When combined, AI and Blockchain present infinite potentials. Blockchain allows users of AI to make transactions anonymously, which means less specific information about the user is collected for significant data purposes. Some of this information may be too personal. 6 Ways to Get the Best of Instagram and Grow Your Business, 10 Best Sites to Buy Instagram Followers That are Real & Active, How to Enrich Social Media Marketing for B2C. Meanwhile, 78% of businesses shared that they are planning to expand their AI investments soon. These companies use AI to offer their users better recommendations in their product and services. A growing number of businesses had also incorporated AI in their business roadmaps for the years to come. 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Perhaps, Gartner has a reason to believe that the growth rate would be tremendous in the coming years, as more and more people begin to embrace innovations. Together, AI and blockchain simplify the negotiation and execution processes, while simultaneously facilitating more complex agreements that can ultimately lead to greater efficiencies. This integral partnership launches the field of contracts into an entirely new world for which both businesses and legal professionals must be prepared. The ledger is distributed simultaneously across all nodes that are connected to the network. As estimated, the demand for artificial intelligence  (AI) would be worth around $4 trillion in three years, while the Blockchain industry could grow to around $23 billion in 2023. Both blockchain and A.I. This US-based multinational retail corporation feeds its AI systems with massive loads of monthly transactional data that had been acquired from its chains of stores. By definition, artificial intelligence is the development of computer systems that can quickly collect, analyze, and accurately interpret the data without any human intervention. According to Gartner, one of the leading research and advisory firms in the world, it wouldn’t be long for these two technologies to build markets that are worth billions. The past decade bore witness to their evolutions, with both giving births to a number of significant innovations across a variety of industries. A combination of AI and blockchain technologies would be very exciting from an IP standpoint. For example, despite exhibiting a tremendous potential for data management and accessibility, organizations and individuals are still reluctant to trust the technology due to issues of privacy, particularly on public Blockchains. Location: Golden, Colo. How it’s using blockchain: Finalze is a software platform that uses … The hashing algorithms that are being used by miners to solve a block on the Bitcoin network involve extremely complex combination of variables and characters. One possible solution is to develop private Blockchains that control the availability of information and limit them to those who own the Blockchains. Blockchain technology was initially created to provide the bitcoin platform with both anonymity and security in the world of finance. They have to use a “brute force” algorithm to solve a mathematical challenge, which is crucial in verifying transactions. Save my name, email, and website in this browser for the next time I comment. They would be supported throughout as they are undergoing training and seeking more knowledge about these groundbreaking technologies. The United States, for instance, has established a law that aims to manage AI-related activities and investments. AI presents a great way to completely remove this brute force approach out of the picture. Are You Planning to Promote Your Content on Insta? On 11 February 2019, the US government issued legislative order for AI innovations, namely the American AI Initiative. Both AI and blockchain technologies are still developing. Perhaps everyone would agree that Artificial Intelligence and Blockchain are two of the most exciting technologies that have ever graced the world of technology. Major economies seeking to lead the way in terms of innovation had already launched several initiatives that aim to combine both technologies, confident that the result would deliver acceleration across a variety of fields. Transparency is, thus, created, and through openness, there is trust. The world’s leading professionals have not…. But while much had been published in the past about the possibility of combining AI and Blockchain, the world is yet to see the actual result. 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