How Blockchain and AI Fit Together: Four Real-World Blockchain and AI Use Cases

russell-cann-headshot-original-bw-640sqRussell Cann, Chief Customer Success Officer, highlights four blockchain and AI use cases that stand out for their real-world applications of using trusted data and the right processing power to help organizations take on the world's toughest challenges.

Trust is a commodity and for many companies, gaining client trust and proving they can be trusted has become a full-time focus. The challenge with trust is the depth of data available and how this data can be manipulated to prove anything.

How do you know what you’re reading is the truth? Enter blockchain and AI. Together, blockchain and AI, particularly when coupled with machine learning, give companies immutable data and trust. 

When a secure, immutable ledger of data is integrated with an engine that can analyze, review, and make decisions based on this data – trust is inherent, and innovation is a given. This is what gets us so excited about how blockchain and AI can fit together.

The possibilities truly are endless. The scope of data that can be stored is limitless. The ability to understand this data and see the patterns and relationships opens up untold possibilities.

The challenge for B2B and B2C companies is in how to best bring blockchain and AI together to meet the needs of their clients. Technology for the sake of technology is not enough. Today, people are looking to companies who bring innovation that delivers real value to day-to-day living. 

Blockchain isn’t just for cryptocurrency. AI isn’t just for robots. Just like the internet of the 1990s, we are in the nascent phase of how blockchain and AI fit together to enable real-world innovation, benefits, value, and trust. 

In this blog we want to highlight some of the exciting uses cases for how blockchain and AI can be used together. Our hope is that this helps create conversations with your colleagues about how you can use blockchain and AI to better support your clients and spark further change and growth.   

What is the Opportunity in Blockchain and AI? 

The opportunities for blockchain and AI run deep across every industry, affecting every level of consumer, investor, and employee.

From streamlining loan applications to strengthening the supply chain through to the true globalization of healthcare – the opportunity is here to bring blockchain and AI together for real, effective change.

Recent analysis and predictions by PwC and Gartner underscore the potential for blockchain and AI: 

  • PwC analysts predict that by 2030, AI can make a $15.7 trillion contribution to the global economy. With $6.6 trillion from increased productivity and $9.1 trillion from consumption-side effects.
  • PwC predicts that by 2030, local economies will see a 26% boost in GDP due to AI.
  • Gartner analysts predict that by 2025, the business value added by blockchain to be $176 billion. However, Gartner expects this to surge and exceed $3.1 trillion by 2030.

 Admittedly this analysis was done before 2020 and the global pandemic which has changed every aspect of our daily lives. And this is why we believe we’re on the cusp of something big – how people work, shop, relax, travel, communicate, and live has changed dramatically in one year – creating bigger expectations for trust, security, and speed across all domains. 

Imagine what can happen to healthcare, education, finance, travel, sport, entertainment, and eCommerce when blockchain and AI capabilities are exploited to end inefficiencies, improve data quality and management, eliminate communication slowdowns, and to prevent costly human errors. 

In this blog, we highlight four blockchain and AI uses cases across four key domains: 

  • Healthcare: from improving rare disease research, patient data security, or the true globalization of medicine, the benefits are limitless.
  • Agriculture: having access to food, knowing where it comes from, and the best ways to grow it can be improved.
  • Finance: whether it’s speeding a loan application, increasing transaction times, or bringing traceability to transactions - the financial industry can be revolutionized.
  • Supply Chain: transparency, immutability, trust, speed, and decentralization are just some of the ways supply chain management benefits from blockchain and AI.

Four Real-World Blockchain and AI Use Cases Making Real Impacts

In our research, conversations, and review of how blockchain and AI are being used today and tested for future applications, these use case examples stand out because they are using trusted data to make real-world differences.

Healthcare: Medical Insights, Better Patient Care, and Reduced Health Costs

Healthcare delivery is hampered by ease-of-access to patient medical records by specialists and experts across the country (and potentially the globe), this impedes the quality-of-care patients receive and drives up healthcare costs. 

AI powered blockchains have the capability of bringing experts to patients – saving time, reducing costs, and making healthcare accessible and globalized. Patient data, treatment plans, research, clinical trials, and efficacy of treatment are stored in trusted ledger powered by intelligent analysis and review. 

Healthcare companies using blockchain and AI to give healthcare professionals blockchain-based access to patient data, medical research, trials, and treatment plans. A patient’s medical team can use AI to speed the review and analysis of the relevant on-chain data to deliver a faster and truly personalized treatment plan.  

Agriculture: Food Security, Traceability, and Efficiency

Agricultural workers, companies, and consumers are ready for change in how food is grown, harvested, and delivered. Famers and growers are challenged to keep food production costs low while still producing a quality and trusted product. Consumers want to know where their food comes from, how it was grown, and how long it has been on the shelf. 

With our involvement in the high-tech Agriculture Technology Campus in South Carolina, our blockchain and AI solutions are being used to alleviate some of the real-world challenges facing food growers, suppliers, and consumers. 

For example, when information on a particular seed planted by a given farmer is stored on-chain, stakeholders in the food supply chain can track this seed from planting through to growth, harvesting, production, distribution, delivery, and ultimately to the store shelf. And behind-the-scenes AI is helping growers understand the optimal farming practices for this given seed in this specific environment. And finally, consumers can use smart devices to scan a QR code and learn the what, when, where, how, and why of the food item.

Finance: Transaction Traceability, Speed, and Trust 

With the advent of cryptocurrencies, mobile banking, digital loan applications, through to international wire transfers and currency exchange, the financial services sector has always been on the cutting edge of technology. However, there is still room for improvement in customer service, payment and loan processing, and in preventing financial crime. 

We see a long list of benefits for financial services firms using AI to process on-chain data,  including flexibility, customization, modularity, and with smart contracts ensuring unbreakable evidence, unified data, security, and privacy. 

One such real-world example is with the faster, simpler, and more controlled review and processing of loan applications. Decisions based on a consumer loan are made using AI decision-making powered by the data stored on-chain about the consumer’s financial status and the bank’s loan parameters and terms. The loan applicant can use a mobile app to apply for the loan and within minutes (instead of days) have a decision.

Supply Chain: Agility, Speed, and Complex Manufacturing Processes

Empty grocery store shelves, shuttered manufacturing plants, stranded container ships, same-day delivery demands, workplace safety, and lack of skilled workers are just some of the supply chain challenges of the past year. The global pandemic highlighted how and why global supply chain processes are ripe for change and innovation.

AI powered blockchains bring visibility, transparency, flexibility and traceability to supply chain management, for example with:

  • Enabling the 3D-printing of parts in distributed locations close to customers.
  • Calculating shopping costs based on distance, demand, and day of the week.
  • Forecasting peak demand periods for skilled workers and quickly processing the hiring and approval of these workers.
  • The improved traceability of product as it moves from manufacturing to last-mile delivery.

And time will tell how blockchain and AI can be used to enable digital vaccine passports, safer and smarter autonomous vehicles and transport, and in making education more accessible and affordable. 

It’s not an exaggeration to say the opportunity and possibilities with blockchain and AI are endless. Contact us to learn more about the future and real-world possibilities of blockchain and AI.