Written by Saket Newaskar
Imagine a customer walks into a retail store and receives an unexpected notification from a brand offering a huge discount. However, there is uncertainty as to whether this proposal is genuine, highlighting the need for digital trust in enterprises. When a company establishes trust, customers are more likely to participate in offers such as digital coupons without worrying about fraud or deception.
In this modern interconnected world, digital trust has become essential for business success. This is where blockchain and artificial intelligence (AI) come in to simplify business processes. Combining AI and blockchain creates an impactful combination that enhances brand communication and security. Brands must prioritize data integrity and privacy by implementing blockchain integration and AI-powered solutions. This approach protects sensitive information and increases transparency and trust in interactions between parties.
Brands need to adopt these technologies to maintain authentic connections with customers in an increasingly digital landscape. According to a report by MarketsandMarkets, the blockchain market is expected to reach $703 million by 2025, growing at a compound annual growth rate of 25.3%.
Improving trust through AI and blockchain integration
The immutable distributed ledger system at the core of blockchain technology ensures that no entity can alter the documented data. This is critical in an era when 80% of customers consider brand trust to be an important factor in their purchasing decisions (Harvard Business Review). By leveraging blockchain as a communication channel, brands can ensure the authenticity of customer interactions by maintaining an auditable trail that can be accessed at any point in the purchase process.
Artificial intelligence (AI) improves blockchain security by increasing the efficiency of data management, reducing the time and effort required to secure information, and quickly identifying patterns and anomalies in real-time. Imagine AI scanning brand communications before distributing them to consumers to identify potential copying or misinformation. This feature alone has the potential to save billions of dollars in reputation management expenses in industries where trust is paramount, such as finance and healthcare.
AI-powered algorithms can quickly process and verify large amounts of data on blockchain networks, allowing brands to confidently communicate their messages and have peace of mind that their target consumers trust them. You can establish an environment where you can This includes verifying transactions and brand communications.
Statistics on the impact of blockchain technology
The potential for blockchain to revolutionize identity verification is already beginning to emerge in a variety of areas. According to a Markets and Markets report, the global blockchain identity management market size will grow from USD 1.3 billion in 2023 to 2028 due to growing demand for secure decentralized identity systems that exploit vulnerabilities associated with traditional centralized models. It is expected to increase significantly to USD 35.1 billion by 2019. . Blockchain identity verification systems can also help brands authenticate messaging by restricting access to authenticated users.
future horizon
Blockchain and AI will further transform the way brands interact with their audiences in the future. The unbreakable record of blockchain, combined with AI’s ability to learn and predict consumer behavior, provides consumers with a transparent and seamless experience free of data misuse and fraud. This is especially true as smart contracts incorporating AI are already establishing new frontiers of efficiency and reliability across a variety of industries.
Blockchain and AI technology are no longer futuristic concepts. For companies to succeed in the digital age, they need to integrate both technologies.
The conclusion is
Blockchain and AI technologies are revolutionizing the way brands build trust in the digital age. From improving data security to streamlining identity verification processes, we ensure your brand communications are verifiable and tamper-proof. This is essential in an era where transparency is everything. Trust has established itself as an essential solution in an era where businesses demand fraud-proof operations, consumers demand greater transparency, and trust is an essential solution for all.
The author is Director and Head of Transformation at Expleo. The views expressed in this article are personal and not necessarily those of Financialexpress.com.
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