The integration between two disruptive technologies, blockchain and artificial intelligence (AI), is expected to develop global business environment. From an investor’s perspective, blockchain-oriented AI can benefit both business-to-business (B2B) and business-to-consumer (B2C) companies.
According to Market Research Future, a market analysis company, global blockchain-based AI market is expected to clock $785.8 million, at a 20.71% compound annual growth rate (CAGR), by 2027. It is believed that organisations such as large enterprises and small and medium-sized enterprises (SMEs) will dominate the global blockchain-based AI landscape, with North America expected to be at forefront. “I believe blockchain-based AI can increase the level of trust that consumers and other businesses have on companies. We aim to explore the opportunity of using blockchain along with our in-house AI, and there are areas where blockchain can combine with AI to give results and outcomes to the clients,” Devashish Bhattacharjee, heading technology, GigChain.ai, an AI-based business platform, told FE Blockchain.
Market research has shown that blockchain-based AI can help deal with complex business decisions, through data storage in an immutable ledger. Insights from Turing.com, a software company, stated that blockchain-based AI can ensure mass data-handling in a complex business environment. It can also provide businesses with benefits such as an autonomous system, privacy protection, security, authenticity, among others. The presence of a decentralised AI system can help with growth of science, enterprises, and public demand compliance through Secured Multi-Party Computations (SMPC), GAN cryptography, and Homomorphic encryption.
“I think blockchain enables AI to grow by managing data usage and model sharing, giving access to data from both inside and outside the company. The development of autonomous, secure, and immutable systems is considered one of the beneficial long-term effects of fusing AI and blockchain. Every business relies on data, so blockchain and AI will aid,” Koneru Lakshman Havish, vice-president, KL Deemed to be University, an educational institution, mentioned.
Reportedly, companies such as CoinGenius, Bext360, BurstIQ, among others, have started to explore blockchain-based AI applications for different use cases. Experts suggest that blockchain-based AI can help with sectors such as auditing, human resource management (HRM), supply-chain, government contracts, among others.
Moreover, blockchain-based AI is considered to be at a nascent stage. Despite that, future predictions indicate that blockchain-based AI has capability to become widespread, and help companies reach international standards. “The blockchain-based AI market size is predicted to expand and will introduce shifts in the industry by creating new business models. I think blockchain will revolutionise processes in many sectors so the traditional business will have to reengineer themselves to harvest benefits from using this technology,” Rajesh Verma, professor and senior dean, Lovely Professional University, concluded.