Five years ago, you had to be an engineer to have heard the terms “Blockchain” and “Artificial Intelligence”. Well, things have significantly changed in the last five years and these technologies have seamlessly percolated into everything we do. Today, AI platforms like Chat GPT are used by anyone and everyone, starting from students, to engineers, lawyers, doctors and just about anyone who has a computer. In recent years, blockchain and artificial intelligence (AI) have been a transformative force, revolutionizing various aspects of our daily lives. As we step into 2024, these technologies will continue to evolve and impact us regularly. I’d like to take this opportunity and present my thoughts on how I believe Blockchain and AI will improve our lives in 2024.
(1) Next-gen UPI Systems
There was a time, not too long ago, when cash was king. Then came UPI and took the limelight away. These days, even a vegetable vendor in a small town uses UPI to accept payments. However, there’s major security challenges with UPI - everyone knows about peoples’ UPI accounts being drained out by hackers.
Viral photo | X (formerly Twitter)
Central Bank Digital Currencies (CBDCs) built on blockchain technology offer massive potential in the finance sector for a more secure version of UPI. Blockchain-based CBDCs streamline financial processes, enhancing efficiency, security, and accessibility in various ways.
CBDCs enable quicker and cheaper cross-border transactions compared to traditional methods. Also, they enhance financial inclusion by providing access to banking services for the unbanked or underbanked populations. CBDCs can be stored and accessed via digital wallets on smartphones, bypassing the need for traditional bank accounts. Blockchain-based CBDCs also strengthen transparency and auditability. These digital currencies empower central banks with enhanced monetary policy tools, facilitating better economic management and potentially reducing systemic risks in the financial system.
(2) Enhanced Data Security and Privacy
Imagine being able to prove that you’re over 18 without having to actually reveal your age. Blockchain technology utilizing a cryptographic technique called zero-knowledge proofs (ZKPs) exactly allows for that. It significantly amplifies private security by enabling data verification without revealing sensitive information.
Data Security and Privacy |
Using Zero Knowledge Proof technology, anyone can authenticate the validity of information of another party without disclosing the actual data involved. This concept revolutionizes privacy in blockchain by ensuring anonymity while validating transactions or data integrity. With ZKPs, individuals can conduct private transactions, preserving confidentiality while proving the accuracy of their actions. This capability finds extensive applications in finance, healthcare, and identity verification, where maintaining privacy is paramount.
(3) Improved healthcare
AI-driven predictive analytics forecast potential health risks by evaluating patient records, enabling proactive interventions and personalized treatments. Its integration into healthcare promises transformative improvements in diagnostics and patient care. Machine learning algorithms analyze vast datasets, swiftly detecting patterns in medical imaging, such as X-rays and MRIs, aiding radiologists in accurate diagnoses of conditions like cancer or fractures.
Healthcare & AI | Linkedin/Tuhin Das
Virtual health assistants equipped with AI could provide real-time guidance, answering queries, and offering preliminary assessments, augmenting healthcare accessibility. AI can streamline drug discovery by swiftly identifying potential compounds and expediting research processes, accelerating the development of new treatments.
Continuous AI learning refines diagnostic accuracy, ensuring adaptive and evolving systems. Overall, AI revolutionizes healthcare, empowering practitioners with sharper diagnostics, personalized treatments, and improved patient outcomes
(4) Boon For Startups To Build, Release Product
Developing products, especially software, has always been time and cost intensive. Startups are the backbone of any growing economy like India and they’re the ones that get impacted the most with expensive and delayed product GTMs. AI has the potential to significantly reduce both the time and the cost to release a software product to the market.
Startup/Representative photo | Freepik
Leveraging platforms like Accelchain.xyz, startups can rapidly generate code, test and deploy it without much technical expertise. The platform utilizes generative AI technology behind the scenes to generate required code from the user’s description of their use case in simple words. With the evolution of such platforms, product development timelines can be reduced from months to weeks, thereby improving the overall economy of the country.
(5) Omnipresent powerful chatbots
Nobody likes being put on hold when calling their banks or any kind of customer service. With a growing population and customer base, every business is finding it increasingly difficult to serve their customers and keep them satisfied. I strongly believe the answer to this problem will be provided by AI.
Chatbot | Freepik
In 2024, Generative AI will revolutionize chatbots, transforming them into remarkably human-like conversational partners. These advancements will lead to profound impacts across various sectors. Chatbots will possess enhanced contextual understanding, responding adeptly to nuanced queries and adapting to user preferences seamlessly. Generative AI will empower chatbots with continual learning capabilities, allowing them to evolve and improve interactions over time. The technology will elevate chatbots to unparalleled levels of sophistication, redefining human-AI interactions in 2024 and beyond.
Shrikrishna is a serial entrepreneur, currently running Accelchain after his previous startup AutonomIQ was successfully acquired. As the Co-Founder and Chief Product Officer, he is responsible for setting the overall vision of the company's products and GTM strategies. With his expertise, he has helped build an AI engine that would ingest English requirements and generate test scripts in Java, years before generative AI gained popularity. One may reach out to him on krishna@accelchain.xyz
