Blockchain

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Will Blockchain Integrate Well with AI and Machine Learning?

We’ve seen a lot of technologies that work better when integrating with other technologies. This is the typical scenario in many cases to make a particular technology more powerful than it was before.

Blockchain is already the most talked about technology in the world in bringing more transparency and security to networks. The use of blockchain is virtually limitless in all industries. However, integrating it with AI could make it all the more important in bringing a foundation for protecting data.

Considering AI and machine learning works with data every day, how will blockchain protect it from being compromised?

Protecting Data in Various Industries

Numerous blockchain analysts are looking at the possibilities of what it could do in securing AI data used in fields from healthcare to financial industries.

Since blockchain provides an encrypted private network, the implications are significant in how AI processes data and sends data to others. Many companies are going to start placing more reliance on AI and machine learning to gather or send data. Unfortunately, it’s not always smart enough to protect the data from being compromised by hackers or inside data thieves.

Blockchain promises full protection for heavily regulated industries like healthcare mentioned above. While data protection is already a major initiative of the healthcare and financial industries (as just starters), they’ll soon use blockchain as a foundation for their increasing reliance on machine learning.

Even more important is being able to track when AI transfers data from one place to the other.

Clearer Audit Trails

Recently, an article on Medium took on the subject of AI and blockchain working together. The piece (written by data strategist Francesco Corea) offered a lengthy explanation of how blockchain can provide an audit trail for all data compiled by AI.

It’s impossible for humans to compile or send reams of data manually to different sources. Companies are starting to rely more and more on AI to send data without really having a data trail to ensure compliance or if the data is accurate.

Thanks to blockchain already providing transparency in all transactions, it’ll provide a similar data trail in AI and machine learning applications.

In other words, when data is sent between two parties who don’t know one another, they’ll have a new AI data record of trust to eliminate second thoughts about what’s sent.

Data Marketplaces

Being able to gather data through AI and sell it to companies for profit isn’t always feasible because of lack of trust on where the data came from. Having blockchain involved in data compiled by machine learning provides a stronger level of trust, leading to more data marketplaces.

We’ll likely see smaller companies previously staying away from buying data find more trust in data acquisition because they’ll know it’s safe to use.

Ultimately, this brings a stronger competitive advantage in the corporate world. A company called SingularityNET is already working on this by allowing easy sharing of AI services. They’ve created a blockchain-powered AI helping those looking for open-source AI platforms. It’s going to bring more trust in using these sources to save money and gain data advantageous to company growth.

More Powerful Big Data Analytics

Other companies like Neureal are using blockchain to create more powerful data networks. In fact, this company says their data network is more powerful than anything in the world, even more than Google.

This might sound like hyperbole, yet it’s become possible thanks to blockchain building larger big data analytics. It’s another example in how blockchain creates more trust and power in transactions of data to help companies scale.

Contact us at Concepts Rise to learn about how we can apply blockchain through our expertise in everything from predictive analytics to AI.

Majid Abai – July 2018 – Los Angeles

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About The Author:

Majid Abai is Managing Director of Concepts Rise, LLC. (www.ConceptsRise.com), a High-Technology and Innovation Consultancy based in Los Angeles, CA, USA. With over 30 years of experience in supporting US and global organizations, Mr. Abai focuses on strategic and tactical approach to use of innovation and technology to increase revenues and reduce costs for organizations. Majid could be reached at 424-320-0524 or via email at majid.abai@ConceptsRise.com.

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Three Industries That Are Adopting Blockchain Technology & Changing The World

You’ve no doubt heard about blockchain technology as it pertains to Bitcoin and other cryptocurrencies. It is, by definition, a digitized, decentralized ledger used to log cryptocurrency transactions as they occur. It’s unalterable, permanent, and nearly impossible to hack, meaning it’s more secure than traditional record keeping. The financial industry has quickly adopted this tech, however, it is also making its way into other industries as a means of securing data, sharing information and improving communications. Three major industries where it is being employed are health care, human resources and even the music industry for many of the same reasons that financial organizations find it useful.

