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Can Blockchain And AI Ensure Sustainability In Modern Times?

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As times change stuff that was once considered to be sustainable becomes lesser relevant. Many factors play their part in this sort of situational change but technological evolution has the greatest role to play. Currently, the world is going through a different sort of economic and business recession period. 

The global community has been looking forward to the government and financial authorities to rise to the occasion but the operational capacity didn’t exist at the moment. The prime reason was that the data collection, its analyses, and formulating actionable strategies were never possible with existing IT systems. 

Authorities found it extremely hard to trace the origin of any sort of records, analyze any transactional patterns, and build any future prevention or growth strategy. This is where blockchain technology and artificial intelligence along with machine learning can address the problem. 

Blockchain has been existing for a long since 2009 with the inception of Bitcoin in 2009. The virtual economy has been empowered by blockchain networks and this has today led to automated trading platforms like BitcoinUp.

What people love about blockchain-based networking is decentralized control along with the integrity of their transactional records? They have full control of their monetary affairs and the virtual economy has proven to be less volatile during politically uncertain times. For sure these evolving technologies have a great role to play in near future and let’s evaluate some aspects that would help build sustainable systems. 

Handling big data with ease:

The capacity for handling big data and transactional processing of highest standards makes blockchain technology the priority at the highest management levels. Governmental departments, financial authorities, and corporate entities have to eventually move towards this technological platform to scale their operations. Current systems don’t enjoy that kind of capacity level to handle an extraordinary number of digital transactions. 

Building Formidable Secure Systems:

With such huge makeshift towards the digital world, data systems are also exposed to some kind of security risks. Hacking firms continue to find new ways of getting into the databases hosted at different online servers and companies have to defend their systems at any cost. While blockchain networks provide immense security already with complex algorithms, artificial intelligence and machine learning can provide an extra layer of real-time transaction analyses. 

The ability of AI to identify any deviation from the required set of patterns and lead to extra security steps leads to formidable secure systems. These AI systems are quite relevant for all sorts of digital transactions, retail industry, and production systems. Businesses would be more secure with operations scalable and profits sustainably with the use of these upcoming technological solutions. 

Cashless Economy:

The prime purpose of these technologies has been to lead the way towards a cashless economy as discussed with the bitcoin introduction in 2009. With the help of powerful technologies and secure systems, digital wallet payment applications have been introduced. They come with several benefits adding more convenience to the end-users and allowing them to handle their finances through their gadgets. 

Online trading has become successful only due to these sorts of convenience features. Each of the desired work can be done with the palm of your hand while on the go. These latest technologies are backing up with the rise in usage of these kinds of platforms and helping us to move towards the digitized world and cashless economy. 

Well, these were some of the practical applications that are related to the blockchain and AI technology evolution. It promises us to bring more leverage and more control over the business and financial affairs. Once each of us is put in the driving seat with the minimization of the impact of external factors, we can surely enjoy better sustainable models of doing stuff in our daily lives.

Annabelle Short is a writer and seamstress of more than 7 years. When not working, she’s spending time with her family or putting pen to paper for her own personal pursuits. Annabelle is a mother and she likes to make crafts and eco-friendly DIY projects with her two kids. Annabelle is passionate about sustainable sewing and eco-friendly clothing.