Unlocking Industry Potential Through the Convergence of AI and Blockchain Technologies

AI and blockchain technology might make many sectors safer, more open, and more efficient. It proposes an autonomous AI-based solution that leverages blockchain and machine learning to address industry issues including theft, data security, and inefficiency. The recommended response utilizes AI to track patterns and estimate what they are. Additionally, blockchain smart contracts ensure data exchanges remain secure and unchangeable. We tested the paradigm in banking, healthcare, and supply chain management. Transaction speed, data quality, fraud reduction, and operational efficiency were the main success factors. The findings showed 32% less theft, 45% better data accuracy and security, and 28% higher company efficiency. Process latency was 20% lower than in centralized systems. The findings suggest that AI with blockchain may simplify decision-making, data security, and operations. It may be an excellent choice for firms looking to profit from the digital shift.

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Published
2024-12-06
DOI
https://doi.org/10.1109/ihcsp63227.2024.10959944
Primary Topic
Digital Transformation in Industry
Type
article
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article

Unlocking Industry Potential Through the Convergence of AI and Blockchain Technologies

Krishna Murthy Meesaala, Maher Ali Rusho, Vandana Rathore, Rajiv Avacharmal et al.
Digital Transformation in Industry
article

Unlocking Industry Potential Through the Convergence of AI and Blockchain Technologies

Krishna Murthy Meesaala, Maher Ali Rusho, Vandana Rathore, Rajiv Avacharmal, R. Senthil Kumar, Sudipta Halder
article en

Abstract

AI and blockchain technology might make many sectors safer, more open, and more efficient. It proposes an autonomous AI-based solution that leverages blockchain and machine learning to address industry issues including theft, data security, and inefficiency. The recommended response utilizes AI to track patterns and estimate what they are. Additionally, blockchain smart contracts ensure data exchanges remain secure and unchangeable. We tested the paradigm in banking, healthcare, and supply chain management. Transaction speed, data quality, fraud reduction, and operational efficiency were the main success factors. The findings showed 32% less theft, 45% better data accuracy and security, and 28% higher company efficiency. Process latency was 20% lower than in centralized systems. The findings suggest that AI with blockchain may simplify decision-making, data security, and operations. It may be an excellent choice for firms looking to profit from the digital shift.

Lockheed Martin (United States) (US), University of Connecticut (US), Jawaharlal Nehru University (IN), Jagran Lakecity University (IN), Saveetha University (IN)
Industry, innovation and infrastructure
Openalex Percentile: Top 57%
Digital Transformation in Industry
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Unlocking Industry Potential Through the Convergence of AI and Blockchain Technologies — Krishna Murthy Meesaala, Maher Ali Rusho, et al. · (2024) | TGRS Research Map | TGRS