At Future Workforce, we help banks and other businesses to integrate AI into all their systems, including those themed around security. Blockchain is another rapidly evolving technology you can use alongside AI to boost your system security, and in this article we’ll demonstrate how the two can be linked for even greater effect.

Secure your AI solution today by getting in touch.

 

What is Blockchain Technology?

You might have heard about blockchain technology in a number of applications, from cryptocurrency to banking security. But what is it?

Blockchain is an unchangeable ledger, shared between multiple parties, where encrypted data can be immediately and transparently viewed and shared. It enables simultaneous transfer to multiple parties when transactions are performed, ensuring that everyone involved is on the same page. This extends to other financial features like:

• Order tracking
• Payments and invoicing
• Accounts (e.g. financial records)
• Production, manufacturing, and shipping ledgers

By keeping all of this open and secure, blockchain technology helps to build confidence and highlight new opportunities for investment and growth. It also provides cyber security, preventing fraud and ensuring transactions are being carried out transparently.

With so many bits of data and processes that can be covered by blockchain technology, it is no wonder that AI can play a role in its successful implementation.

 

How can Blockchain Technology Interact with AI?

AI and blockchain technology complement each other, providing enhanced data security among a number of other useful features. Here is a breakdown of the four main benefits that blockchain and AI can offer your business:

1. Data Verification

   The digital record supplied by blockchain can help provide insight into AI frameworks and datasets. This allows you to easily identify data elements and verify their accuracy, leading to better and more transparent decisions.

   As well as improving trust in the integrity of the data and the recommendations that AI provides, data verification also means an audit trail for financial monitoring, and enhanced data security for your practice.

2. Process Optimisation

   AI is well known for its high-speed data processing and the ease at which it comprehends complex data sets. It is the perfect complement to blockchain networks, helping to improve their intelligence while utilising information from within the system and without. This leads to more actionable insights, better data usage, and increased trust and transparency, providing a scalable solution to help your business grow.

3. Transaction Automation

   You can also free up resources to focus on more strategic, creative, or profitable endeavours. AI and blockchain mean you can automate transactions and routine events, provide recommendations to human experts which weigh up the pros and cons of complex tasks, and deliver clear information to aid in dispute resolution.

4. Digital Security

   Using blockchain technology to verify an AI system and its outputs can help businesses with:

   • Identity: an immutable ledger improves intellectual property attribution and enables encrypted access restriction.
   • Attribution: access to broad, accurate datasets allows you to specify your copyright and determine the accessibility of your intellectual property.
   • Infringement: by comparing blockchain records, you can identify any overlaps between your concepts and products to avoid potential copyright issues.
   • Legality: AI is a young market, and legislation will change as time passes – using blockchain allows you to proactively address these uncertainties while establishing a transparent, traceable record.
   • Compliance: GDPR and other data protection regulations are vital to banking and other digital processes, so blockchain can help prove your AI technologies are being used responsibly in this regard.

 

Ensuring Data Security with AI

Intelligent automation can be applied to any number of fields, but when it comes to integrating with AI, there is perhaps nowhere more impacted than the banking and logistics industries.

Banking and Finance

AI and blockchain in banking and finance help to enable trust, streamline multiparty transactions, and improve the efficiency of all your operations.

Example: when someone takes out a loan, these technologies can help to manage consent to access personal records, store any transactional data on the blockchain network, and utilise globally consolidated and accurate credit records to make informed decisions on the loan’s approval.

By backing up AI outputs with the security of blockchain, you help to build trust in the data you’re using. By using AI to navigate the vast amount of data within a blockchain network, you help to automate the process. Together, this leads to faster transactions, better customer satisfaction, and greater returns for your business.

Find out more about AI banking services from FWF >

Logistics and the Supply Chain

Many stages of the supply chain still rely on outdated software or even paper-based processes. Inputting shipping data into the blockchain helps to digitise this information, ensuring it is shareable with the relevant stakeholders and improving its trustworthiness.

You can take this a step further by adding intelligent automation to perform transactions along the supply chain, streamlining the process and reducing the need for routine administration.

Example: adding blockchain and AI to key points in the supply chain makes it easier to track transactions, identify places for improvement, and verify cargo integrity at different stages of the journey. This can be especially impactful if you’re delivering over legislative borders, or have found discrepancies in the end result and need to identify where in the chain an issue occurred.

Learn more about Future Workforce’s AI solutions for logistics >

 

Improve Your Cyber Security with AI Solutions from Future Workforce

Whether you already have a blockchain network in place, or are thinking about implementing a new one, using AI alongside it can provide massive benefits to your business’ productivity, transparency, compliance, and security. Not only does it free up resources to engage in more strategic work, but it also elevates your blockchain’s potential to unparalleled levels.

At Future Workforce, we’re committed to supplying businesses with the latest in AI tech. Our solutions can integrate perfectly with your blockchain network and other systems, providing synergy that draws out the full value of all your digital assets. Start your AI transformation today – get in touch.

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