Blockchain In Health Care

Doctors and other health care providers are required by the Affordable Care Act to implement electronic health records (EHRs) for their patients. However, EHRs are not designed to manage the complexities of sharing medical records across multiple institutions throughout a patient’s lifetime. Oftentimes, patients change doctors, or use different clinics and hospitals for their care. When data is scattered in this way, it is difficult for patients to have control over their records and for providers to access them. Blockchain offers an elegant solution, allowing data to be shared across institutions quickly and accurately. One company currently using blockchain in this way is Medrec. While they do not store medical records directly, encoded metadata allows records to be accessed securely, thus unifying access to data across many providers while ensuring the integrity and security of the data.

Blockchain In Human Resources

Performing background checks, verifying information on resumes and checking references take up a lot of time for human resource professionals. Without these verification steps, however, companies find themselves hiring people based on inaccurate or false information. Blockchain technology, however, allows employers a more accurate view of an individual’s credentials, work history and other relevant information, making it easier to determine whether a candidate is qualified. What’s more, it simplifies payroll processes, eliminates costs associated with third-party financial institutions and ensures faster payments to employees. It also enables payments to be converted from cryptocurrency, such as Bitcoin, into the preferred local currency of the recipient without the cost of currency conversion. The time, energy, and resources saved allow human resource departments to focus on more pressing matters.

Blockchain In Music

Not so long ago, streaming music services and peer-to-peer music sharing applications were all the rage. Music fans were able to download songs, and even entire albums by their favorite artists, oftentimes for free. The industry cracked down on these illegal download services in an attempt to ensure they, and the artists they work with, are compensated appropriately. However, many artists are bucking the system, choosing instead to create music without the bureaucracy and oversight associated with working with record labels. Mycelia for Music, is a blockchain based platform specifically created for musicians. It allows them to use smart contracts to share free-trade music and sell directly to consumers, circumventing labels, lawyers and accountants. Using this system means that royalties are not delayed, but rather paid out automatically to the artist whenever a purchase is made.

Blockchain technology, while still in its infancy, certainly has the potential to disrupt many aspects of our lives, beyond cryptocurrency. The way health care records are managed and shared, employees are hired and paid, and how music and other entertainment is produced and sold will all be affected. That said, these are only three of the industries that are currently working to incorporate it into their business’s operations. If you would like to learn more about blockchain technology and how it applies to your industry, please contact us. We will be happy to show you how to take advantage of this innovative technology to increase your revenues and grow your organization.

Majid Abai – May 2018 – Los Angeles

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About The Author:

Majid Abai is Managing Director of Concepts Rise, LLC. (www.ConceptsRise.com), a High-Technology and Innovation Consultancy based in Los Angeles, CA, USA. With over 30 years of experience in supporting US and global organizations, Mr. Abai focuses on strategic and tactical approach to use of innovation and technology to increase revenues and reduce costs for organizations. Majid could be reached at 424-320-0524 or via email at majid.abai@ConceptsRise.com.

 

Tags: BitCoin, Blockchain, CryptoCurrency, HealthCare, Music, Concepts Rise.

Massive Move to Block Chain is Coming!

Blockchain Technology: Beyond Bitcoin

Bitcoin caused a furor in 2017 when it erupted on the crypto market, drawing the attention of businesses and industry to the revolutionary blockchain technology behind it. Developed by the enigmatic person or group calling itself Satoshi Nakamoto ( a “Satoshi” is now the smallest monetary unit of a Bitcoin), the decentralized “incorruptible ledger” has security and transparency advantages that quickly became apparent to tech-savvy business professionals.

One of the easiest ways to wrap your mind around the decentralized nature of blockchain is to consider the Google Docs analogy by William Mougayar, a venture advisor and author of The Blockchain is the New Database, Get Ready to Rewrite Everything. In the analogy, Mougayar compares blockchain to a shared Google doc with a team of writers contributing, with a Microsoft Word doc representing the traditional way of handling transactions on the internet.

