Individually, artificial intelligence and blockchain have already become useful in many business sectors. According to PwC, by 2030, the first technology will bring commercial companies 15.7 trillion dollars in added value. According to Gartner, by the same time, the second technology will bring 3.1 trillion dollars in added value.
Artificial intelligence (AI) has long stepped beyond the IT industry, while blockchain has found its place not only in the financial system. After the crypto boom, tech giants and even startups started experimenting with synergy of both technologies to broaden their potential and evolve business. Some companies were among the first to create applications with AI and blockchain — they already brought positive changes to the world. We will talk about those worth taking an example from.
As you might know, AI can collect data, analyse them, and use them to make decisions. And blockchain stores encrypted data in a distributed ledger. Despite the differences in development specifics, both technologies can be beneficial and assist each other.
Since AI and blockchain handle data differently, their combination might make the data use more efficient. Integrating technologies might increase the AI’s potential and improve the blockchain architecture the following way:
Varying from healthcare, supply chains, and to smart cities — together technologies can solve serious global issues.
In 2015, BurstIQ united big data, AI, and blockchain to securely manage medical information of patients. Using their ‘health wallet,’ medical personnel access medical records and treatment plans. Whilst using the marketplace, they sell, buy, and exchange patient data to receive additional information about a disease or to conduct scientific research.
The platform operates on Ethereum. It allows transferring only general health data, while personal information is securely stored according to HIPAA standards.
There was also the first application of secure data exchange to fight an opioid crisis. Patients recorded their drug use history, while BurstIQ interpreted it and suggested doctors, treatment methods, and services that could mitigate the addiction. During the first year of operation, AI analysed 25 million big data units.
In 2020, BurstIQ presented a new service — a COVID-19 Vaccine Tracking Solution. It provides testing, administration, and tracking of coronavirus vaccines.
In 2017, Bext Holding created the Bext360 blockchain platform that first helped optimise income of farmers cultivating coffee beans. It provided farmers with an opportunity to receive fair payment for their work, while buyers received reliable information on coffee quality.
In Bext360, an AI-based robot uses an optical sorting method to determine weight and quality of coffee beans collected by farmers. Then the robot sends this data to a mobile app. Based on the data, a coffee batch gets an evaluation taken into account when setting the price in the app. Buyers purchase coffee from sellers using this mobile app.
Bext360 operates on Stellar. Their technology allows monitoring a farm that cultivates coffee beans, storing info on their origin in the blockchain, and tracking delivery of each batch.
In 2019, Bext Holdings expanded its range with organic cotton. It is tracked at all supply stages: from growth on a farm to a processing plant, then to consumers. Stellar has helped to create a token for tracking cotton on each stage of the supply chain.
In 2015, NetObjex created an intelligent automation platform named the same. It provides companies with opportunities to track and monitor digital assets in various industries using the Internet of Things (IoT), AI, and blockchain.
NetObjex also offers smart city solutions to city administrations. They include:
Besides the obvious IoT, all options use AI to process contextual and historical data. And here’s how NetObjex illustrates the AI implementation process:
This flowchart of the machine learning process shows the event order and the data flow between various stages.
If you have a blockchain project that requires capability expansion, we can implement artificial intelligence. And vice versa — we can implement blockchain into an AI-based project.