamental and crucial speedup and complexity to blockchain contract execution. LLM models and neural networks that power AI algorithms bring advanced adaptability to smart contract models, which allows for dynamic decision-making quality that adjusts using real-time data.

Companies can use AI to enhance smart contract capabilities and reduce the workload.

Related: Making a difference with adaptive neural networks

Investing in Synergies

Technology is constantly evolving, but rare are the moments when multiple complementary technologies powerfully overlap. The marriage of blockchain reliability and AI power has the potential to explode business efficiency and dynamism. The question is, are you and your company ready to explore that new territory?