As the worlds of generative artificial intelligence and blockchain intersect in business, the outcomes may initially seem unremarkable. While these transformative technologies hold the potential for extraordinary and currently inconceivable outcomes, initial explorations are likely to be more mundane and predictable. This is the perspective shared by Paul Brody, EY’s global blockchain leader, as reported in a recent article1.
Generative AI, although remarkable in its ability to generate new ideas rapidly, may not immediately make a tremendous impact on enterprise operations. One reason lies in the nature of enterprise scaling, which is achieved by implementing process controls and automating systems. In contrast, generative AI systems, which may produce widely varying outputs given similar inputs, may disrupt the consistency needed in business processes1.
The integration of generative AI and blockchain technology into enterprise systems is anticipated to be a slow process, guided by careful design and integration, rather than sudden, sweeping adoption. Drawing parallels to the early days of e-commerce, the transformation will likely be paced by the slowest components in the ecosystem, not the fastest ones1.
Nonetheless, there are areas where the convergence of these technologies could bring about substantial changes. Among these are software development, analytics, generative AI-training data, and user interfaces. As an example, generative AI systems have demonstrated significant improvements in software development productivity, a key area when integrating blockchains into enterprise processes. Moreover, blockchains’ ability to enhance data quality will likely lead to superior analyses by generative AI systems1.
The early days of technological evolution often yield predictable and unexciting results. However, as the interaction and convergence of blockchain and AI continue, we can expect the emergence of unexpected and intriguing innovations. As with the advent of GPS, e-commerce, and mobile phones, the initial phase may be mundane, but the future promises to be anything but1.
From the mundane to the extraordinary, the convergence of AI and blockchain is bound to bring significant changes to the business landscape. Here are some more in-depth perspectives on the potential impacts in four key areas: software development, analytics, generative AI-training data, and user interfaces.
Software Development
Software development is one area where the benefits of generative AI are well documented. These systems can significantly enhance productivity, providing a tangible and almost immediate impact when integrated with blockchain technology in enterprise processes. This pairing allows for more efficient development and deployment of blockchain-based applications, paving the way for businesses to explore innovative uses of this technology1.
Analytics
Blockchain technology has a remarkable ability to improve data quality. In today’s business environment, where information moves rapidly between enterprises, data quality is often the first casualty. With blockchain, data can maintain its integrity as it moves through various ecosystems, leading to more accurate and reliable analyses by generative AI systems. Moreover, the pattern recognition capabilities of generative AI systems will become fundamental in blockchain analytics, helping to identify trends and classify individual transactions1.
Generative AI-Training Data
As AI systems continue to evolve, one of the critical challenges they face is sourcing trustworthy data. With the proliferation of AI-generated content, determining the authenticity of source data is increasingly difficult. Blockchain technology can play a pivotal role in authenticating the origin of source data. For example, Italy’s ANSA news agency notarizes nearly one million articles per year using EY’s OpsChain system to combat fake news. In the future, similar approaches could be crucial for verifying the sources of AI-training data, ensuring the reliability of AI-generated outputs1.
User Interfaces
User interfaces represent another domain where the fusion of AI and blockchain can yield substantial benefits. Generative AI systems excel at interpreting error messages and suggesting solutions. As blockchain usage continues to grow, the complexity of interacting with this technology presents a barrier to wider adoption. Conversational interfaces, supported by generative AI, can bridge this gap, acting as “co-pilots” to assist users in navigating complex blockchain processes1.
In the grand scheme of technological evolution, the early stages often seem uninspiring. The initial incorporation of GPS, web commerce, and mobile phones into our daily lives was far from groundbreaking. Yet, these technologies have since revolutionized our world in ways we could not have foreseen. As blockchain and AI continue to evolve and intertwine, we are currently in the “boring” phase, but it is only a matter of time before things get exciting, and potentially even wildly unpredictable.
As businesses, consumers, and technologists, it is essential to keep an open mind about the potential of these technologies. While their integration into enterprise systems might be slow and painstaking, the long-term benefits could be substantial. As we continue to explore the intersections of AI and blockchain, let us not be deterred by the mundane. Instead, let’s anticipate the extraordinary and prepare for the exciting journey that lies ahead1.
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