Blockchain technology and artificial intelligence are two leading technologies that have revolutionized the way we live and do business.
Numerous industries have been impacted by this powerful synergy, despite the fact that both blockchain and AI are still in their infancy.
The mobile industry is no exception. The number of smartphone users is expected to reach 3.8 billion worldwide. There is an increasing number of mobile apps offered every day.
Blockchain and artificial intelligence hold the potential to bring a new generation of innovative products and services, as well as to improve the security of users’ sensitive data.
Benefits of Artificial Intelligence (AI) and Blockchain Technology
Before we explain why AI and blockchain are set out to introduce the latest mobile app development trends and revolutionize this industry, we should list the most important benefits of these two technologies.
Benefits of Artificial Intelligence (AI)
Although many people mainly associate AI with human-like robots and powerful machines with a mind of their own. The truth is this technology’s most common use case is dealing with massive amounts of information.
AI is capable of:
- Collecting, processing, and interpreting huge datasets, containing both structured and unstructured data, and making sense of them.
- Personalization by analyzing users’ behavior, AI offers a unique, personalized approach tailored to every individual customer.
- Eliminating human error.
Benefits of Blockchain Technology
This technology powered by a decentralized, distributed, digital ledger used for recording transactions between many nodes, that is, computers. This technology makes sure that a completed transaction can’t be tampered with retroactively.
That’s why blockchain provides:
- Greater transparency. All the participants in a certain network who use the same ledger share the same documentation. Hence, no change can’t be made without a consensus, which means that everybody has to agree and approve any alteration.
- Enhanced security. The fact that every an agreement is required before a transaction is approved makes it hard to take any unauthorized action. Besides, every transaction is encrypted and stored on every computer in a network. That’s why cyber-criminals can’t easily compromise the data.
- Reduced costs. Blockchain doesn’t require any middlemen and third parties because even if you don’t trust the person you’re trading with – the ledger will keep track of all the transactions.
Let’s discuss why these two technologies are changing the mobile industry.
1. Take Safety to the Next Level
The world of business is still reeling from the Facebook-Cambridge Analytica Scandal when the personal data of millions of people has been harvested from the social network giant. Similarly, every mobile app comes with a lengthy Terms and Conditions document, that many users accept without reading.
That’s how they put their Personably Identifiable Information (PII), photos, and other sensitive data at risk. By not reading the fine print, they fail to understand that apps collect, store, and sometimes share this data with third-parties.
Mobile app vendors will have to take some drastic measures to protect their users’ data. When AI paired with blockchain, it offers protection and prevents manipulation from malicious agents.
2. Leverage the Power of Personalization
In an age in which consumers expect that every product or service they use is tailored to their own individual needs. It’s crucial to monitor their needs and preferences, and ensure that you deliver.
With the help of AI, mobile app vendors can identify whether their users like a certain feature or not and act accordingly. This sophisticated technology can analyze all the interactions and touchpoints and provide a valuable insight into users’ needs and preferences.
Similarly, as an increasing number of people use their mobile devices to make a purchase, it’s important to keep track of the abandoned shopping cart rate and figure out why people fail to complete a transaction.
With the help of blockchain, it will be possible to ensure that customers’ credit card information is safe, which can boost customer trust and loyalty, thus encouraging them to complete their purchase.
3. Improve Consumer Engagement
By implementing AI when developing a mobile app, it will come with advanced data monitoring, personalization, and other similar options. Besides, this technology offers a number of impressive functionalities that can improve user engagement.
For example, AI is crucial for facial recognition as it can analyze and identify patterns based on a person’s facial contours. This feature is what allows many smartphone users to unlock their devices.
Similarly, speech recognition is another advanced functionality enabled by AI. Siri and Google Assistant allow smartphone users to control their devices by voice.
Needless to say, these abilities boost customer engagement and prompt them to interact with their devices more often.
4. Enable Constant Development
One of the key features of blockchain is that this technology is being constantly updated. It’s progressing at a fast pace, and mobile app vendors can be sure that there will be updates available at all times.
Thanks to the fact that the technology used for building blockchain is open source, developers can experiment with the basic code and create solutions that fit their needs.
In other words, the community can share their own findings and advancements while they’re fiddling with the code. Thus helping others make the best implementation of the technology.
5. Improve User Experience
In today’s hectic world, people want to do everything as quickly as possible.
This refers to the way they interact with their mobile devices.
Google recognized this trend and started developing its Smart Reply system, which offers a number of appropriate short answers to a message based on its context.
This technology powered by neural networks, a subset of AI, is available on the majority of mobile devices. Meaning it’s possible to simply click on a button with a predefined answer and send a reply in a manner of seconds.
Such a feature is so useful that it tremendously improves user experience.
It’s clear that artificial intelligence and blockchain technology will disrupt the mobile industry and bring many benefits to device manufacturers, app vendors, and end-users.
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.