Future of business through the synthesis of blockchain technology, data and AI

cointelegraph.com:

In the current period, blockchain technology is predominantly used for financial transactions. However, there are emerging trends that are redefining the application of blockchains with purposes like fraud detection, AML and supply chain management. 

As emerging technologies take a big piece of global attention, all eyes are now on the convergence of blockchain technology, big data and AI. These technologies put together are creating something magical for businesses that helps them perform better. 

Furthermore, they are trying to make things cheaper for both the business and the end user. Let’s take a dive into the intersection of these emerging technologies and where they can take us in the future. 

Artificial intelligence (AI) is the set of technologies that helps in identifying data patterns, recommending actions and automating those actions that are to be taken on the recommendations. All steps are taken independently of or with minimal human interference.

Blockchain technology provides a distributed infrastructure that uses immutable ledgers to record data that cannot be easily erased. Big data refers to the storage, analysis and reporting of insights from vast quantities of data that come in high volumes and at a high velocity.

Detecting money laundering has always been a core regulatory concern with blockchain and crypto. Crypto exchanges spend a fortune detecting and reporting suspicious transactions in crypto. However, with human-based monitoring, things are always expensive.

Elliptic, a blockchain analytics firm has integrated AI into its tech stack to detect suspicious blockchain transactions, hackers and money laundering activities. Such activities make crypto platforms more trustworthy.

Similar to AML, fraudulent