As the hype around blockchain grows, businesses are recognising its potential to become the next market disruptor. Promising fraud protection and traceability, it revolutionises the supply chain and opens a new era of digital identification. As with most emerging technologies, blockchain is still in its infancy stage of development and appears quite complex. However, its union with other technologies catalysing the pace of innovation such as AI could soon redesign the entire e-commerce paradigm.
This report comes in PPT.
Blockchain disrupts traditional commerce supply chain routes by creating decentralisation. The technology enables creation of highly trackable goods and services, generating in turn a confidence boost for the end-user. The luxury and food industries are the first benefiting from the technology, which will see growing trust from their consumer base.
In the context of omnipresent data analytics, consumers’ information is constantly being retrieved and analysed in order to deliver a customised experience. Blockchain enables consumers to make full use of AI-driven devices such as digital assistants, without sharing their data with third parties.
Among the reasons blockchain did not deliver on full potential yet is that the technology is nascent and its effective use cases have yet to be uncovered. No clear use case for businesses is the overwhelming reason why businesses do not invest in a new technology and this is particularly the case when it comes to blockchain applied to commerce.
AI and blockchain merging together will revolutionise commerce in the coming years, creating the most reliable technology-enabled decision-making systems that are immutable and customised at the same time. The emergence of blockchain and confluence of AI will result in the creation of a new set of opportunities for both businesses and consumers in the future.
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