6 Ways AI Can Spark Immediate And Scalable Progress Through Blockchain
Artificial Intelligence, or AI as it is usually called, is often regarded as a 21st century miracle. Who could’ve visualized machines functioning automatically with minimal intervention of humans? Thanks to AI, we no longer have to attend to every task or duty by ourselves as machines can now be programmed to do so. There are loads of AI operated systems – both soft and hardware – that has made things easier.
Blockchain, for its own part, has initiated a new direction when it comes to the security of data. Gone are the days when information was kept in a single source that others can also access.
Blockchain is a technology that gives prime importance to security and privacy of information. With Blockchain, individuals can now break down information into bits and store them in various sources. Through a network of smart contracts that utilize decentralized information on a ledger, Blockchain can provide unmatched security and speed for data transfers. This makes Blockchain technology usable in nearly every industry where value is exchanged.
Blockchain is an effective, efficient and secure way of building your business. With a good SEO agency or eCommerce development company, you’re on your way to developing a startup that will stand the test of time. Below are six of the many ways Blockchain can serve as a foundation on which you can start or grow your business:
1. Promoting Transparency
Through the use of Blockchain, you’re creating a transparent business model. This is because the technology makes the processes much more visible. Businesses are now able to track all related information throughout the lifecycle of every product before it hits the marketplace.
Each step in the supply chain will be part of a linear record of data within a Blockchain. This means all interactions can be verified.
2. Trustworthy Brand
With transaction transparency comes trust. The use of Blockchain provides “the transfer of trust in a trustless world”. It securely records every transaction that happens on the network, from a few bucks to a few million. That means two people who don’t know each other (and don’t need to know each other) can exchange money without using an intermediary.
Using the Blockchain to purchase goods or trade value is fast, safe and cuts out the middleman (and his fees). There are no hidden charges or suspicious fees as the systems keeps track of everything. This will promote trust among your customers and spark significant progress as well.
3. Fast Delivery
The use of Blockchain technology has the advantage of speed. The system is programmed to work with little or no human interference. Removing third parties from transactions cuts out a step and speeds up verification.
People are tired of bank transfers taking 2-3 business days. With Blockchain, those transfers can be turbocharged. What used to take days now takes just minutes. The fundamental reduction in friction makes the electronic transfer of value less daunting and ultimately more viable in an era where everything is available on-demand.
Leveraging Blockchain technology will be a game changer for businesses of all sizes, allowing for quick and secure purchases without the need of payment processors.
4. Reduction or Removal of Paperwork
One thing that has hampered the growth of business is the excessive paperwork that consumes a lot of time when sorting them out. With Blockchain technology, however, paperwork will be reduced if not totally removed. For many applications, barcodes, e-tickets and receipts will take their place. The use of tokens and contracts will also reduce the use of credit cards and cash. The result is that payments will be more secure and faster to process.
5. Secure Network
One of the characteristics of Blockchain is utilizing decentralized information on a ledger. The technology is able to provide unmatched security and speed for data transfers. The decentralized form of storing information helps secure your network and is less prone to attack from hackers.
- Existing systems store information as a whole in a single ledger
- Blockchain splits information into data packets and stores them in a decentralized ledger
This means that unless an intruder can access the data from their various sources and pool them together, he or she can’t get the whole information.
6. Eradication of the Excesses of Middlemen
It is not arguable that middlemen helped bridge a lot of gaps in the past. So nobody is knocking their past need or use. However, these bridges are no longer there, so the need for middlemen is eroding.
Through the use of Blockchain, you can develop a sharing community through which you can relate directly with your customers. This community will remove the excesses of middlemen. You will be able to make your customers feel valued, as they will be able to give direct feedback on your services.
This type of peer-to-peer network is built by local communities, as opposed to giant corporations. There’s no question that the sharing economy is here to stay. Blockchain tech will only make the concept more about the people involved, putting control more in their hands.
Have you found a way to integrate Blockchain into your business yet? Do any aspects of the technology seem particularly useful for small business? Please share any thoughts you may have. Thanks!
You may also want to read: The Growing Importance of Blockchain Technology
Junaid Ali Qureshi is a digital marketing specialist who has helped several businesses gain traffic, outperform the competition and generate profitable leads. His current ventures include Progostech, Magentodevelopers.online.eLabelz, Smart Leads.ae, Progos Tech and eCig. You can tweet him @junaid_aqureshi
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