How Can Blockchain and AI Revolutionize Business Operations?

Blockchain and AI are two ground breaking technologies of the 21st century. Both these technologies are transforming the business sectors in their own ways. Businesses worldwide are implementing blockchain and AI solutions separately to boost efficiency in their processes.

Blockchain is helping businesses bring decentralization and automation into their processes. With the help of blockchain, businesses can establish trust and transparency in their operations. Moreover, blockchain is also helping companies to reduce operational costs, maintain data privacy and enhance security.

On the other hand, AI is assisting businesses in making informed decisions for growth. AI is offering human-like intelligence with greater efficiency and accuracy to companies. It is all about analysing large chunks of data to make relevant predictions and classifications.

According to the Facts and Factors market report, the global AImarket size will reach $299.64 billion by 2026. Further, it will grow at a CAGR of 35.6%.

Another market report shows that the blockchain market will grow at a CAGR of 67.3%. The global blockchain market value will increase from $3 billion to $37.9 billion.

Blockchain and AI development solutions are rapidly finding their implementation across various industries. But to our surprise, blockchain AI solutions are also becoming mainstream.

Businesses today are looking forward to utilising the power of both these futuristic technologies. The global Blockchain AI market size went from $184.6 million in 2019 to $220.5 million in 2020. Further, it is expected to reach $973.6 million by 2027.

The synergies between blockchain and AI will enable us to create decentralized AI solutions. In such an ideal model, the AI will offer a more enhanced predictive analysis solution and blockchain will sustain data integrity and trust in the system.