AI and Blockchain Fueling the inception of the Fourth Industrial Revolution

AI and Blockchain: Fueling the Inception of the Fourth Industrial Revolution

AI (Artificial Intelligence) isbringing profound, positive changes to the world by redefining the way businesses compete, grow, and succeed. Simultaneously, blockchainis reinventing business processes, enabling confident and secure access to shared data between organizations. The combined power of AI and blockchain will enable organizations to expand their boundaries and tap into a significant amount of trapped value. Realizing the potential of AI and blockchain, many global enterprises are embracing digital transformation consultancy services to benefit from what these ingenious technologies have to offer.

Together, AI and blockchain are fueling the beginning of the Fourth Industrial Revolution by redefining information exchange. They are poised to offer transformational outcomes across diverse industries, including healthcare, supply chain, government, and more.

Let us explore how AI and blockchain can drive a revolutionary shift across various industries.

  • Supply chain

As goods move through production and supply networks, they have to traverse through various jurisdictions and industry players, connect advanced and emerging economies, and comply with various laws and standards. This adds to the complexity and cost of goods.

Blockchain-driven digital identity has the potential tosimplify the supply chainresulting in higher costefficiency. Digital identity for participants, goods, and locations in a supply chain enables provenance and trackability throughout the supply chain. With a digital representation of real-world assets and monitoring data related to those assets as a single and shared source of information, product improvements can be achieved. Instead of collecting the data in siloes and sharing them across various stakeholders,data can be shared across relevant stakeholders.

The integration of AI into the platform can further enable the use of various algorithms to feed the data and improve the supply chain.

  • Healthcare

AI is transforming the healthcare industry by redefining diagnosis and treatment planning. Many healthcare companies have leveraged digital transformation strategy consulting services to implement advanced technology solutions into their operations.

Smart machines can improve healthcare services but people are reluctant to share their personal data. Blockchain-powered systems enable secure and shared access to health data, allowing patients to retain ownership of their data and gain access to it as and when required. Through this, the patients will rest, assured that their data is encrypted, protected and at the same time, they can leverage AI-enabled personal care.

  • Smart devices

With the advancement in technologies, our lives are integrated with smart devices. Blockchain and AI will together drive decisions on how these devices operate and transact. The proliferation of sensors can be expected to ingest real-world information and AI will be leveraged to improve devices’ understanding based on the data.

Take Away

Blockchain, combined with AI, can together deliver new levels of data accessibility, trust, and security. Many organizations who haveembraced these technologies are running pilot programs. As companies unlock the trapped value, it will fuel the adoption of AI and blockchain technologies. Companies should act now to gain first-mover advantage and amplify their revenue.

Millennial Partners offers digital transformation consultancy services to help global enterprises with blockchain and AI integration. Our customized development solutions, in line with your business requirements, navigate your development journey – from use-case identification to development and deployment.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae

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