The Google document is constantly updated in real-time so that everyone is literally on the same page with a record of who is responsible for any changes. The traditional internet transaction, the Microsoft Word document, results in many different copies sent back and forth, requiring an editor, or centralized authority, to determine which altered copy is the final authentic version.

The fundamental concept of sharing without copying on a continuously updated incorruptible spreadsheet has obvious advantages for any business application relying on accurate and timely data.

  • Storage distributed across the network of individual computers (nodes) eliminates any single point of failure.
  • Blockchain cannot be controlled or manipulated by any single entity.
  • Data is transparent and public. Any attempt to alter data after the fact is easily detected by the network.
  • Blockchain provides the highest degree of accountability.
  • Blockchain enhances peer-to-peer transactions, eliminating “middleman” roles, fees, and commissions.

Let’s take a look at how businesses across the board can apply the advantages of the blockchain.

Smart Contracts

Smart contracts are coded on the distributed blockchain ledger and execute automatically when specified conditions are met. According to the World Economic Forum, smart contracts could equal 10% of the global GDP by 2027.

Insurance

Andrew Meola, writing for Business Insider, states that smart contracts for insurance might arguably be the greatest application for blockchain. All contracts and claims would be recorded transparently on the public blockchain. Multiple claims on the same accident would easily be detected and rejected by the network.

Real Estate

No industry will be more disrupted by blockchain than real estate as we know it today. Tokenization of real estate is enabling high-value assets trading via digital channels, as well as fueling investment by enabling fractional ownership. Liquidity is also improved as tokenized assets can be readily traded for fiat currency on exchanges.

Smart contracts will allow buyers and sellers to save on commissions and fees by eliminating intermediary roles for brokers, lawyers, and banks. Companies such as ATLANTare already mobilizing to handle peer-to-peer real estate transactions and tokenized ownership.

Big Data and Data Storage

A distributed super-secure network where virtually every computer is continuously verifying stored information is the tool Big Data has been waiting for. Blockchain security prevents loss of critical data and preserves data integrity, for example eliminating the possibility of confusion caused by two separate and conflicting data sets.

The Health Care Industry

In 2015 health insurer Anthem was one target in a wave of cyber attacks which resulted in 100 million hacked medical records. Believed to be from China, the hackers were able to access the Anthem database revealing the names, social security numbers, and birth dates of over 78 million customers. The hackers were able to obtain administrator credentials with a phishing email.

Blockchain will eliminate these types of vulnerabilities to cyber-attack but it’s continually updating characteristic will also keep medical records up-to-date, avoiding misdiagnoses caused by multiple datasets generated by various medical practitioners. Blockchain would create a single precisely accurate resource on each patient, used by all practitioners involved in treatment.

General Business Applications

The immutable security and real-time updating of the blockchain distributed network make it inevitable that blockchain technology will indeed rewire the internet and business as we know it. All businesses will benefit from enhanced asset tracking and blockchain is sure to become the standard for supply chain management, enabling the tracking of goods from order to shipment.

Integration with IoT can convert inventory management to a nearly fully automated process. Accounting and record management will achieve optimal levels of accuracy by eliminating duplicate or fraudulent entries. It won’t be long now when the question “Why are businesses moving to blockchain?” is replaced by “How did businesses ever operate without Blockchain?”

At Concepts Rise we’ve made it our mission to focus on the latest cutting-edge technologies to increase your business revenues, lower costs, and help your business grow so don’t hesitate to contact us.

Majid Abai – March 2018 – Los Angeles

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 About The Author:

Majid Abai is Managing Director of Concepts Rise, LLC. (www.ConceptsRise.com), a High-Technology and Innovation Consultancy based in Los Angeles, CA, USA. With over 30 years of experience in supporting US and global organizations, Mr. Abai focuses on strategic and tactical approach to use of innovation and technology to increase revenues and reduce costs for organizations. Majid could be reached at 424-320-0524 or via email at majid.abai@ConceptsRise.com.

 

Tags: Bitcoin, Blockchain, Blockchain Technology, Concepts Rise.

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