AI can do much more than just summon Skynet and blockchain technology can be used for much more than just powering bitcoin.
All businesses want to increase their margins, improve their efficiency and carry out tasks faster.
This can all be done by taking advantage of the different ways AI and blockchain technology can be adapted to suit achieve business objectives.
Blockchain can make data more secure, AI can carry out multiple complex tasks simultaneously far faster and more effectively than humans ever can, so why resist advancement? Chances are your competitors are embracing new technology to gain a competitive advantage over you.
Read on to see how these two groundbreaking technologies can help you keep up with or beat your competitors.
What is blockchain?
The blockchain is an encrypted, digital ledger of transactions that can be programmed to record virtually anything of value.
What is artificial intelligence?
A branch of computer science dealing with the simulation of intelligent behaviour in computers.
The benefits of AI
Automating customer interactions
Chatbots are becoming more and more commonplace with businesses across the world.
- Is always available 24/7 365
- Costs less than employing one full time member of staff.
- Can speak to multiple customers simultaneously.
Customers don’t have to worry about whether or not someone will be available, business owners can be assured the standard of service will be the same for each customer and can reduce their employment costs.
It also reduces the amount of admin that other staff members have to do. For example, having a chatbot on your site means staff have less emails and social media interactions to respond to which saves them time.
Real time assistance
Have you ever checked your phone to see where your Uber is? Or to see what time your train is arriving? That’s a form of AI. No longer do we have to rely on paper timetables or physical information desks, we simply check our phones.
This saves businesses money in reduced employment costs, and customers time as the process of searching for information becomes more efficient.
Transport for London launched their own “Travel Bot” in 2017 to make it easier for customers to access real time travel information.
Personalised shopping experiences
Only seeing what you are likely to purchase makes an online shopping experience more efficient for customers. Amazon is a great example of this, once you sign into your account your screen will look different to everyone else’s as the purchase suggestions are based on your purchase history.
AI software can accurately analyse large amounts of information much faster than we ever could. This can significantly reduce a business’s employment costs.
For example, AI can drastically speed up recruiting processes by quickly sifting through tons of applications to find the one best suited to the job description.
The benefits of blockchain
One of the blockchain’s biggest advantages is that transactions can’t be edited after the fact. This makes all transactions made within it more secure and less prone to expensive and brand damaging hacks such as the Uber hack in 2016 in which 57 million customer were affected.
Customers are handing over more and more valuable data to companies that they use, it’s the new gold for businesses and they are under increasing pressure to keep it safe. Storing data in the blockchain is a great way of doing this.
Increase investor confidence
For many start-ups and SMEs, securing investment is a big part of their strategy. Using the blockchain to manage your company’s finances means past transactions are transparent and permanent, meaning investors can take a look at your finances and know that what they are seeing is what has happened.
They may be more likely to invest in a business that uses blockchain technology for its accounting because of this.
Supply Chain Management
Blockchain technology can also be used track movement of goods which can increase efficiency of supply chain management. It can be adapted to do the following:
- Record the quantity and transfer of assets – e.g. pallets, trailers, containers, etc. as they move between supply chain nodes becomes easier.
- Tracking purchase orders, change orders, receipts, shipment notifications, or other trade-related documents becomes more efficient.
- The complex tasks involved in assigning or verifying certifications or certain properties of physical products; for example determining if a food product is organic or fair trade becomes smoother.
- Linking physical goods to serial numbers, bar codes, digital tags like RFID is far less complex.
- Sharing information about manufacturing process, assembly, delivery, and maintenance of products with suppliers and vendors takes less time.
Making processes easier, safer and more efficient is good for business, adopting blockchain and AI technology will help businesses do this.
Xriba’s suite of digital tools utilise both AI and blockchain technology to securely automate your financial transactions, saving your business time and money. Find out more by visiting our website.
Xriba will be introducing XribaPay, the first business crypto wallet for business transactions. Join them at Stand C21 to try out their app/service. Sign up for your free pass to attend