The Journey Of Insurance Towards Industry 4.0 Using Blockchain, Big Data And Artificial Intelligence
Over the past few years of existence, Blockchain and Artificial Intelligence have been shaping their paths with a slight overlap in their own. There is a clear link between both technologies in the form of data. But, the future of insurance companies is largely ordained to shift from the association between the blockchain and distributed AI. Then, the loss of abundant customers would only be one of the possible destructive scenarios as well as the same settings would affect industry 4.0.
Connecting one or more blockchains into insurance companies will expedite transactions, advancing security and transparency, and optimizing data control. Conversely, AI has been cutting a discrete but similar path through the embryonic stage of technology development. Its utilization and adoption have been mounting, and its deployment has reached a critical point.
Integrating AI and Blockchain to Increase Performance
AI and blockchain are in positions where they can benefit from and support each other to reach their next step to the fourth industrial revolution. For instance, if a customer requires clarification on a specific topic or have a specific request, there will be customer care managed by a chatbot. Since chatbots are driven by machine learning and algorithms, the answer will be surely more satisfying and faster.
Here, the AI method will certainly evolve and to accomplish this goal a channel will be needed, where those directly interested customers have the opportunity to exchange information and communicate in complete safety.
The Integration Providing Competitive Edge for Businesses
The reason behind the AI revolution is the advancements in Big Data. It has enabled businesses to organize a large dataset into structured components which can be processed by computers very fast. Simultaneously, this significance of data has fostered advancement in blockchain as its distributed ledger is an innovative way for data to be stored in an alternative and effective manner.
The integration of AI and Blockchain affect several aspects, including Security — AI and blockchain can provide a double shield against cyber attacks. For future businesses, finding suspicious events is one of the biggest challenges. But some are already leveraging machine learning services that are helping in identifying them instantly; Speed — Using both technologies together can improve the speed of information and data transfer and can enable customers a better and faster interaction with companies; Customization — In the coming years, services will be even more personalized and the recommendations system of large companies or businesses is destined to spread on a large scale.
What the Integration is Meant for Industry 4.0
It is proved that the blockchain can address a range of inefficiencies in today’s technologies, as well as AI similarly perform due to the importance that is put on data currently. So, the prevalent distribution of AI and the blockchain integration would also bring some interesting changes for industry 4.0.
Currently, the insurance business is not just talking about software, algorithms, automation, robots, and hardware, but discussing more compound concepts like designing and producing goods on demand, dematerialization, and disintermediation. The Industry 4.0 will be the first major revolution that has moved from a tech-centric state to another, perhaps more advanced one, and will focus on distinct cornerstones, including information transparency, assistance, and interconnection.