Blockchain And Artificial Intelligence

The blockchain is the most emerging technology of the future having the potential to change the future of finance and data security world. The decentralized system of Blockchain is the major reason for the world to adopt the Blockchain. By putting to work various decentralized ledgers to maintain records and verify the authenticity of the transactions without having a central authority, Blockchain has gained a lot of interest from the finance world. The decentralized nature of Blockchain makes it more transparent, secure and faster than the centralized alternatives present in the market. Finance market has already seen its impact while using cryptocurrencies. The application has extended to areas such as advertising, healthcare, accounting, business logistics, and security. Currently, researchers and developers are trying to incorporate this into big data handling and most importantly in artificial intelligence.

Read also: Why blockchain for business

How Blockchain Can Transform Artificial Intelligence

Blockchain is concerned with maintaining records securely, verification and all this without any human interference. The machines and programmes can work more independently and efficiently. From speech pattern recognition to self-driving cars, the goal of AI is to learn and apply the knowledge for better customer services and work efficiency. The blockchain is concerned with keeping accurate records, verification, and execution while artificial intelligence can help in making informed decisions by analyzing datasets and patterns. The key benefits of the merger are listed below:

  • AI and Blockchain based data sharing: A decentralized database ensures sharing data with multiple clients at the same time. Similarly, artificial intelligence relies on huge blocks of data. With more data to analyze, the prediction and assessment of the organization can be improved. The algorithms generated are more reliable and trustworthy.
  • Complete Security: The transactions done over Blockchain require a high level of security. This is made sure by enforcing protocols. For an Artificial Intelligence, the autonomous nature of programmes and machines also need a high level of security to prevent any hacks or unauthorized access. Blockchain can be merged with AI to improve its functions.
  • Building Trust For Development Of Technology: One of the most significant threats encountered by the Blockchain technology is the lack of proper law structure. To manage and facilitate the effective communication between the two machines, there should be strong encryption. Blockchain network can assist in this by providing a multi-level transparent system which could build trust in the organization and provide a flexible structure.
  • Future of AI: Merging these two technologies will lead to rapid development of Artificial Intelligence. As we continue to explore more potential of Blockchain technologies and AI systems, we see that the future of encryption and machine learning lies together. Blockchain will offer itself as support root for Artificial Intelligence.

Read also: Impact of Blockchain on Digital Economy

Conclusion

Security is one of the vital concerns that is currently adopted by various industries across the globe. SARA Analytics as a blockchain development company assures you to offer an atmosphere of a decentralized system which gives more transparency and reliability in your system with the need for a third-party. Moreover, blockchain and AI are the two technological trends which ground-breaking in their rights, have the potential to become even more revolutionary. Both serve to strengthen the capabilities of the other, also offering opportunities for better accountability at the same time.

Impact Of Blockchain On Digital Economy

Blockchain technology has made a positive relationship between two unknown parties without any mediator or intrusion from the third party. Blockchain uses the decentralized system to keep records. In the databases backed by Blockchain Technology, entries can only be done by passing an authenticated encryption. Blockchain also ensures full transparency in the organization. The data is protected by powerful encryption which gives security in the system. Outside hacks or data tampering is not possible in Blockchain Technology and gives complete peace of mind. Thus, we can say that in a digital economy, Blockchain has the potential to bring positive impact to the economy with the current industry trend. Read also: Why blockchain for business

Impact Of Blockchain Technology

Moving into the year 2018, it is rational to assume that Blockchain will be exposed to its full potential which will change the world of ‘Digital Economy’. There would be other potentials of Blockchain in other industries as well.

Enterprises would benefit from the level of security and transparency provided by Blockchain.

  • Reduction in Key Costs: Blockchain empowering cryptocurrency can be linked with the reduction of two major key costs of the digital finance sector. First of all, Blockchain will reduce the verification and authentication cost of transactions by many folds. On the second row, Blockchain can reduce the cost of networking. For a market to function, the key attribute of every organization is to verify and record transactions. The process is lengthy and labour intensive. This involves the role of a third party acting as a mediator for verifying the transactions. Blockchain can reduce the cost by minimizing work-force and the role of mediator. Network cost can be reduced by decentralized ledger that is used for recording transactions. These two features of Blockchain are the reasons – why Blockchain is the future of the digital economy.
  • Global Transaction System: Blockchains most significant achievement till date is Cryptocurrency (Bitcoin). As of today, it may not be as efficient as existing transact and exchange value system, but it has been successful in solving the problem it is designed for, i.e., development of cheaper global transact and exchange value structure without the need of intermediaries for verifying the transactions.

