The revolution in ICT has affected finance industry at an increasing rate for decades. The financial firms are trying to cope with these changes by adopting new kinds of technology to deal with the increasing demand and the huge increase in the competition worldwide in the financial sector.
While so many industries are beginning to embrace the amazing options these technologies – Artificial Intelligence and Blockchain technology offer – helping them to create more value, boosting sales, and so on, it’s interesting to know that the combination of both will positively revolutionize the future of the fintech industry.
The convergence of Artificial Intelligence and Blockchain brings a better future for the Financial Industry.
With the superb benefits of Blockchain and AI, this combination will yield bewildering results and take an entirely new level across all industries especially with the financial sector. Here are amazing features and underlying capacities that come to play as below:
One of the underlying benefits of blockchain technology is its unique ability to operate as a borderless payment network. Blockchain facilitates a frictionless payment with low prices and at a faster pace compared to the traditional methods.
Unfortunately, there are still some existing security concerns affecting its widespread adoption. Theft is increasing and getting more sophisticated daily since it requires a set of public and private keys to run a blockchain business.
By leveraging the power of AI and ML, any improper activities on your blockchain account can be identified, thereby alerting the account owner about some human involvement. Moreover, AI can analyze the behavior and biometrics to help eliminate any security susceptibility in payment networks.
2. Controlled Automation for Financial Activities
There is no doubt that finance is moving towards automation. On the other hand, there are pending issues that could pose threats to the finance sector if ‘calculated restrictions’ aren’t placed on automated processes. Meanwhile, to run a smooth automation financial system, it must occur synchronically with built-in checks and balances. In this case, smart contracts facilitate automatic processes, while AI and ML can look for irregularities simultaneously. Therefore, merging blockchain-powered smart contracts with AI can help verify the smart contracts and predict its vulnerability that can be exploited by theft. The resulting infrastructure would facilitate a completely secure, transparent, and efficient financial transaction.
3. An Efficient Financial Service
About 57% of businesses said that cost-saving is the primary benefit of participating in a consortia blockchain network, according to the 2019 Deloitte’s Global Blockchain Survey. The main reason why financial companies implementing both AI and Blockchain solutions is to improve their service speed and service quality. The result of this combination will help businesses minimize costs, maximize profits while still providing excellent value to customers.
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