How Various Industries Are Merging AI, Blockchain

Technological advances have birthed innovative solutions in a myriad of industries. Blockchain and artificial intelligence (AI) are the trailblazers of our time, with the potential to upscale how we go about our daily businesses, and when these two are merged, they have such a synergy to catalyze revolutionary solutions.

Understanding AI and Blockchain synergy

AI mainly deals with the creation of intelligent machines, which can perform duties that otherwise require the input of human intelligence. Blockchain is a decentralized ledger allowing secure and transparent transactions to take place. The amalgamation of these two technologies is a potential trendsetter for most industries.

Applications fusing blockchain and AI in select industries

Blockchain and AI synergy can be supported to create innovative solutions in a myriad of industries.

Supply chains: AI and Blockchain can improve the management of supply chains by boosting transparency, reducing waste, promoting sustainability and reducing fraud risks. For example, AI algorithms enable Walmart supermarket to track produce from the farm to its stores, ensuring high-quality and safe produce. This helps Walmart curb foodborne outbreaks coming from contaminated produce.

Gaming:  AI and blockchain can create platforms for online gaming where players can own, manage and trade their virtual assets. These technologies have also provided better experience in terms of user functionality and performance on the gaming platforms, providing fresh opportunities for both players and investors to venture into. An example is Axie Infinity, which taps AI and blockchain to make game recommendations which are personalized.

Management of digital identity: The two giant techs applied in the digital identity market reducing fraud risks though management and verification of identity data, thus increasing trust from the users. Civic and Self Key are examples of such companies leveraging these technologies to increase fraud detection and avert identity theft.

Other industries that could benefit greatly using these technologies include the following:

• Real estate- to aid in management and sale of real estate properties
• Public services, such as manage voting during elections and keep public records in a bid to enhance accuracy and efficiency
• Human resource sectors where recruitment processes can be streamlined and optimized while employee data and employment records can be verified efficiently. Some companies that have utilized this convergence in this space include Chronobank and HumanCoin. 

AI and blockchain synergy has the potential to revolutionize industries that will adapt to it, and innovative solutions using these technologies can bring about better security, clarity and accountability. This can, in turn, be a global game changer.

As enterprises such as HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSX.V: HIVE) deepen their penetration, more sectors could find blockchain and AI use cases indispensable to their operations.

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