AI and blockchain individually showed a good result, so many developers began to think about how they could be combined, what such an alliance could give, and how it would affect the business development. If you plan to work with cryptocurrencies, you should get a Lithuanian crypto license, but if you are interested in blockchain solely as a database, you will not need a work permit.
Main trends
The excitement around cryptocurrencies does not subside, which ensures excellent popularity for the blockchain. Mainly this technology is used in the financial sector or trade. Still, today more and more entrepreneurs involved in pharmaceuticals, agriculture, or tourism are finding the advantages of this technology. So, in 2021, the global market was approximately 2.300 million USD (for comparison, in 2020, it was 1.430 million USD).
The advantage of the distributed database is that it is not just a software environment where cryptocurrencies can exist; it is a unique database:
- works decentralized,
- all data is kept unchanged,
- the level of protection is awe-inspiring;
- makes it possible to use smart contracts.
However, the principle of work is quite challenging to understand. Most smart contracts have many vulnerabilities. These two factors greatly hinder the development of technology.
While blockchain is still new to the market, AI has been around for a long time. In 2021, the market revenue from this technology amounted to approximately 7.700 million USD, and it is expected in 3 years this figure will increase to 32.200 million USD.
By some estimates, 47% of computer-mature companies are already using AI. Among the giants who have long appreciated the advantage of this technology are Google and Amazon. Of course, some companies still refuse to use AI, not understanding how the algorithm works, especially since the system may make difficult decisions to predict.
More and more European countries are starting to allow the crypto business to develop. So, after obtaining a crypto license in Lithuania, you will be able to work in this country legally.
As we can see, two technologies have already achieved a lot but still need to be improved. Many experts believe that their combination will improve all the advantages and hide the disadvantages of each side.
6 Benefits of Using Two Technologies Together
Today, there are 6 main advantages of joint use of distributed databases and AI:
- Security improvement;
- Simplification of work with robotics;
- Simplifies the understanding of AI;
- Access and management of the data market;
- Energy-saving;
- Improvement of smart contracts.
Each of these moments can have a positive impact on business development. Of course, the ability to implement these two technologies is dependent on the department in which you operate. The problem is that it is necessary to prescribe separate software for each case, which takes a lot of time and is quite expensive. In addition, there are not yet a large number of real examples where such an alliance has shown excellent results, but preliminary data give hope for success.
Cryptocurrency license in Lithuania allows you to use not only all the advantages of the blockchain but also crypto assets.
Security improvement
Many companies are afraid to use AI for fear that a hacker will be able to break into the program. Blockchain is one of the most secure databases that exist now to protect the code from any interference. Practice shows that this also has its vulnerabilities, but they can be solved thanks to the abilities of AI.
Simplify your work with robotics
Large retail corporations such as Amazon are now widely using robotics to optimize warehouse processes. It allows them to speed up the formation of the package and avoid problems due to the human factor. If you connect the blockchain to both the site where the user places an order and warehouse equipment, you will get faster and better customer service. In addition, you can teach AI to check the availability of goods in the warehouse independently, and the blockchain will buy more when it comes to an end. Thus, combining may significantly reduce the number of personnel required to maintain a warehouse, but the level of service and organization will increase markedly.
Making AI easier to understand
Many banking organizations have long used AI to make certain decisions, such as whether to give a person a loan. In most cases, the computer produces a superior and highly predictable result, but there are times when the system fails. The blockchain will record all the most minor actions and decisions that the computer performed, allowing you to track why the system made this or that decision. In addition, the distributed database will nullify the possibility of interference, both from hackers and from unreliable employees.
Management of the information market
Blockchain may store vast volumes of encrypted information. AI is able to process it and offer new opportunities for use. Suppose you have a company that provides a wide range of services. The system registers data about each client, preferences, and services he or she ordered earlier; based on the received data, AI can calculate which service may be of interest to the user next time or what discounts may be of interest. It will not only improve the service but also bring additional income.
Energy-saving
Today the whole world is wondering how to reduce energy. Google has proven that AI can help cut data center cooling costs by 40%. This principle can be used for mining as well. Also, this option can be useful for cryptocurrency exchanges and wallets. For the legal operation of such services, you also need to obtain crypto license in Lithuania.
Improvement of smart contracts
The idea of smart contracts looks very useful and attractive, but practice shows that it still needs a lot of improvement. The fact is that the program code is in the public domain, which means that every hacker can easily find vulnerabilities. In addition, there are practically no alternative solutions built here that can be useful if one of the parties, for some objective reasons, could not fulfill the agreement. In these cases, AI comes to the rescue. It enhances protection and fixes the slightest attempt to crack the code, ensuring greater security. In addition, AI may offer new solutions to controversial problems based on the data received.
Source: https://cryptoexchangelicense.lt/