Read also: Blockchain – A New Internet Architecture

  • Blockchain Accounting & Bookkeeping: Maintaining accounts and bookkeeping is the biggest and most important thing in the financial market. Blockchain can provide the two most crucial features of accounting, i.e., transparency and immutability. The records stored in the decentralized ledger are visible to everyone, there is no central body controlling the data. This way transparency is maintained in the system. Blockchain also provides the benefit of immutability by preventing data from tapering or altering. Blockchain records are secure by powerful encryption; this makes the data free from any kind of hacks from unauthorized access. The blockchain is the future of digital economy and very soon will be adopted in accounting.
  • Trustworthy Platform: With features like immutability, decentralization and mediator free system, Blockchain is to gain trust in the finance sector. This technology has put artificial intelligence (AI) to work. This way the records are error-free and are not Human Bias.

Conclusion

The blockchain is the future of digital economy. It has already started revolutionizing the Digital Economy. Organizations and large financial firms have already begun adopting Blockchain in their businesses to increase efficiency and effectiveness in their work. SAPL as a blockchain development company offers refined Blockchain Development services across the globe as per the client’s needs.

How to Invest in Cryptocurrency!

Cryptocurrencies did reasonably well in 2017 and have been on the rise since the beginning of 2018. It has been continuously attracting more investors since ever. Most of the new investors face trouble in figuring out how to start investing in cryptocurrency. This blog will help you on how to invest in cryptocurrency and what are its advantages as well. The first cryptocurrency, Bitcoin was founded long back in 2009 and went unnoticed till 2013. However, after the year 2013, it saw a massive growth of investors. As a result of this, various cryptocurrencies have entered into the market.

By the end of 2017, the total market capital worth of cryptocurrencies was $ 450 Billion. The cryptocurrency market is not just of Bitcoins anymore. More players like Ethereum, Litecoin and Ripple have entered the market and performed really well. One of the primary reasons why Cryptocurrency gained so much popularity in so less time is because of Blockchain Technology. It is a secure and trustworthy way used by Bitcoins and many other cryptocurrencies to keep the user data and transactions safe.

Read also: What is cryptocurrency & its uses

Guide to invest in Cryptocurrencies

Before you spend in any of the Cryptocurrencies, you should be clear-headed about your investment goals. You should have a coherent vision of how long you want to keep your money invested and amount of profit you are satisfied to take.

Long-Term Investments

If you are hoping for a cryptocurrency to perform better over a longer period, you should go for long time investments that range from 6 months to 1 year. You can also plan to hold the amount even beyond that, say 5-10 years. In a longer term, you have the liberty to decide whether you want to invest in one go, or in instalments. For investing in a cryptocurrency for a long-term, make sure that a company’s technology is better than the others, have a strong team of developers and founders, have defined goals and are capable of handling your investments. The best options for investing in a long-term investment are:

  • You don’t have to keep watch over the market all the time.
  • Cryptocurrencies are tended to perform better in longer duration.
  • You can wait for the market to take arise if there are lower rates of returns on your investment.

Read also: Pros & cons of Blockchain technology

Short Term Investments

The second possible option available to you is to become an investor in the short-term investment plan. The period for this type of investment may range from a few minutes to a couple of months. Just as in case of short-term of investment you must be clear about your goals with a valid reason for investment. You should have a clear head of how much profit is satisfactory for you and how much loss you are willing to handle. The best options for investing in a short term investment are:

  • Low market capitals
  • High trading volumes, lots of investors are buying and selling cryptocurrency every minute.
  • Look for trending cryptocurrencies on social media and current news.
  • Invest in an ICO or who have just finished their fundraising through ICO. The price of Cryptocurrency is much lower here.

Read also: Blockchain- Future of technology

Conclusion

While Cryptocurrencies can be a massive source for earning but you may lose your money as well. SARA Analytics as a cryptocurrency development company predicts that the market may come wrong. Nobody has the idea of what is going to happen next in the finance market. It is better to make a proper market study before you start dealing in Cryptocurrencies, this way you will be able to take decisions about your investments.