The use of artificial intelligence is becoming a necessity, with data across every aspect of life growing exponentially. Cognitive computing is emerging as a transformative technology, enabling organisations to gain a business advantage by unlocking new intelligence and analysis from vast quantities of data. Blockchain can unlock the potential of AI by providing for a means by which the data can be securely stored on a decentralised distributed ledger.
PWC recently released figures stating that AI will drive over 15 trillion dollars in global GDP in the next 10 years, with half of those gains coming from increased worker productivity. But AI also complements and enhances human innovation as opposed to replacing true human ingenuity by:
- Minimising the need for professionals to tire over low impact, administrative tasks thereby creating more time and space for innovation; and
- Generating novel patterns which may not otherwise have been recognised which flag up new opportunities or risks for a business.
The technology is already improving the provision of goods and services through automation which leads to dramatic increases in efficiency. In recent years, AI has revolutionised the way we manage our money, the way drugs are developed and has helped to solve many complex business challenges among many other applications. It can provide the foundations for businesses to run more effectively, through the use of smart contracts run on the blockchain. These contracts obviate the need for an intermediary and are much more transparent, with all records, contact details and actions stored on the blockchain and retrievable at any time.
Contact our team, who can help you: