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AI and Blockchain Application Overview

The document discusses the integration of AI and Blockchain technologies to enhance data security, transparency, and automation across various sectors, particularly in finance, supply chain, and healthcare. It highlights the importance of AI for data analysis and decision-making, while Blockchain ensures data integrity and traceability. The absence of either technology would compromise security, efficiency, and scalability, underscoring their critical roles in modern applications.

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Faith Wanjiru Kamau
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15 views4 pages

AI and Blockchain Application Overview

The document discusses the integration of AI and Blockchain technologies to enhance data security, transparency, and automation across various sectors, particularly in finance, supply chain, and healthcare. It highlights the importance of AI for data analysis and decision-making, while Blockchain ensures data integrity and traceability. The absence of either technology would compromise security, efficiency, and scalability, underscoring their critical roles in modern applications.

Uploaded by

Faith Wanjiru Kamau
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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AI and Blockchain Application Overview

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AI and Blockchain Application Overview

Application Overview

The application at the intersection of AI and Blockchain represents a significant innovation in

addressing critical challenges related to data security, transparency, and automation across various sectors.

Its primary objective is to bolster trust in data and transactions, particularly in fields such as finance,

supply chain, and healthcare. This is achieved by harnessing the capabilities of AI for data analysis and

prediction in combination with the immutability and decentralized nature of Blockchain technology

(Upadhyay, 2020). Together, they create a secure and transparent environment conducive to various

processes. The user base for this application is extensive, spanning diverse industries. It caters to financial

institutions seeking secure and efficient transaction processing, supply chain companies desiring product

traceability and verification, and healthcare providers in need of secure and interoperable patient records.

The versatility of this technology allows it to address a broad range of applications, hence its vast

potential user base. In terms of popularity and adoption, the application is rapidly gaining traction.

Numerous startups and established companies are exploring the integration of AI and Blockchain into

their existing systems (de Villiers et al., 2021). This is evident from the increasing number of projects and

investments in this space.

AI Component

The AI component within this solution assumes a crucial role in elevating data analysis, decision-

making processes, and automation. It encompasses a wide array of AI methodologies, including the

utilization of machine learning algorithms for predictive analytics, leveraging natural language processing

(NLP) techniques for text analysis, and employing computer vision for image recognition tasks

(Aggarwal et al., 2021) . These diverse AI techniques endow the system with the capability to scrutinize

intricate data patterns, discern irregularities, and execute informed autonomous decisions. To illustrate,

within the realm of supply chain management, AI exhibits its prowess by scrutinizing data originating
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from sensors and IoT devices, thereby facilitating predictive maintenance forecasting, route optimization,

and real-time detection of potential issues. This proactive approach often leads to substantial

enhancements in efficiency and notable reductions in operational costs.

The Block Chain Component

Incorporating the Blockchain element is essential to guarantee data integrity, transparency, and

security within a system. Various blockchain technologies that are relevant in this context encompass

Ethereum, recognized for its proficiency in smart contract execution, Hyperledger, ideal for enterprise-

level applications, and Corda, specifically tailored for financial services. These platforms serve as the

fundamental framework for establishing immutable ledgers and executing smart contracts. In the context

of a supply chain scenario, Blockchain can establish an indisputable record of each product's path,

ensuring the preservation of unaltered information and delivering a transparent, traceable history of

product movement (Mateo-Cortés et al., 2023).

The Application Without Blockchain And / Or AI

However, it's also essential to consider the application's functionality in the absence of

Blockchain and/or AI. Without Blockchain, data security and integrity could become major concerns, as

traditional centralized databases are more vulnerable to breaches and tampering. There would be lack of

transparency in data management and transactions. Without AI, it would be impossible for the application

to automate processes and provide accurate predictions. Manual processes could lead to higher

operational costs. Furthermore, traditional systems cannot handle voluminous work, hence scalability

would be problematic (Habib et al., 2022.). Users might question the efficiency of the application, as they

are accustomed to AI and Blockchain.


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References

Aggarwal, P. K., Jain, P., Mehta, J., Garg, R., Makar, K., & Chaudhary, P. (2021). Machine learning, data

mining, and big data analytics for 5G-enabled IoT. Blockchain for 5G-Enabled IoT: The new

wave for Industrial Automation, 351-375.

de Villiers, C., Kuruppu, S., & Dissanayake, D. (2021). A (new) role for business–Promoting the United

Nations’ Sustainable Development Goals through the internet-of-things and blockchain

technology. Journal of business research, 131, 598-

609.https://doi.org/10.1016/j.jbusres.2020.11.066

Habib, G., Sharma, S., Ibrahim, S., Ahmad, I., Qureshi, S., & Ishfaq, M. (2022). Blockchain technology:

benefits, challenges, applications, and integration of blockchain technology with cloud

computing. Future Internet, 14(11), 341. https://doi.org/10.3390/fi14110341

Mateo-Cortés, J. A., Arias-Antúnez, E., & Cazorla-López, D. (2023). Impact of Blockchain Technology

for Business and Information Systems: Automation of Inter-Company Debt Compensation Case

Study. Applied Sciences, 13(8), 4805. https://doi.org/10.3390/app13084805 \

Upadhyay, N. (2020). Demystifying blockchain: A critical analysis of challenges, applications and

opportunities. International Journal of Information Management, 54,

102120.https://doi.org/10.1016/j.ijinfomgt.2020.102120

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