If Blockchain Is the Picture, Then Can AI Be The Frame?
New technologies in financial or traditional spheres are not stand-alone advancements, they need to be looked at as missing puzzle pieces that we need to collect for a bright, efficient and technologically sound future.
AI has become the buzzword long before the blockchain. We can see, or perhaps hear, AI when we talk to Siri or when we let computers make sophisticated calculations and take actions on our behalf. The peak of performance for AI will materialise when an algorithm will allow machines to overcome the limitations of the human mind and perform sophisticated transactions without human intervention. AI algorithm is a set of rules given to a program to aid in learning on its own. The more sound the algorithm is, the more credible artificial intelligence will be.
AI algorithms can help the business to grow by analyzing patterns in the data gathered more efficiently than a person due to being able to access a large number of variables independently of each other. They also source information about which objectives carry more utility, and thus need to be prioritized. Did you know that Walmart, for example, feeds AI systems monthly data? And after, the system makes decisions about what products need to be stocked and in which stores.
Another good use of AI algorithms is stock trading. AI can make emotionally intact, rational and objective decisions that humans sometimes cannot make. Emotions are what makes or breaks a trader. For example, the third-largest lender in Japan is to begin offering algorithm-based trading services according to the report in Bloomberg. The product is aimed at predicting hourly fluctuations in stock prices in Japan in order to discover the best time to trade.
Blockchain can also greatly benefit from AI. AI can be used on decentralized exchanges that use Blockchain.A good algorithm will not only help traders, but it will also make the logistics and transactions more efficient and safe.
AI can help to enhance the trust and security of financial transactions by censoring them and blocking the ones that are fraudulent or have a high chance of being such.
AI can solve emerging challenges with logistics behind executing Blockchain transactions. If Blockchain ensures end-to-end security and connection then AI can ensure a system where multiple electronic parties can securely communicate, work together and execute orders without human intervention. It will allow companies to optimize their order executions, both time and product wise.
Nonetheless, no matter how sophisticated the technologies will be, they will be built by humans and will need to be chaperoned by ones. AI algorithms can and will change the face of trading and blockchain. There are already seeds planted for an AI and Blockchain centric future, from here on there are no limits, just plateaus that we need to climb over.
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