Blockchain with AI – What Will It Bring to The Table for Mobile Apps?
Today, nearly all industries need to constantly come up with innovative ideas and products in order to survive and thrive.
Emerging technologies like Blockchain and Artificial Intelligence holds the potential to fundamentally change the way how we use mobile apps.
In fact, Blockchain & Artificial Intelligence (AI) have poised to become so disruptive in the last couple of years that both of them have become synonymous with the word ‘innovation’.
But how do these technologies become so disruptive and what it means for the future of mobile apps?
Let’s find out!
What is Blockchain?
Blockchain is basically a distributed ledger that stores all transactions information in a transparent and very secure manner.
Ever since its emergence, blockchain has disrupted the business world in numerous ways and entrepreneurs are still coming up with interesting ideas to build innovative products for the future.
In fact, IDC has forecastedthat over $11.7 Billion will be spent on Blockchain Technology by the year 2022.
What is Artificial Intelligence?
Artificial Intelligence, in simplest terms, is a technology that can make machines smart enough to make decisions on their own.
The technology has impressive features and lots of potential due to which 40% of digital transformationwill be done through AI by the end of 2019.
Having said that, have you ever wondered what can happen if the two technologies converge?
The Convergence of Blockchain & AI
One of the strong reasons to combine Blockchain with AI is to augment big data analytics.
Big data analytics generally involves analyzing an excessive amount of data (which are often about customers)to discover actionable insights.
As a result, Blockchain merged with AI can introduce new app marketing strategies to boost customer acquisition and retention.
To be precise, here’s how Blockchain technology can impact AI and help each other.
Impact of Blockchain on AI
AI technology basically needs a vast amount of data in order to discover actionable insights and make decisions.
And since Blockchain is a secure way to store data and can create a massive database of every transaction on the network, implementing AI can bring a number of benefits.
For example, mixing AI with Blockchain can help in identifying and intercepting fraudulent activities while maintaining the the data at the same time.
Simply put, Integrating Blockchain with AI can maximize security and stability while maintaining performance simultaneously.
Impact of AI on Blockchain
In the past recent years, a considerable number of enterprises have already adopted Blockchain technology to securely manage their data.
But, since Blockchain is decentralized, the confirmation of each transaction often gets delayed.
Artificial Intelligence holds the power to shorten this inefficient process by reducing the computing power needed for confirming all transactions.
In simple words, enterprises can implement AI to eliminate the need for manual confirmation and make the entire system run on automation.
That being said, let’s get to the main subject and discuss the impact Blockchain & AI can have on mobile apps.
Impact of Blockchain & AI on Mobile Apps
When it comes to mobile application development, the idea of integrating Blockchain with AI is still intimidating for many.
If you’re someone who finds himself clueless in incorporating Blockchain combined with AI in your mobile application project, you’ll be surprised after knowing the impacts that both technologies have on mobile apps.
For starters, Blockchain & AI holds an enormous potential to support and shape businesses.
For example, Blockchain can track transactions made by users and store them securely. AI, on the other hand, has to power to help businesses track and understand decisions made by users.
Simply put, Blockchain has the power to store the transactions made by humans securely. And AI is capable of evaluating the large chunks of data or transactions made by humans for making insightful decisions.
But, since these variables are too hard for humans to understand, Blockchain merged with AI can boost customers’ confidence by achieving a level of transparency and accuracy.
As a result, AI combined with Blockchain in mobile appshelps businesses handle their customers in a new way.
This technological advancement will allow businesses in improving a measurable level of trust and provide a valuable model to run their operations.
Future of Mobile Apps with Blockchain & AI
Blockchain and AI have already proved to be useful technologies. And in the years to come, blockchain will offer new and more advanced ways to implement AI systems to further enhance businesses.
Therefore, it is safe to say that AI will continue to help businesses in providing more intelligent insights and blockchain will continue to enhance the security of all data, which will be directly beneficial for both businesses as well as their customers.
In our opinion, Blockchain will help all sorts of businesses to become open, decentralized, and free of monopolies, while AI will enhance the real-time decision-making process for businesses which will bring an unprecedented level of growth.
Bio: Atman Rathod is the Co-founder at CMARIX TechnoLabs Pvt. Ltd., a leading web and mobile app Development Companywith 13+ years of experience. He loves to write about technology, startups, entrepreneurship and business. His creative abilities, academic track record and leadership skills made him one of the key industry influencers as well.