Data Analytics and Machine Learning are seeing a lot of action in industries from marketing to finance. Artificial intelligence and machine learning are becoming more prevalent in our daily lives. The ability to collect, manipulate, analyze and visualize data on a systems level has amassed real-time intelligence that people can use for business purposes. Blockchain technology is one of the best examples where the application of AI and ML is about to take off right now. People are noticing how data analytics helps make an entire industry more efficient, especially with the growth in cryptocurrency adoption worldwide. The use of blockchain technology is not limited to cryptocurrency exchanges, but it can be used by pain many domains.
- Blockchain with data analytics and machine learning:
The cryptocurrency market is one of the most volatile and highest-risk markets, where prices can move significantly in a short period. One of the most significant risk factors in trading cryptocurrencies is the possibility of fraudulent transactions via hacking. If hackers can tamper with the records, it could lead to losses for many people.
It makes it worthwhile for crypto exchanges to apply some measures to help prevent cases where people can defraud people due to fraudulent activities. Fraudulent attacks on cryptocurrency transactions have led to millions of dollars being lost. Still, AI and ML can help reduce this figure by being able to identify anomalies in transactions and stop them before they can cause any harm.
- Maturing Quickly:
The blockchain ecosystem is being matured and is quickly proving to be a viable solution for many industries. The inherent benefits of blockchain technology have made it one of the most widely accepted technologies by businesses and governments. There are multiple ways in which firms can depend on Solana Blockchain Development Company to adapt AI and machine learning to use blockchain technology. Some of the Involved Industries are mentioned below.
- Health Care:
Healthcare is one industry where the application of AI and ML is seeing a lot of activity right now. It’s being used in many domains within our healthcare system, from imaging to predictive analytics, to build up an individual profile on every patient to help deliver better care through personalized medicine. People can use it to create a Personal Health Record that combines a range of medical information from different sources and reduces the risk of medical fraud by ensuring data hasn’t been tampered with.
AI can be integrated with machine learning database systems and NLP models in healthcare industries to enhance the quality of operations within hospitals and pharmaceutical firms. By creating powerful data sets, it will be convenient to look after patient records, manufacturing details, healthcare providers, and more. By using AI alongside KNN algorithm systems, it becomes convenient to identify crucial data sources and destinations and monitor patterns necessary for making impactful decisions.
- Digital identity:
People can also integrate the authentication data into a single digital identity with some form of AI and ML application so that it verifies each transaction done by an individual, making it very hard for anyone under an alias to perform fraudulent activities. The digital advertising system can be a platform for providing feedback data to the customers who view a particular advertisement and provide them with information about the product or service simultaneously.
- Medical devices:
People can use AI and ML applications to monitor any appliance connected via the internet, like a heart monitor that can store patients’ vital information at all times, reducing fraudulent activities and providing better quality care. For example, data analytics can prevent medical insurance fraud by ensuring genuine claims. AI and ML also help determine if patients cheat (such as visiting multiple doctors) to obtain more medical benefits.
- Corporate Finance:
AI and ML can also assist in determining the risks involved with entering into a transaction by gathering information that would help determine the probability of its success. People can use AI and ML applications to predict the various variables involved in financial transactions.
- Manufacturing:
People can also apply AI and ML to trace problems in manufacturing industries like automotive manufacturing, where errors can occur due to foreign objects or parts being smuggled into the factory or simple oversights. For example, it can provide real-time data on production lines connected to an industrial machine, such as an engine, to help ensure that there’s no tampering with the part or component being produced at any time.
- Supply Chain:
People can also use AI and ML to enhance the supply chain, which means that it will potentially remove any unseen problems that can occur in the process of manufacturing a product, or it will help track the exact amount of materials used from the stage of raw material production to finishing a product with an accurate KPI. Applying AI and ML for supply chain management helps significantly in reducing fraud, where people are stealing materials instead of producing a product.
- Asset management:
People can also apply AI and ML to reduce fraud by people. Where people are behaving in dishonest ways by using simple behavioral patterns that people can discover. The AI and ML applications can also be incorporated into the entire process of valuing assets to determine the probability of profit and loss or if a purchase is losing value. It can reduce all frauds where people are selling their assets when they’re worth more than what they said, which would mean that people are profiting from other people’s losses.
Conclusion:
Today, AI and ML are being used by many industries for a variety of reasons. The use of real-time data analytics has grown exponentially due to the widespread adoption of blockchain technology. As people move into the future, it will play an even more significant role in our lives by helping organizations deliver better products and services while reducing daily fraud.
