How Artificial Intelligence and Blockchain is Revolutionizing Mobile Industry in 2020?
As we enter into a new decade, we take with us learnings from the old decade and reinvent them for the new age. The mobile app will not stagnate; in fact, with time the technology will evolve into something more experiential and immersive. From improving the business operations to grow your business to the next level, the newer technologies in collaboration with a mobile app will prove to be profitable. Among the technologies that plan to enrich your new world and decade are IoT, Blockchain and Artificial Intelligence (AI). All three will help the mobile app be more solution-oriented and user-centric.
Self-learning language apps are an excellent example of how AI has been used to help with translation and interpretation. The need for a mediator has been removed by this technology, thus allowing users to roam in a new country without any issue. This is just one example. Every industry has one such example of AI and Blockchain specifically, which will enhance the usage, and boost business growth.
2020 is no different. This year shall see a growth in the mobile app industry, obviously in a specific manner. Let’s get started with how and what will be different in the industry this year, and how the businesses plan on using these revolutionary technologies in the new year.
What is Blockchain and AI?
The basics need to be clear before we move on to understand how technologies impact our world.
So, let’s start with AI. Based on all the data collected, and the insights defined, AI develops an algorithm that can use the insights to create action points for the machine. Basically, when a user asks a question to the translator app, the app will automatically answer, based on the learning fed into the machine and the learning the app has earned from the past data and insights. This is how AI will help mobile app users. It will keep learning from the past data, and keep evolving the algorithm to help the end-users.
In most cases, AI looks at real-time data fed into the system and immediately delivers actionable insights to the key decision-makers. It constantly learns from the environment, and at one point takes all the actions and decisions humans would take in a particular circumstance. A lot of top-notch companies are going towards AI, by offering their own take on assistants.
You now know how AI works. Let’s take a quick look at Blockchain and understand what is so different and impressive about Blockchain.
Let’s run you through when Blockchain was first introduced as the technology. Remember the time when Bitcoin gained massive followers, it was then publicly known that Blockchain is the underlying technology for Bitcoin. It is basically a database that is decentralized and transparent. In other words, it is a ledger that records all the activities, including the changes made, if any.
The digital records are maintained inside a block, and these blocks are connected to each other. That’s where the name Blockchain is derived from. The technology is known for the way it protects data and manages it. The records tend to use hash values to protect the data. Along with security, technology offers transparency as well to the users.
Let’s get started with how it will redefine mobile app technology in the new year, and what will happen when businesses use both the technologies.
Blockchain in 2020 for Mobile Apps
It is said that Blockchain will rule the mobile app or, rather the technology graph in 2020. This technology is also known as the memory of the mobile app and is said to remember everything that is fed into the system. Even if it is a single block that you have included, and you changed a particular aspect of the block, the technology will mark it into its memory, and will not let you forget it either.
As a result, 2020 will see Blockchain being the gamechanger for businesses. The companies that were questioning data security, and were identifying ways to manage the data, will look at Blockchain to keep it secure and safe.
- In the finance industry, Blockchain will act as the protector of all the financial records. For instance, if there is a single banking data like a password that you have committed, it will be stored in the data. In case someone else tries to hack or wants to change, it will not happen without your knowledge in the case of Blockchain. In case someone changes it even for a minute, it will be recorded and known to all the stakeholders.
- Similarly, in the case of education, music and other such industries where copyright plays an important role, Blockchain will help manage the rights through smart contracts.
Basically, Blockchain will act as the protector of information and the memory of these machines.
AI in 2020 for Mobile Apps
AI is the smartness within the mobile app that will smoothly move into the new year. Yes, you will see machines growing smarter, and acting and interpreting more like humans in this year.
With quick decision making, it will be easier to delegate tasks and increase efficiency throughout the system. Apart from efficient practices, Personalization will also gain momentum through AI in mobile apps. The modern apps will offer insights into the business processes and will enhance the business strategies, thus taking the business towards growth.
The Blockchain-AI Lethal Combination
Let’s take a look at how this combination can prove useful to the future of mobile apps.
- Personalization will go to the next level with this combination. With AI, there will be more insights into what the customer wants, and how they want you to respond to their needs. Let’s say, there is an abandoned cart, and your user has some issues. When you respond to those issues, you are improving the user’s experience. These issues come to light owing to AI, and the machines respond automatically to the issue on hand, and the immediate and actionable response from the business helps the user complete the task. With Blockchain managing the chain of transactions and helping the user complete the task through a secure network, there is a more personal approach from the business, thus increasing customer satisfaction and boosting their loyalty
- The efficiency of the tasks is improved with this collaboration. For one, the machines are aware of the issues you are facing and will be able to tackle them with ease through the insights developed on the data provided. Blockchain through the peer-to-peer model manages to complete the same type of transaction multiple times with ease. AI will ease the situation by identifying the response node, and Blockchain will apply the response. Basically in combination, the two logic can increase productivity and the timeliness of the response. For instance, there is a payment to be made. Blockchain will make the payment channel smooth and transparent, thus improving the speed. AI will define which gateway needs to be used, and how the customer aims to complete the payment. This way both the technologies will speed up the payment page, thus increasing the checkout experience.
- AI and Blockchain together will solve the one issue that most mobile app users face, and that is security. Most users stay away from using mobile apps as they believe it to be unsafe. With biometrics and image recognition features introduced by AI combined with Blockchain’s ability to conduct peer-to-peer transactions and linking, the combination will improve the security needed around transactions. The data passed through the chain will remain secure, and the processes would be more flexible as a result.
When it comes to implementing Blockchain and AI together, you need to think through the cost of applying this technology, and the changes you will need to make to your system. If you are able to incorporate the two together, you will boost the forecasting tactics and the security methods for your company. In turn, you will increase the system’s productivity, and thus reduce the turnaround time for everything. Basically, with the right collaboration methods, you will boost business growth.
So, how do you aim to strategize AI-Blockchain combination for your mobile app in 2020?