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The rise of Artificial intelligence and blockchain in global economies


cryptodaily.co.uk 22 June 2022 13:50, UTC
Reading time: ~4 m

As the old saying goes, change is inevitable. Likewise, technology has brought significant change in how the world operates. The past two decades have been marked by advancements in technology with blockchain technology and artificial intelligence (AI) leading these advancements. 

AI and blockchain are still in their teen years but the future looks bright for projects working in these fields. Global industries and businesses are already implementing and/or investing heavily in these technologies, with a goal to improve security, data management, better user experience, manufacturing etc. 

Today, AI-powered applications are being used in various ecosystems, including web search engines such as Google, self-driving cars (Tesla), speech recognition (Alexa & Siri) and recommendation systems (E-commerce and Social media). Furthermore, innovators within this niche are working on more sophisticated integrations hence the rise of AI-powered bots to perform tasks that would have required human intervention. 

On the other hand, blockchain technology offers global industries unparalleled transparency, trustlessness, and cheaper transaction channels. The technology is already being widely implemented and transforming the global trade and logistics markets, finance, gaming, and data management industries among others. Notwithstanding, the technology is creating a new paradigm in innovating data privacy, data security and personal data control. 

While the two technologies have their own advantages and are still in their very early stages, there are firms already marketing the confluence of AI and blockchain technologies in their industries. Could combining the two technologies create what could be the world’s most technology-enabled decision-making and problem-solving solutions, which are practically tamper-proof, secure, and accessible to all persons in the world? 

Well, some companies are already building solutions touting the combination of AI and blockchain technology, offering realistic solutions to the problems facing multiple industries. Below we discuss how the confluence of AI and blockchain solutions are changing the global industries. 

The rise of AI + Blockchain technologies in global industries

One of the heavy use cases for AI and blockchain is in the enterprises and manufacturing industries. AI and blockchain solutions have been used to digitize the largely paper-based supply chains, making the data decentralized, easily shareable, and trustworthy, while adding intelligence and automation to execute transactions. This allows database administrators to standardize the deployment of integrity constraints to produce more structured data schemes with blockchain and utilize AI models to increase efficiency, automatically monitor manufacturing, and detect defects. The data is then shared with the network in real-time, via blockchains, reducing the overall cost of transaction fees in traditional manufacturing industries. 

Additionally, Oraichain, a platform that provides AI-powered smart contracts, has also shown massive benefits by bringing AI to blockchains. AI-powered contracts allow decentralized finance (DeFi) users to benefit from AI models built to eliminate human error and psychological factors when trading and investing in crypto markets. These smart contracts can also be customized to provide 24/7 coverage in the markets with frequent performance upgrades. With permanent and transparent logs of deployed strategies and outcomes on blockchains, the AI system can learn even more, which enhances the customer’s possibilities to make a profit. 

Oraichain also includes a decentralized exchange, OraiDEX, which is AI-powered and built on a CosmWasm smart contract. The DEX offers users a more efficient and cost-effective platform to complete their trades including multiple features including multi-chain interoperability, optimal speed, and lots of liquidity options. By leveraging Oraichain’s blockchain, the OraiDEX opens a channel for beginners in trading to trade like pros with the help of AI systems. 

In a quest to incentivize its users, Oraichain is launching its token, $ORAIX, on June 22, 2022, which serves as a utility and governance token on OraiDEX. The token will allow users to pay the meta-staking fees, buy airdrop NFT tickets, pay the creation fees for liquidity pools, and pay bridging fees across multiple blockchains among other utilities.

AI and blockchain can also be integrated into the healthcare industry to improve the visibility and traceability of drugs in the supply chain. A solution built on blockchain and leveraging AI provides a transparent channel for universal healthcare information stored on blockchains, granting & monitoring access, and effective use of information. Patients’ information stored on the blockchain can easily be retrieved by AI models and submitted to a global data network, enabling patients to have their medical data wherever they are on the globe. Such a solution improves the life sciences industry, accelerating the treatment workflows, increasing the success rate of clinical trials, and improving the patient experience by predicting diagnosis, treatment, prognosis, and outcome. 

Finally, the confluence of AI and blockchain tech is crucial in managing large amounts of data (big data). The decentralization aspect of blockchain technology allows data to remain private, secure, and sovereign to the user. Add AI models to this data and the potential is limitless. Data collected from internet of things (IoT) devices and factory machines could lead to AI models detecting anomalies, points of failure, recognizing flow, infringement of privacy, and other analyses to make the devices more efficient. 

 Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice

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