To develop an AI model, you need to have a lot of data.
For instance, generally, we think that AI has access to so much data that it becomes inevitable to stay an unbiased source of truth.
We need to work towards succeeding AI revolution, but not at the expense of fairness, truth, and security.
For that, we think blockchain technology the most suitable alternative that can help on both counts.
Decentralizing and commoditizing data means users will be getting paid for the data they share.
A decentralized network of miners can help to teach intelligence networks for a fraction of the cost of developing and executing dedicated algorithm training servers.
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Today Blockchain is a highly disruptive technology upon which different technologies can be built for various purposes. let's take a look at how blockchain will overall two of the widely technologies.
Manual ID verification is slow, tedious, and inefficient.
By using artificial intelligence, it is possible to streamline identity fraud solutions.Read full article: https://diro.io/understanding-artificial-intelligence-identity-fraud-solutions/
According to PWC, AI will add up to $15.7 trillion to the global economy by 2030.
According to Gartner’s report, Blockchain will add $3.1 trillion to the global economy by 2030.
The concept of smart retail is a glimpse of the possibilities of AI and IoT.A camera equipped with facial recognition AI can identify customers as they walk through the retail facility door.
A smart AI can analyze data likeProduct preferencesTraffic flow at a specific timeGenderSuch data analysis helps the management in predicting consumer behavior and use that information to make better decisions in areas likeStore operationsProduct placementMarketing strategiesPricingFor example, if the AI system detects that most of the store’s customers are millennials, it could cater to in-store specials that appeal to the Millennials.
For example, the ML can validate invoices for VAT compliance to avoid fraudulent invoices.If the ML model’s confidence is low, then we can include humans in the loop.Finally, this validated and enriched data is then sent to the next system, e.g., ERP.Gartner has identified hyper-automation as a potential trend for 2021, and AI is an essential component of hyper-automation.Personalized AI for MarketingAccording to a survey, 7 out of 10 customers would prefer to do business with a brand that caters to personalized experiences.
Even Mckinsey says that investing in personalization is good for business, as personalization helps brands attain 5-8 times more on marketing ROI.AI makes the time-consuming task of personalization easy as it helps brands understand their customers and create personalized offers.The Hilton Group of Hotels uses an AI concierge named Connie to greet its guests.
