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We’ve all heard about the positive benefits of integrating AI and Blockchain into the core systems. Banks are seeing positive results, real estate companies are making smarter contracts, and Data Management houses are seeing greater efficiencies.
Even when it comes to your smartwatch or your next IoT device, AI and Blockchain are used extensively within the framework. This has made the utilization of Blockchain ubiquitous in the system. More people are working with Blockchain on a smaller scale as well, to develop the next big startup in the tech domain.
Blockchain as a Positive Agent in Disruption
2019 is the year of the Blockchain and analysts agree that the time for Blockchain is now. This is because the integration is seamless, and the ROI is significantly greater. Research from Deloitte shows that the level of disruption within global industries ranges from 46% to 73%. Everyone from logistics and supply chain to FMCG and automotive agrees that Blockchain is the next big thing. This has increased the demand for blockchain development services that help you develop the right Blockchain app.
When it comes to increasing efficiencies in an industry or a company, Blockchain is the premier technology to help you do so. Everyone from IBM to Accenture is helping big firms develop the next Blockchain super app. These apps can add value to businesses that want to increase efficiency and ROI.
Benefits of the Core Technology
Blockchain helps companies become leaner by using the distributed ledger system to create scalable solutions. It can impact the business from a strategic perspective. It can also bring in new layers of efficiency that weren’t evident previously. Added to that, the core impact of Blockchain comes into the picture when companies work in tandem with other firms. Blockchain really helps in bridging the gap between AI and Machine Learning by allowing scalability and security in Data Management.
“There are some really exciting use cases in the marketplace that are showing the benefits of blockchain for improving the supply chain, but blockchain is not a silver bullet solution for an organization’s supply chain challenges. Effective partnerships are needed across the supply chain to build an ecosystem-based blockchain strategy, integrated with broader technology deployments, to ensure that it can realize its potential.” – Sudhir Pai, CTO at Financial Services, Capgemini.
The technology can also make it easier for firms to focus on the speed of transfer of information. Owing to the advancements being made in the Blockchain space, a company can greatly enhance the speed with which information is shared. A quality Blockchain developer can help reduce costs while driving up speeds and efficiencies for the entire company.
Increased Security with the Integration of Blockchain
Security is a major global concern for many companies working with sensitive information. Industries across the world are being hit with ransomware and crypto jacking schemes. This has made it increasingly important to have the right security measures built into the system. Additionally, Blockchain has made it easier to make your customer information more secure.
You can even store private corporate information on the Blockchain so that no single hacker can penetrate your files. The decentralization of data is helping companies ward off hackers who may want to leverage stolen data against you.
You can also start storing your files in a Blockchain approved format and keep them ready for when Blockchain is integrated with your systems. Although there are new rules that need to be formulated with Blockchain, cyber-compliance will have to be infused from day 1. Security measures are only as powerful as the people that use them.
When it comes to security, Blockchain can offer multiple advantages. That’s why it’s seen as one of the most important areas (21%) of impact according to global research teams.
Rise in Mainstream Adoption of AI and Blockchain
AI, Machine Learning and Blockchain are often clubbed together in the new digital wave of disruptive technologies. These are essential to unpack as each technology offers unique advantages. However, for the greater audience, AI and Blockchain are riding rising tides in the disruptive tech era of 2019. There is mainstream adoption across the board, along with deeper integration with multiple partners.
The rise of mainstream coverage of Blockchain has also helped boost its image in the minds of the public. Some of the fastest growing companies in Silicon Valley are also leveraging Blockchain. There is great interest generated in the VC circles for better Blockchain adoption as well. Overall, the tech and business communities are clamoring over who can make the best Blockchain solution today. The rise of mainstream acceptance and adoption have helped in enhancing the image of the technology.
Its mainstream appeal is accentuated by the fact that every large corporation wants to be involved with it at some level. From Big Data to SaaS, companies are developing core teams that can help with Blockchain adoption.
Praised and Lauded by the Public Sector
Blockchain has been looked at separately from Crypto-markets. 2018 was the year that the public sector appreciated the efforts of Blockchain communities. Government agencies from across the world have praised the impact of Blockchain on the public sector and the private sector. Blockchain has made it easier to manage traffic data, create better utility models and helped in controlling costs for many enterprises.
When it comes to the public appreciation of the technology, it is seen as a core disrupter which can add business value. While AI is a long process of development and design, Blockchain is often seen as a quicker integration tech that can add value from day 1. Blockchain application development has made it easier for brands to experiment with the technology as well, giving rise to greater utility and integration.