Remodeling Big Data Solutions Through AI and Blockchain

March 4, 2019
Deepinder Rana

The hunger for something more advanced and staying ahead of others has motivated humans to sail far in the sea of technology. Steve Jobs quoted, “Stay hungry, stay foolish!” to encourage people to come up with life-changing ideas and solutions worth developing. He might have passed away, but his words continue to inspire millions today. Artificial Intelligence (AI) is the newest technology in the present era. And its integration with various business processes has given phenomenal results. Its combination with blockchain is assisting in remodeling big data solutions as earlier methods are not only obsolete but tiresome too. It is thus vital to understand blockchain and AI thoroughly.

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Big Data Solutions Through AI and Blockchain

 

What is Blockchain?

 

The word blockchain came to fore when cryptocurrency was evolving. People were getting the hang of Bitcoin and its potential. The blockchain is more like a record keeping system linked using cryptography. Every node contains a cryptographic hash from its previous node along with a time-record and transaction data which makes it immune to any data editing. Recently, it is being explored for its multipurpose functionality. Hence it’s augmentation with AI to increase its productivity is going on. Businesses are thus looking for blockchain application development to enhance their productivity.

The Challenges Ahead

 

The challenges for big data processing are enormous. Stricter laws are catching up, and instances of fail of security have come to light with data thefts. Companies thus need a solution that is much more workable and easy to use. 

The primary need for this augmentation is that data analysts and data scientist don’t come at an economical price. Data Scientists are hard to find, as the process of qualifying into one is tedious and expensive. Moreover, the basis of existing technology is development made some time back. This makes it dependent on human interaction. There must be a consideration that one employs an analyst to study the given statistics and data. The analysts make a conclusion based on that data. For that, the analyst requires complete access to data to infer the primary need. And then understand what the data is trying to depict. And this might open up the possibility of a security breach.

Moreover, AI solutions such as facial recognition and predictive typing are in development phase. They need more modifications. As no matter how advanced the system might be, it can’t vouch for human behavior as it’s varied and dynamic.

Recently, Endor processed Walmart’s entire consumer shopping patterns and sales records. And with the help of the above software, employing the AI development services and the blockchain, the data was processed. Nobody had any idea about the content of the information it contained. Leumi cards of Israel gave the first break to Endor facilities. It included coded information about consumer purchases and patterns in buying. With this, Endor predicted an approximate number of people who might need a loan or mortgage. The client company called on prospective clients. And it managed to sell three times the usual number of loan products than what it sold earlier.

Opportunities Through AI and Blockchain

 

Big Data analytics solutions have simplified life for the service provider as well as the consumer. It has thus opened a new arena of possibilities. Business development companies are now working with artificial intelligence development companies in India. It is helping them get hold of the pattern of human behavior and predict its sales. Because it’s always better to know the future and prepare for that. But does anyone know about it, is the intriguing question. Business runs on two principles:

  • Profit generated from sales
  • Differentiated offerings to beat the competition.

Now competitive advantage is sustainable only through securing the data, as there is a massive threat to data security with the recent instances of hacking all around the world. But protection of such data is possible with blockchain. It provides a digital record of various transactions. And the records stay for an extended period. The best part being the immunity of data to alterations and thereby making it credible for big data management.

How AI and Blockchain complement each other

 

AI and blockchain are like two sides of the same coin with enormous possibilities. AI provides automated predictions for queries to business companies. Blockchain developments companies in India as well as globally are working together. They are looking to remove all the errors from the records maintained. In fact, one can say that the blockchain has the upper hand on the AI as it can detect any deviancy in the data during data implementation by the developer. They are thereby maintaining the very motto of blockchain-AI augmentation and thereby, remodeling the business services. Also, with the integration of AI, there is a scope of innovation. Many machine learning companies are using AI to manage and analyze sensitive data. AI development companies are working together with Blockchain technology companies to develop AI solutions for the future.

Conclusion

 

Are you looking to integrate blockchain and AI with your business? Then, we at Signity would like to help you out. As we have expertise over both these technologies, which enables us to help our clients maximize their business efficiency. So think on outsourcing to India and contact us to take your business to greater heights.

 

 

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