WHAT IS BLOCKCHAIN AND WHY DO COMPANIES TALK ABOUT IT?
Today, companies work with large amounts of data. For this reason, both Artificial Intelligence and Blockchain have become the most popular technology trends in the world.
These technologies are applied in different ways. On the one hand, the blockchain stores encrypted data, while Artificial Intelligence is the engine that analyzes and makes decisions through a database, increasing efficiency in each process. These two technologies are disruptive solutions that help you make processes more efficient. According to a PWC report, in 2030, Artificial Intelligence will impact the world economy of 15.7 trillion dollars, that is, 14% of world GDP. Gartner estimates that around $ 3.1 trillion will be contributed by Blockchain.
The BlockChain or chain of blocks is a tool that generates blocks of data with metadata; these records are distributed in different databases. These databases are decentralized. The data does not belong to someone in specific, in this way, you ensure the immutability of the data. Another benefit of Blockchain is that the data is encrypted, so no one can change it.
The cryptocurrency Bitcoin used the first example of a blockchain. Bitcoin fluctuates in price according to the users’ speculations, making it possible to earn money. However, to make this currency work without any company keeping a certain percentage, technology capable of making transactions without intermediaries was needed. Blockchain supported this, using decentralized networks, which also ensured the data, safeguarding them at different points and ensuring their immutability. The engine that helps to operate this technology is Artificial Intelligence, analyzing and advising when making decisions.
Use of these two technologies influences the capacity of both since, in some way, one nourishes the other, achieving better use of the data. Artificial Intelligence provides intelligence and information to decision-making processes. While the Blockchain helps with the integrity, security, and decentralizes of the data, helping to improve company processes.