Today, Blockchain technology has come to the front position in much the same way Artificial Intelligence had, and these technologies are more complementary than competitive in their natures. Blockchain and AI both are evaluating massive amounts of data and solving the requirements of businesses. As the society now entered in Fourth Industrial Revolution, where the first three were based on the application of machinery for streamlining of the means of mass production through digital information accessibility, the new wave of technological progress assures automation, instead of an involvement people needed for maintaining industrial processes.
According to the reports, Blockchain and AI may dominate the Fourth Industrial Revolution, as they enable artificial constructs and programs to act a massive number of tasks that had previously required human labor, with high risks of errors. Last year, a study from PwC researchers revealed that 30 percent of jobs may become automated by 2030, with 44 percent of workers with a low level of education being at particular risk. The report further highlighted that automation could help the United States’ GDP (Gross Domestic Product) to reach USD15 trillion by 2030.
On the other side, today’s internet era world generates a huge amount of data that needs to be processed. Since the information being produced is of an endless variety of subjects, there is impossible to analyze such vast amounts of data physically. However, AI can assess such large amounts of data, where Blockchain can serve as the immutable foundation for securely storing the records for use by various industries. Moreover, the Fourth Industrial Revolution is more of a breakthrough in Data Analysis. On the capabilities of these technologies, researchers consider that Blockchain plays an indispensable role in the process of making data management decentralized.