Artificial intelligence represents the machines that have been built to perform intelligent tasks, traditionally performed by humans. Blockchain, on the other hand, is a decentralized network of computers that records and stores data to display a chronological series of events on a ledger system that is transparent and immutable.
Both are very popular technology trends right now and even though the two technologies have vastly different developing sides and applications, researchers and companies are discussing and exploring their combination. Some companies even managed to get them to work together on their projects.
There are already various projects that have combined both the technologies, and actually the combination of AI and Blockchain is already revolutionizing many sectors and their working process. Meanwhile, some experts believe that artificial intelligence and blockchain will revolutionize the world of online marketplaces on a different level.
Online Marketplaces; and why does it need some serious upgrade?
An online marketplace is an e-commerce site that connects sellers with buyers. It is often referred to as an electronic marketplace and all transactions are managed by the website owner. Companies use online marketplaces to reach customers who want to buy their products and services.
Online marketplaces have been around since 1995, and nowadays, there are countless online marketplace sites such as Amazon, Etsy, Alibaba, etc. These platforms are growing at a very fast pace and according to the report, worldwide marketplaces account for 40% of global online retail. market in 2020.
However, these platforms are unable or slow to matches the customer and service provider quickly, on the basis of available data, predictions, records, etc. Normally customers have to go through various platforms and scroll down for hours and hours to find a relevant good or service provider.
The current or we can say traditional process requires lots of time, effort and resources to match the buyer with a relevant service provider. And experts believe that as most of the process deals with data, AI and blockchain technologies can solve the problem very easily. Additionally, it will make the platform faster and accurate for buyers as well as service providers.
How AI and Blockchain can revolutionize the online marketplaces?
PwC estimates that AI will add up to $15.7 trillion to the world economy by 2030, and as a result, global GDP will increase by 14%. According to Gartner predictions, the business value added by blockchain technology will increase to $3.1 trillion by the same year. But what if We Combine AI and Blockchain together?
Whereas the blockchain is a distributed, decentralized, immutable ledger used to store encrypted data, the AI is the engine or “brain” that will be able to analyze and make decisions from the collected data.
Each technology has its own level of complexity, but both artificial intelligence and blockchain with all the differences are in a position where they can benefit from each other and help each other.
These two technologies are able to affect and process data in different ways, bringing them together makes sense, and it can take data exploitation to new levels. Additionally, incorporating machine learning and AI into the blockchain and vice versa, can enhance the underlying architecture of the blockchain and increase the potential of AI.
Blockchain can also make AI more consistent and understandable, and we can find out and determine why decisions are made in machine learning. Blockchain and its ledger can record and display all data and variables through which decisions are made under machine learning.
AI can drive blockchain efficiency far better than humans, or even standard computing. And while both combined in an AI Project can increase the processing of the platform and will be able to match buyer and service provider quickly and accurately in no time. With them there will be no need for spending countless hours searching for a relevant service provider. AI will learn from the user’s record and they will be able to suggest better goods, services; predict their interest or behaviour; and will be able to keep them interested in the platform with deals, offers, and discounts that suits them.
There are only a few projects that are working in this niche and combining AI and Blockchain, and one such project is AiChain.
AiChain : A Platform where AI meets Blockchain
AiChain is a blockchain-based marketplace where buyers and sellers meet to conduct transactions involving digital goods and on-demand services with crypto currency transactions. The platform features “automatic matching of users”, which works on Artificial Intelligence.
AiChain (AI + Blockchain) is probably the world’s first artificial intelligence marketplace, which operates through traditional and smart contracts, blockchains, and the future-oriented concept of connecting people and analyzing users’ preferences.
The project is creating an ecosystem where the user can connect with other users for on-demand services. With this robust platform, AiChain Token and AI Service On Demand app users don’t have to download multiple apps for different services or delivery they need for themselves.
It is creating an opportunity for the community to get everything they need on a single tap from their phone at no charge, anytime, anywhere, and most conveniently, using the AiChain token. AiChain by combining AI and blockchain, not only saves your time, effort and resources but it will also provide you the most relevant match for the job.
To know more about it or to invest in AiChain please visit aichain.pro today. Investing in it right now will not only help the project but it will also provide you opportunities to generate good ROI for themselve. So, don’t waste your time and invest in AiChain now!