Blockchain technology will make quite an impact on the financial sector, as well as other industries. It is even possible we will see a combination of blockchains, artificial intelligence, and machine learning in the future. The potential use cases for all of these powerful technologies are virtually limitless and it will be interesting to see what the future will hold.
Combining The Best of Disruptive Technologies
Many people see blockchain technology as a concept that will revolutionize the world of payments and microtransactions. In most cases, they are absolutely right. Distributed ledgers serve as a perfect tamper-proof system of records, which can be used for financial transactions. Then again, this technology far exceeds the financial sector as well.
At the same time, one has to keep in mind how machine learning has the potential to transform payment security as a whole. With more and more payments transitioning to a digital form – due to the mounting number of internet connected devices, it is evident payment security will need to be revamped as well. However, all of these connected devices pose a security risk, which is where machine learning would come into the picture.
Thanks to the advancements made in machine learning, it will soon become possible to let devices make payments on their own. A refrigerator that notices you are out of milk will create its own shopping list, order the items online, and tell the primary user to pick it up on their way home from work. Making sure these payments are conducted in a proper manner will require a distributed ledger that adds both transparency and immutability. It is equally possible blockchain-based tokens will be created so that IoT devices can make these payments.
Giving internet-connected devices the opportunity to determine if their user needs a specific item or service requires an artificial intelligence. Major advancements have been made in this department over the past few years, and more great things are expected to become widely available over the coming years. It is not difficult to see how these three great technologies can create a whole new ecosystem the world has never seen before.
Artificial intelligence, together with machine learning and blockchain technology, are all integral parts of the future of fintech. Both large and small corporations are leveraging AI to provide better access to financial services for all of their clients and would-be customers. A lot of these services will make use of blockchain technology in the future, due to its transparency and immutability.
Once all three technologies come together in widely available products and services, finance as we know it will never be the same again. That can only be a good thing, though, as there is a lack of transparency right now. Moreover, these three technologies can bolster the trust relationship consumers have with their financial institution. Considering how that trust is at an all-time low right now, combining these three technologies is the right way forward.
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