What Impact Will Blockchain And AI Have On Business In The Next 10 Years
Two disruptive technologies are becoming more and more prominent, which will form the life and cultural process of blockchain and artificial intelligence(A.I.) in the next 10 years. Although both have experienced extensive use and innovation, some people worry about how to use these technologies. In the World Economic Forum 2020 report on employment prospects, by 2025, about one tenth of the surveyed enterprises will consider investing in blockchain or artificial intelligence.
According to the recent fact and factor market research report, the global AI market size and share revenue is expected to increase from US $29.86 billion in 2020 to US $299.64 billion in 2026, with a compound annual growth rate(CAGR) of 35.6%. Similarly, the size of the global blockchain market is expected to grow from US $3 billion in 2020 to US $39.7 in 2025, with a comprehensive annual growth rate of 67.3% during this period.
These two technologies will only increase in importance in the next 10 years. So, what is blockchain and AI? Why are they important? Why do smart companies consider investing in these two technologies in their 10-year plans? These are important questions to answer.
Blockchain technology
The best way to consider blockchain is to treat it as a database, but the data is stored in the associated ledger account. Among the most prominent related bitcoins in the blockchain, databases are decentralized. This means that the exact copy of the blockchain account book may appear on multiple computers, so there is little possibility of abandonment or change. If more than 51% of these blockchain files are the same, the system will solve all fraud that may be added to the blockchain during synchronization.
Cryptocurrency has a shadow on the blockchain, but it is not the only use of this technology. One of the purposes is smart contracts. The automated program built into the blockchain can complete information such as insurance policies and real estate contracts, and send copies to all parties, saving money and paper in an unalterable way, which is legally secure. One of the advantages of smart contracts is that brokers do not need to fill in legally binding documents. All places where data transmission needs to be verified are blockchain growth opportunities.
Some of the blockchain’s counterattacks are due to the fact that user accounts are simplified into fuzzy alphanumeric keys, so they are “anonymous” transactions. This perceived anonymity is exactly what bad actors want. But blockchain is not anonymous. Users can use the unique ID provided by the technology to track, so this transaction can not only be further viewed, but also permanently record all history.
Artificial intelligence(A.I.)
AI is a broad concept, which needs to be distinguished from subset technology(such as machine learning and deep learning). Machine learning is expected to grow from US $7.3 billion in 2020 to US $30.6 billion in 2024. Deep learning will account for 38% of global sales in 2020, leading the artificial intelligence market
The basic concept of AI is to create a system that can imitate human intelligence. Such a powerful AI is still a developing technology, so most innovations in the next 10 years may be in machine learning and deep learning. These techniques are used to analyze large amounts of data and extract useful and operable information. Currently, customized models use deep learning systems so that companies can more accurately detect fraud.
Machine learning is also used for recommendation engines, such as those used by Amazon and Netflix. When users view and interact with these services, they will continue to provide data to the suggested engine to improve accuracy over time. In the fields of driverless cars, complex video games, website robots, and speech processing language translation, AI is also weak.
Another major driver of AI is the automation of existing jobs. This is the biggest risk of technology and the reason why AI should not be ignored. The World Economic Forum report on the future of jobs pointed out that 15 industries and 26 economies may lose about 85 million jobs. The biggest drop will be the role of data entry, accounting, administrative support, etc. It should be reminded here that many lost jobs will be offset by the increase in demand for emerging technologies such as artificial intelligence and blockchain.
Next 10 years
Blockchain and AI are two technologies, and their importance will only increase in the next 10 years. Therefore, if the company and workers want to maintain an advantage in the competition, it will be beneficial to recruit as soon as possible.
Blockchain and AI are complex topics, but with a little effort, you can easily solve the mystery. Any new or unfamiliar technology may seem scary at first glance, but as it becomes more widely adopted, it becomes more and more generic, just like any other tool. The milestones leading to the future are clear. Those who do not advance will be crowded behind.