Blockchain and Machine Learning: The Power Couple
The primary new technologies of this decade are artificial intelligence (AI), Machine Learning, IoT and Blockchain. Today, we will discuss how Blockchain and Machine learning as a team are changing the game for different industries by implementing new applications.
Kevin Bloch, Chief Technology Officer for Cisco ANZ, stresses on the fact that these technologies are even more significant and impactful than we may realize.
Blockchain with its greater transparency and enhanced security, and Machine Learning with its fast processing and real-time predictions together eliminate the shortcomings and are transforming all the industries.
Lynn Carroll, chief of strategy and operations for health IT support company HSBlox in Alpharetta, favors Blockchain in his predictions for Blockchain in 2019 and how the technology will be used in value-based reimbursement programs. In an industry like healthcare, where protecting sensitive data is crucial, Blockchain provides enhanced security and changes how critical information is shared by preventing fraud and unauthorized activity.
Machine Learning is already being used in healthcare industry with apps diagnosing patient wounds via smartphone, doctors remotely monitoring elderly, and the digital verification of insurance information.
Blockchain ensures money transfer in real time. According to the CIO magazine, the World Economic Forum expects that 10 per cent of global Gross Domestic Product (GDP) will be stored on blockchain within a decade. Tools like AI-powered chatbots are being installed by financial entities to improve customer service.
Machine Learning aids financial services with its various properties like fraud prevention, investment prediction, algorithm trading, and money laundering prevention and trade settlements.
3. Transportation and Logistics
Blockchain addresses issues related to dispute resolution, administrative efficiency and order tracking. It reduces the amount of physical paper work as the Blockchain-enabled platforms allow easy coordination of documents on a shared distributed ledger. It also ensures that the data across the transportation and logistics ecosystem is trustworthy by letting the entire network contribute to data validation.
Transportation industry is benefiting from Machine Learning as it increases real-time decision making and enables strategic optimization.
Blockchain and Machine Learning based solutions have the potential to make government operations more scalable, efficient and improve the delivery of public services. They also provide transparency and help in building trust in the public sector.
Blockchain helps in maintaining data and facilitates citizen services like license renewal and tax collection.
Legal industry could not stay away from these two emerging technologies. Machine Learning allows automated contract drafting that saves time and lowers the cost. Blockchain enhances the law firms’ data analytics capacity.
Blockchain can authenticate the legal documents and reduce disputes.
Machine Learning software improves the efficiency of document analysis and can also review the documents.
Example, a regular divorce settlement can take more than a year in the US. Wevorce, an American mediation legal technology company, provides self-guided online divorce solution at a lower cost.
Aviation industry is implementing models like EMSR (Expected Marginal Seat Revenue) to reduce cost while providing better services to the customers.
Machine Learning is helping the aviation industry by simplifying the process of flight maintenance.
Blockchain helps with flight operations performance monitoring, aircraft components and systems performance monitoring for Original Equipment Manufacturers (OEMs) and Maintenance Repair and Overhaul (MRO).
Undoubtedly, Blockchain and Machine Learning together are taking over these industries. By learning these two technologies you will be creating new opportunities for yourself. You can opt for Blockchain Ethereum Developer Online Training, Blockchain Certification Training or Artificial Intelligence Training an AI Online Training. At Multisoft Systems, you will be trained by skilled and certified trainers. They also provide round the clock support that helps the candidate to clear the doubts anytime.
About the author: Nisha Negi is a Technical Content Writer at Multisoft Systems. She writes blog posts and articles on various technical subjects. She is an experienced IT professional and bears immense knowledge of the latest technology. She stays current with all the ongoing and upcoming certifications. Her way of expression is contemporary and crisp.
