According to a report from Accenture, the strong mix of blockchain and AI is set to fuel the beginning of a “fourth industrial revolution” by reinventing the economy and the exchange of information.
“The strong combination of AI and blockchain is slowly but surely changing industries and industries worldwide,” comments Accenture, explaining how this mixture can lead to new insights and values for a company.
These two new digital technologies could “create synergies like never before seen by the business world,” predicts Accenture, indicating that harnessing this new power could be challenging for some companies.
The report suggests that blockchain is helping to deliver on the promise of AI by providing new levels of data access, trust, and security to move it forward and capitalize on the results.
“Organizations that see the power of this combination must manage coordinated technology implementations and more complex transformations. In order to master the upcoming challenges, executives have to think through several important decisions ”, states the report“ Powered by Blockchain: Realizing the Full Potential of AI ”.
Paul Daugherty, Accenture’s Chief Technology and Innovation Officer, said, “It is important that companies act now to develop strategies around AI that put people first and to commit to responsible AI systems Develop that align with moral and ethical values that empower people to do what they do best – imagine, create, and innovate. “
Fourth industrial revolution
According to Accenture, this “fourth industrial revolution” could transform global industries. According to an analysis of 12 developed countries by Accenture Research, AI could double annual economic growth rates in 2035. It is predicted that the nature of work will change and new human-led relationships with machines will emerge that are expected to increase work productivity by up to 40%.
“By helping people work smarter, AI could increase average profitability by up to 38% and generate a bounty of up to $ 14 trillion in 16 industries by 2035. The information and communications industry alone could deliver additional gross worth $ 4.7 trillion this year added, “said Accenture.
The report examines the effects of combining blockchain and AI on:
- Smart energy, smart buildings
Environmentally friendly AI and blockchain solutions could help reduce energy waste
- Public science
Institutions could store and access an index for academic research – by adding analytics, scientists would have a large dataset to learn from
- Supply chain
By creating digital representations of real assets and tracking them, significant efficiency and product improvements can be achieved
- Smart devices
The combination can be used to decide how these devices trade, interact, and conduct transactions
The mix of blockchain and AI could quickly reveal community health information to provide insights that guide care and support
With secure, shared health data on blockchain systems, patients can regain control and benefit from AI-enabled personal care – the knowledge that data is protected
Why AI is the perfect partner for blockchain
Accenture says the abundant flow of accurate data will power AI systems. “That’s why technology leaders have invested billions in data-centric businesses and their capabilities. The effectiveness of the AI depends on the access to, the size and the quality of the data it can process.
“While AI is redefining the systems of business engagement, blockchain is recalibrating the recording systems. Together they will reassign organizational boundaries, moving them out of isolated verticals with complex processes to work efficiently across horizontals, and in doing so, unleashing large amounts of the value currently trapped.
“Together, AI and blockchain enable companies to push their current boundaries and gain access to significant amounts of trapped value,” concludes Accenture.
For more information on manufacturing topics, see the latest edition of Manufacturing Global.
Follow us on LinkedIn and Twitter.