When you think about the future world led by AI and blockchain, you might envision a scenario where artificial intelligence takes over. But consider the more likely future where exponential technologies help to power the world economy and amplify the limits of what humans can achieve.
While the technologies are in their infancy today, they are rapidly maturing and converging. To avoid being left behind, organizations must start thinking about how digital disruption will reshape markets and fundamentally impact traditional business models. Imagine the world of cameras and surveillance everywhere to monitor each and every activity of yours.
This can be good for some reason and can be bad too. But Here are a few examples of how we can envision the future with the convergence of Ai and blockchain.
Health Care & Wellness
Today the healthcare industry is experimenting with blockchain. Recently Estonia successfully on-boarded more than one millions citizens into a blockchain-based health record system.
Imagine a world where patients can organize and track their entire health history through blockchain and securely share this data with family, caregivers, and trusted parties. In this same world, health organizations, doctors, and clinical researchers are able to plug into this network by incentivizing patients to share their data, creating precise algorithmic models that will generate predictive insights. As a result, population health trends and new biomarkers will have the potential to transform the drug development process and enable more personalized forms of care.
The Bottom Line: Organizations will be able to create more secure and interoperable platforms that can better process and generate insights from consumer health data at scale.
Decentralized Digital Identities
According to the ID2020 initiative, over 1.1 billion people are living without a recognized identity, preventing them from healthcare and rights such as voting. The ID2020 initiative leverages the blockchain and biometric data to create permanent identities.
Imagine a world where a consumer entire identity is digitally established and tracked on a blockchain. In this construct, multiple forms of identities (passports, social media logins) are consolidated, which organizations can use to better serve customers by leveraging AI to correlate identities with other interactions, such as purchase activities, to provide targeted advertisements.
Governments can use these digital identities and AI to amplify law enforcement, enabling the real-time ability to flag potential human traffickers or thwart identity hackers for the best.
The Bottom Line: Organizations and governments can better serve and protect customers through their consolidated digital identity.
Nutrition & Food Safety
The WHO estimates that each year almost 1 in 10 people become ill (and 420, 000 die) from contaminated food. Retailers and food giants are aware of the need for transparency in their global network of farmers, brokers, and distributors. Organizations including Walmart, Nestle, and Dole are responding by piloting blockchain solutions to accomplish this.
Imagine a world where all touchpoints in the food production ecosystem are tracked and stored on a global blockchain, where consumers can use QR like codes to check the origin of any type of food on demand and provide feedback on the provenance and quality of the products.
In the background, enterprises can leverage AI to continuously monitor this network to identify suppliers who show patterns of producing contaminated food to pinpoint outbreaks before they spread or take corrective action with food products that have consistently low consumer ratings.
The Bottom Line: Organizations will be able to identify patterns to control their supply and quality of products, leading to improved customers satisfaction and reduced exposure to liability.
Digital tokens and currencies are recognized forms used invest and pay for online goods. In 2017, more than 800 companies participated in initial coin offerings and the global market for digital currencies hit an all-time high of over $700 billion.
Imagine a world where cryptocurrencies become the new normal. Paying for daily transactions, receiving travel loyalty points, and conducting nosiness as usual in all automatically processed through digital wallets on the blockchain, making intermediaries that traditionally validated agreements obsolete.
In this new world organizations retool their digital and process infrastructure to not only use cryptocurrencies, but to also tokenize assets on the blockchain where their ownership can be tracked, traded, and their valuation fluctuates. Such tokens can represent any type of item, including rewards points, utility usage tokens, equity shares and capital assets.
The Bottom Line: Organizations will be able to more efficiently conduct day to day business operation, mitigate reliance on intermediaries and extract value from their assets.