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Much has changed in the way people perceive blockchain technology. Gone are the days when people interchanged the terms blockchain and cryptocurrencies. Now, everyone is starting to discover blockchain's value beyond buying and selling digital assets. Even major corporations like Ford and Walmart are joining the bandwagon, adding the blockchain into their operations to increase efficiency.
The blockchain has evolved beyond the trial stage and is now at the execution stage. Its influence is felt across all Industries. But, to illustrate its impact, we are going to focus on two sectors.
The supply chain sector involves companies working with several partners throughout the product life cycle, from production to delivery to customer doorsteps. Therefore, businesses must invent ingenious ways to mitigate risk in supply chain management. In this context, blockchain has several uses.
Businesses can use private blockchains to restrict certain partners within their organization using corporate firewalls. Another solution is to use leveraged permission in the blockchain to grant external users various degrees of access. By establishing trust and guaranteeing the security of information during transmission, businesses can enjoy accurate and timely logistics within a network.
The next step is to manage the flow of information in the organization. Here, you can choose how to gather, use, and share critical information. Again, the Blockchain can remove any barriers that restrict quick and efficient results.
For example, businesses can use blockchain solutions, such as the electronic bill of lading (eBL), to replace manual processes with digitalized solutions. eBL, often used in shipping and logistics, is immutable and guarantees total trust and transparency between all parties involved.
The ability of AI to crunch tetra bytes of data and draw insights from them has revolutionized many industries. But as AI usage surges, the issue of AI-based algorithm biases and their negative consequences has come to the forefront. The adverse consequences of AI-based biases may range from repetitional damage to high-profile suits claiming copyright violations.
Blockchain technologies can help to address the issue of copyright by enabling creators of AI videos, images, and text to register their content on the ledger to establish ownership and prevent people from using their work without permission.
Trust is a rare commodity when it comes to AI-generated content. 81% of business leaders say they support strong government regulation to safeguard against AI bias. Such sentiments have resulted in the emergence of an AI governance market currently valued at $264 million.
No, implementing governance systems isn't without its challenges. A huge volume of data is needed to train AI models, which is the biggest hindrance. There is also little transparency in the methods used to train AI models, which threatens the large-scale adoption of AI.
Blockchain technologies can help to mitigate search biases, errors, and flawed AI decision-making. In addition, blockchain can enforce strict permissions to prevent the use of trademarked or patented data.
As businesses continue the great digital migration, increased regulations focusing on data privacy and responsible use of AI are taking center stage. As a result, blockchain has become a sought-after solution for businesses to improve transparency and accelerate compliance.
Much has changed in the way people perceive blockchain technology. Gone are the days when people interchanged the terms blockchain and cryptocurrencies. Now, everyone is starting to discover blockchain's value beyond buying and selling digital assets. Even major corporations like Ford and Walmart are joining the bandwagon, adding the blockchain into their operations to increase efficiency.
The blockchain has evolved beyond the trial stage and is now at the execution stage. Its influence is felt across all Industries. But, to illustrate its impact, we are going to focus on two sectors.
The supply chain sector involves companies working with several partners throughout the product life cycle, from production to delivery to customer doorsteps. Therefore, businesses must invent ingenious ways to mitigate risk in supply chain management. In this context, blockchain has several uses.
Businesses can use private blockchains to restrict certain partners within their organization using corporate firewalls. Another solution is to use leveraged permission in the blockchain to grant external users various degrees of access. By establishing trust and guaranteeing the security of information during transmission, businesses can enjoy accurate and timely logistics within a network.
The next step is to manage the flow of information in the organization. Here, you can choose how to gather, use, and share critical information. Again, the Blockchain can remove any barriers that restrict quick and efficient results.
For example, businesses can use blockchain solutions, such as the electronic bill of lading (eBL), to replace manual processes with digitalized solutions. eBL, often used in shipping and logistics, is immutable and guarantees total trust and transparency between all parties involved.
The ability of AI to crunch tetra bytes of data and draw insights from them has revolutionized many industries. But as AI usage surges, the issue of AI-based algorithm biases and their negative consequences has come to the forefront. The adverse consequences of AI-based biases may range from repetitional damage to high-profile suits claiming copyright violations.
Blockchain technologies can help to address the issue of copyright by enabling creators of AI videos, images, and text to register their content on the ledger to establish ownership and prevent people from using their work without permission.
Trust is a rare commodity when it comes to AI-generated content. 81% of business leaders say they support strong government regulation to safeguard against AI bias. Such sentiments have resulted in the emergence of an AI governance market currently valued at $264 million.
No, implementing governance systems isn't without its challenges. A huge volume of data is needed to train AI models, which is the biggest hindrance. There is also little transparency in the methods used to train AI models, which threatens the large-scale adoption of AI.
Blockchain technologies can help to mitigate search biases, errors, and flawed AI decision-making. In addition, blockchain can enforce strict permissions to prevent the use of trademarked or patented data.
As businesses continue the great digital migration, increased regulations focusing on data privacy and responsible use of AI are taking center stage. As a result, blockchain has become a sought-after solution for businesses to improve transparency and accelerate compliance.
