As described by François Zaninotto:
“A blockchain is a ledger of facts, replicated across several computers assembled in a peer-to-peer network. Facts can be anything from monetary transactions to content signatures. Members of the network are anonymous individuals called nodes. All communication inside the network takes advantage of cryptography to securely identify the sender and the receiver. When a node wants to add a fact to the ledger, a consensus forms in the network to determine where this fact should appear in the ledger; this consensus is called a block.”
Blockchain is a distributed ledger technology that has the potential to rewire your business and industry. While the technology seems difficult, the idea behind blockchain is simple and can change the way an industry works. It not only impacts the working of the financial industry, but its functions extend to other industries as well, such as Real Estate, Music, Business, Cars, Smartphones, Healthcare, Public value, etc., to name a few of the exhaustive list. In addition to the growing number of application domains affected by blockchain, AI and machine learning are also expected to change the way a business works. How it does that is mind-boggling, and here are a few examples of that:
Blockchain and AI are together expected to optimize energy use, thereby acting as a green technology by reducing energy wastage. This will also change the way energy trades are carried out around the world. Because of this application, they are dubbed a green-friendly technology combo.
Cyber Security: The basic aim of blockchain is to prevent tampering with digital data, and cyber security falls within the ambit of one of its main aims. When put together with AI, the combination of the two provides a double shield of security against cyber-attacks.
Music Industry: In the Music industry, there are a lot of intermediaries between the artist and the audience, wherein the artist is the last one to get the benefits from his labor. With the introduction of blockchain technology in the music industry by Grammy winner Imogen Heap, artists do not have to wait to get payments but can instead remove intermediaries and receive their profits from the audience directly.
Business: By removing the need for intermediaries, blockchain can help businesses make transaction processes easier by removing the need for banks and credit/debit card companies. This changes the dynamics of the consumer-company relationship and makes the entire payment procedure simpler for both the payer and the receiver.
E-Governance: Blockchain technology and AI have a significant role in democracy. By allowing the gathering of large amounts of data all across the globe and tracing the e-vote procedures, these two make it possible to display the e-voting procedures to the public and engage them better.
Also, read –
Is there any Central Authority in Blockchain Technology?
Thus, we can see that Blockchain technology can individually, as well as when combined with AI, have the power to revolutionize industries completely. If treated correctly, this technology will prove useful beyond expectations and reduce chances of fraud globally. The list is only expected to rise due to increasing awareness of the benefits of implementing blockchain-based systems in various industries.